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By adding a deeper awareness and understanding of what’s happening where at any time, insurtech is driving the development of new products with more targeted programs. Organizations with advanced real-time analytics are able to provide more for their clients and better protect their portfolios.
The new wave of Delta Variant infections and a week of severe weather events underscore the importance of flexibility and proactive risk analysis. Risk and insurance professionals who are able to create robust analytics quickly against need and budgetary consideration are poised to withstand rapid changes.
Deloitte’s newest report on climate resilience advises a three-pronged approach for risk and insurance professionals, centered on proactive risk analysis with a more targeted climate strategy, innovations in product and services, and enhanced capabilities in both the types of data and depth of analytics.
Great #insurtech should be able to wrap around legacy systems to provide the data analytics capabilities while maintaining continuity. While the industry is beginning to truly embrace technology, rip and replace is not an option for many risk and insurance professionals.
Quote of the Week: “One of the key lessons to take away from the pandemic is that the digital way of doing business is here to stay. It’s the only way to meet changing customer expectations, and it’s your choice to sink or swim.”
Do you still rely on spreadsheets for risk management? Data security issues are inherent to overreliance of traditional spreadsheets – perhaps its time to make a change.
Tropical Storm Claudette was the first named storm of the Atlantic #hurricaneseason2021 to make landfall this weekend. Over three days, the storm was downgraded and upgraded several times, forming mostly overland, highlighting how quickly storm conditions can shift dramatically to present new risks.
With an expanded work-from-home practices, severe weather events present new risks. Even as pandemic shutdowns are lifted, companies should bolster their proactive risk strategies to ensure continuity across a more dispersed workforce.
Contextualizing the “where” of risk opens up answers to the “why” and “how” of risk management. Geospatial visualization is a crucial component of analysis for risk and insurance professionals to protect their businesses.
Just because an area hasn’t flooded before, don’t assume it won’t know. “We’re in a new era.” – Amy Bach, Executive Director of United Policyholders.