Quote of the Week: “Tech puts us in the location, shows us what’s happened, predicts what might happen next, and then aids us in working toward innovative solutions to combat [NAT CAT] risks.” Allen Kwan, Swiss Re Corporate Solution.
California’s temporary ban on insurer policy cancellation is set to expire, which may prompt a mass exodus of insurers from the area. With similar situations throughout the world, it is imperative for both brokers and risk managers to carefully assess their risk strategies to adjust to policy outcomes in the near future.
Storm Alex is likely to become the costliest European catastrophe this year, with flooding related impacts contributing to the main source of loss. As companies begin assessing the damages, geospatial analysis and real-time analytics are difference makers to provide rapid response insights and peace of mind.
The new AGCS report details the longer term changes businesses must make post-pandemic. For the future, businesses must take additional steps to de-risk their supply chains and utilize insurtech tools to build and maintain resilience.
One of the only ways for private insurance companies to reduce the cost of systemic risk events “in invest in mitigation.” With insurtech platforms like Maptycs, companies have access to a greater quantity and quality of analysis for actionable insights.
Quote of the week: “The problem of maintaining business operations in an increasingly volatile and complex business environment calls for proactive, integrated solutions encompassing people, data and infrastructure.”
Insurance customer expectations are always evolving, and brokers must take advantage of the predictive analytics from emerging insurtech to meet the needs of the more customer-centric industry. Staying ahead of the curve, both in understanding data and in understanding customers’ needs, is crucial now more than ever.
The lackluster response to catastrophes over the past few years, coupled with the ripple effects and conjoined risks related to Covid-19, are driving a more significant hardening of insurance markets. Brokers and risk managers must be aware of these shifts and adjust their risk management strategies to adapt to the new normal, utilizing new #insurtech and #risktech to stay ahead of the curve.
Quote of the week from the Claims Innovation Virtual Conference: “Data is vital because you want to make informed decisions based on facts. Culture is key because culture is what helps you scale, and I believe that a culture of transparency and trust are foundational elements of any sustainable transformation strategy.” Bryant Vernon, CCO of Aviva Canada.
The New York Superintendent of Financial Services ordered both domestic and foreign insurers to “start integrating the consideration of the financial risks from climate change into their governance frameworks, risk management processes and business strategies,” underscoring a global shift to greater focus on climate risk analysis.