How is digital innovation changing the risk landscape for insurers?

Digital innovation is reshaping the risk landscape for insurers, revolutionising the way they assess, manage, and mitigate risks. Through the advent of advanced data analytics, artificial intelligence, and automation technologies, insurers are gaining unprecedented insights into risk factors, enabling them to make more informed decisions and respond swiftly to emerging threats.

However, is there cause for concern regarding this rise of big data?

Tracey Sharis, President, Global Risk Solutions at Liberty Mutual Insurance, gave her view on exactly that when speaking within the Professional InsurTech Certificate course.

She said, “One of the greatest challenges that I see in front of us is the access to a tremendous amount of data that is presented to us through external sources.

“We are extremely careful about the possibility of getting overwhelmed by this information. More importantly, a concern we have is the prospect of allowing this information to be served by our biases.

“This would therefore lead us to the conclusions we want, versus taking the information at face value which could help us discover things about our own organisation that need to be changed – or even prevent threats to us today,” continued Tracey.

To listen to the whole presentation, enrol in the Professional InsurTech Certificate.

About the Professional InsurTech Certificate:

The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector.

Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies.

You can enrol here.