HARROGATE, England — The future for the in-house risk manager is bright if he or she can work with other parts of the organization and gain the collective ear of the company board, a panel of experts said Tuesday.

While falling rates mean that insurance has been less of a board-level preoccupation in recent months, there has been more alignment of risk managers with colleagues in companies' internal audit and legal departments, said Tracey Skinner, London-based director of group insurance and risk financing at BT Group P.L.C.

It is important for risk managers to work with others across their organizations to get innovative insurance coverage that fits the company's risks, she said during a panel discussion at the Airmic Ltd. conference in Harrogate, England.

For example, she said, risk managers can examine whether it makes sense to insure employee benefits within a captive.

“Risk is changing very quickly,” said Richard Pryce, London-based CEO of European operations at QBE Insurance Group Ltd. Risk managers “should put themselves in the center of that conversation,” he said.

“There is no doubt risk has been kicked up the agenda in major corporations,” said Mark Drummond Brady, London-based deputy group CEO at Jardine Lloyd Thompson Group P.L.C.

It is vital for the risk manager to have a powerful vice, said Paul Jardine, London-based chief experience officer at XL Catlin. “Insurance is only one part of the jigsaw” puzzle, he said.

Company culture can block risk managers' ability to influence their organizations. “You need the right risk culture,” Mr. Jardine said.

To provide innovative products to buyers, insurers must understand their clients and “not just try to dream up products,” said Mr. Drummond Brady.

“The supply of capital is out there, but we are lacking demand and products in the short term,” said Andrew Tunnicliffe, London-based CEO of Aon Risk Solutions U.K., a unit of Aon P.L.C.

But he said that there are areas — such as companies whose profits are weather-sensitive — where products could be designed to help buyers.