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A new UN report spotlights the growing risk of severe wildfires and fire hazards as climate risks increase, adding an additional layer for risk and insurance professionals to assess.

“We are drowning in information, but starved for knowledge.” – John Naisbitt.

“Make it make sense.”

Data silos, poor data quality, and minimal data governance are three of the largest challenges to effective risk management. Proactive management of data – with locational intelligence – is a prerequisite to proactive risk mitigation.

“There is a fine line that brokerages must walk between providing digital services and still maintaining a human touch.”

The difference between data and information is understanding; otherwise, data is just noise. As the quantity of data continues to skyrocket, transforming that data into knowledge and insight is imperative.

Weather risks will only continue to increase, but with innovation in modeling and advanced risk data, forward-thinking insurers are equipped to effective prepare for and respond to rising exposure.

We are honored and excited to join Guidewire Software‘s Insurtech Vanguard program alongside so many other innovative #insurtech companies shaping the future of the risk and insurance industry. As climate risks increase in frequency and intensity, Maptycs integrates client data with geospatial and climate change data to accurately define your property risk exposure.

Climate actions failure and extreme weather top the list of The World Economic Forum’s Global Risk Report 2022. The risk and insurance industry holds a unique opportunity to proactively mitigate and directly influence the scale of impacts of climate risks.

If the past two decades are any indication, 2022 will see an increase in unpredictable and disastrous weather events. Insurers and risk managers who develop effective risk avoidance practices through AI and geospatial analytics can effectively prepare for or mitigate the damage before the events even occur.