Insurer chief risk officers are gaining a more prominent role as the industry places greater focus on Big Data and analytics to address increasing risk exposure, according to an Ernst & Young report. "Even marketing and branding efforts carry higher risks than previously, given that social media and consumer empowerment mean every interaction that goes awry can turn into a highly visible (and potentially costly) media event," the report says. "In other words, insurers are coming to terms with the presence of risk across their operations and seeking to define the right strategies and tactics to manage it properly."

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