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It’s not about how much data you have, it’s how well you use it.

The new year brings with it an opportunity to reflect, remind, and reinforce the growth and change from the past year to prepare for the next 12 months. January also begins renewal season, emphasizing the critical nature of risk and insurance professionals’ advisory roles.

There remain significant challenges for insurance industry growth in 2022, but with a greater emphasis of technological improvement and a deeper focus on talent development, proactive insurers will set themselves up for long-term success.

With added focus on climate risk in 2022, geospatial information will grow in importance for risk and insurance professionals. With contextualized data and visualizations that make data easily accessible, geospatial platforms such as Maptycs will drive the shift in the insurance industry to be more tech-forward.

The insurance industry is built on answering “where” questions: Where do organizations have the greatest risk exposure? Where should risk mitigation resources be allocated? Analyzing data through the lens of location – i.e. geospatial data – provides new insights for more informed decision making.

The importance of risk data is already well established, but effectively leveraging that data in more creative ways to make more informed decisions is still evolving.

P&C insurers can not afford to treat climate-related catastrophic events as isolated incidents as natural disasters remain stronger and more frequent. Companies that remain agile, proactive, and aware will succeed in 2022.

Risk and insurance professionals are uniquely poised to build climate risk resilience, being at the forefront of discussions at the UN Climate Change Summit this past month.

The majority of risk managers don’t have clear visibility of climate risks affecting their value chain, according to a new study published by AXA.

Emerging technologies are a conduit for more effective human interactions; it should bolster the capacities of risk and insurance professionals, not seek to replace them.