Boston Mutual Life Insurance Company has formed a dedicated department to manage enterprise risk.
Known as Enterprise Risk Management (ERM), the department will be responsible to create and implement an operationalised ERM strategy and discipline across the firm.
Boston Mutual Life Insurance Company chief risk officer and executive vice president Joseph Sullivan will manage the new department.
Sullivan said: “Our ERM philosophy is to collaborate across our Strategic Business Centers and Staff Departments to create a company-wide risk-aware culture.
“Boston Mutual is constantly evolving and our team will continue to closely research and update our established key risk and performance indicators, risk tolerances, and appetites to follow best practices.”
The ERM department will also manage reinsurance relationships and strategies, along with focusing on creating new and next-generation insurance products.
To improve organisational alignment and integrity, the Internal Audit team has been made part of the ERM department.
Boston Mutual Life Insurance Company chairman, CEO and president stated: “With our holistic ERM strategy and discipline, risk governance will now be more embedded in our day-to-day activities to help ensure we can continue to deliver on our promises to our policyholders and producers.”
Boston Mutual Life Insurance Company was established in 1891. Headquartered in Massachusetts, the company offers a range of insurance plans including critical illness, life, accident, and disability insurance coverage to both individuals and employers.