Quote of the week: “Not embracing technology in the renewal process workflow soon could result in them becoming increasingly complex to handle manually, as cedents and markets both become increasingly sophisticated and also demanding.”
Risk exposure and real-time data is only valuable if the data can be seamlessly collected, integrated, and analyzed. It’s why Maptycs’ geospatial platform is built for ease-of-use and analyzes multiple data formats and large sizes so risk and insurance professionals can focus on acting on insights rather than finding them.
Insurtech adoption in P&C in a hardening market. With increasing climate risks and the continuing Covid-19 pandemic, risk and insurance professionals can weather the storm with better analysis and proactive preparation.
Adoption of new insurtech and digital-driven ecosystems characterize the largest factors moving the insurance industry forward in 2020. As the year ends (Happy New Years’ Eve!), risk and insurance professionals should continue this push to drive greater value for their organizations and clients.
The two of biggest risks against resiliency in 2021 are climate change and brittle supply chains. Risk and insurance professionals must take advantage of the tools available to them to build resilient risk mitigation strategies.
Quote of the Week: “When you have software solutions that cross multiple departments, provide orchestration of several workflows, and either automatically optimize, or at least provide recommendations, insurers will take significant leaps forward.”
Risk and insurance professionals must become more savvy understanding their organization’s exposure to extreme weather events. Investments in insurtech are critical now with renewals already beginning and higher projected climate risks in 2021.
Risk and insurance professionals require digital tools to meet clients’ expectations for quicker, more transparent, and more insightful information. As businesses invest into their digital infrastructure, look for “solutions that combine the benefits of human interaction and oversight with technology that’s fast and user friendly.”
Wildfire seasons are getting longer and more unpredictable. Rather than mainly relying on historical trends, risk and insurance professionals should build their risk mitigation strategies on proactive management and effective crises response with real-time threat monitoring.
Quote of the Week: “Geospatial data and mapping tools add the ability to analyse spatial data in terms of its relationship with time-series data. The implications are far-reaching for those examining the impact of events – whether extreme weather or the spread of virus or disease – on businesses, industries and public services.”