Communicating property risk should be wide-ranging and include large number of stakeholders. Insurers must place a greater emphasis on incorporating #insurtech to close insurance gaps and provide more advanced coverage for existing and new clients as businesses continue adjusting post-pandemic.

A key component of customer-centric insurance is limiting the amount of data silos “that hinder effective collaboration, undermine effective data management, and limit change.” Transitioning to more advanced #insurtech from legacy systems opens opportunities for your organization to work more effectively and efficiently, while adding greater value to customers.

“Because geospatial technology employs multiple data sets to create efficient models […], it has the potential to enable smarter, more agile decisions in the future.”

The loss of 16,000 Covid-19 case records in the U.K. is likely due in part to outdated spreadsheet software, underscoring how manual, dated technology dramatically increases the potential of large problems.

The physical risks that businesses are exposed to vary widely from region to region, with some more predictable than others. Proactive risk management means consistently reviewing different geospatial and time horizon models to understand a broader range of outcomes.

Hardening across reinsurance markets will require more advanced risk analysis for this upcoming renewal period, so underwriters and risk managers must take proactive steps to adjust their risk strategies in preparation.

Quote of the week: “access [to data] is not enough. Data itself is sorely lacking without context — without the ability to use analytics to uncover the hidden value within.”

Accurate reporting and forecasting are critical for insurers, risk managers, and investors to determine the best risk strategies for the future. With greater uncertainty and an estimated $25 billion in cat losses this year, advanced big data analytics are crucial to provide actionable insights on future planning.

With a greater trend towards more highly distributed supply chains, legacy systems for risk managers limit collaboration. The alternative: “[use] a cloud-based, software-as-a-service product development platform that allows engineers to simultaneous collaborate, design in real time and automatically keep an immutable, digital record of changes.”