Future Data Stats’ Post

🚀Transforming Risk Assessment in Insurance with Strategic Sampling🚀 In the insurance industry, where precision and foresight shape success, leveraging the deluge of data for better risk assessment can be a challenge. But the key is in the art of sampling. 📊Real-World Use Case: Streamlining Claims Processing in Insurance📊 Imagine an insurance company grappling with the daunting task of assessing claims risk across thousands of cases. The sheer volume of data can slow down processes, impacting efficiency and customer satisfaction. But through targeted data selection and efficient sampling, the company can draw a representative sample that mirrors the diversity of the entire dataset. This streamlined approach allows for quicker adjustments and more focused model training, leading to enhanced customer service and informed decision-making. By embracing sampling, the insurance sector can not only expedite risk assessment but also elevate the precision of its predictions, leading to better resource allocation and operational efficiency. 🌟#DataScience #InsuranceIndustry #RiskAssessment #Sampling #PredictiveAnalytics #OperationalEfficiency #DataStrategy #Innovation

📰 News: 📰 🌏 Unlocking the Future of APAC Insurance: Navigating Regulatory Waves 🌊 In the fast-evolving landscape of the Asia Pacific insurance industry, regulatory challenges are at the forefront. Whether it is IFRS 17 or compliance hurdles, navigating these waters requires a multi-faceted approach. 📊 Key Data Highlights: - The sixth edition of Global Insurance Law Connect’s Risk Radar Report emphasizes top challenges, including regulatory compliance, natural disasters, cyber threats, and artificial intelligence. - Australia’s insurance sector is booming, with growth projected to continue for the next 3 years. Key concerns include resilience to natural disasters, data protection, and regulatory compliance. - India’s insurance market, currently 10th globally, is set to skyrocket to 6th by 2032, driven by economic growth, a young population, and increased risk awareness. Regulatory landscapes are anything but static. Leaders like Tony Gallagher from Guy Carpenter suggest that agility and collaboration are key in guiding clients through these evolving risks and opportunities. 📈🔍 Comment below on how your organization is tackling these challenges! And don’t forget to follow Bernier Group for the latest insights and updates. 🌟✍️ #Hospitality #Ecommerce #Retail #Commerce #Manufacturing #Logistics #Strategy #Innovation #Business #ArtificialIntelligence #AnniQ https://lnkd.in/enXjhdtv

What are the most common responses to risk? 🤔 🚫 Risk avoidance Avoidance is a method for mitigating risk by not participating in activities that may negatively affect the organization. Not making an investment or starting a product line are examples of such activities as they avoid the risk of loss. 📉 Risk reduction This method of risk management attempts to minimize the loss, rather than completely eliminate it. While accepting the risk, it stays focused on keeping the loss contained and preventing it from spreading. An example of this in health insurance is preventive care. ⛓ Risk sharing When risks are shared, the possibility of loss is transferred from the individual to the group. A corporation is a good example of risk sharing—several investors pool their capital and each only bears a portion of the risk that the enterprise may fail. 📤 Transferring risk Contractually transferring a risk to a third-party, such as, insurance to cover possible property damage or injury shifts the risks associated with the property from the owner to the insurance company. Risk acceptance and retention After all risk sharing, risk transfer and risk reduction measures have been implemented, some risk will remain since it is virtually impossible to eliminate all risk (except through risk avoidance). This is called residual risk. IBM #RiskManagement #Strategy #ProjectManagement

What does a Fleet Motor Claim tell us? Who, what, where, when but not why. Much is spent on repairs, alternative transport, proving liability, checking cover, recovering losses....but not much on how to stop it happening again. Looking at risk data 'in the round' offers a perspective and a context. It signals levels of risk severity so that taking next step action is proportionate. Claims data forms a vital element of that perspective. Without such a holistic view of Risk, fleets jump to incorrect conclusions, over- or under-react and spend the wrong amounts on the wrong risk remedies. Thereafter, they wonder why better results are not forthcoming. As a Fleet Risk Managing business that deliberately offers in-house Accident Management, we believe that risk data discovered from claims can form up to 40% of the decision as to what to do next. Telematics data and Driving-safety Culture offer the next best clues. How many Fleets compare high-risk data with who actually had the accidents? Not many. If risk data from claims plays too small a role in your fleet risk program, email risk@driversure.uk to discover how this can be improved.

Risk Management in Transportation (A Comprehensive Guide) Transportation is crucial for moving things around the world, but it comes with various risks, like accidents, delays, theft, and natural disasters. These risks can affect how well the Supply Chain works. In this post, I break down risk management in transportation. Helping transportation managers deal with challenges and offering smart ways to stay safe. ➛ Accident Prevention and Response: ↳ To prevent them, use safety rules, train drivers well, and use advanced vehicle safety tools. Have a plan for emergencies to react quickly when things go wrong. ➛ Supply Chain Disruptions: ↳ Problems in the supply chain can come from unexpected weather, political instability or global pandemics. Transportation managers need to diversify suppliers, develop contingency plans, and leverage technologies like real-time tracking to enhance visibility in the face of unforeseen challenges. ➛ Technology as a Risk Mitigation. ↳ The integration of technology plays a pivotal role in mitigating transportation risks. Systems like telematics give real-time info on vehicles, and analytics and AI predict problems before they get serious. ➛ Regulatory Compliance Challenges: ↳ Following transportation rules can be hard. Managers need to keep up with the laws, use good systems to follow them, and check regularly to make sure everything is right. Collaborating with legal experts can be instrumental in managing compliance risks ➛ Getting the Right Insurance: ↳ Comprehensive insurance coverage is a fundamental aspect of risk management in transportation Transportation managers should always check and update their insurance to match the risks. Having good relationships with insurance providers helps get support quickly if something unexpected happens. By understanding risks and using smart strategies, transportation managers keep things running smoothly and make the whole supply chain successful. ➝ In the changing world of transportation, managing risks isn't just a good idea – it's a must. __________ If you're seeing my post for the first time connect with me Abdulrasheed ♻️ Repost for your network to benefit from it. #entrepreneurship #leadership #logistics #logisticsolutions #supplychainmanagement #20daylinkedinchallengewithhaoma

Supply chain challenges continue to prove a key problem for carriers due to the cumulative impact of disruptions on claims management processes. A new survey by Gallagher Bassett, released as part of The Carrier Perspective: 2024 Claims Insights report, reveals that 62% of carriers worldwide reported challenges in 2023 around managing end-to-end claims resolution due to global supply chain problems, with 56% in North America seeing related disruptions to claims. “Global supply chain challenges, including rising inflation, geopolitical tensions, and energy prices, have significantly impacted carriers’ ability to resolve claims promptly. These challenges have disrupted the supply chain, leading to delays and complications in the claims resolution process,” said Joe Berrios, Managing Director - Carrier Practice at Gallagher Bassett. https://lnkd.in/ew7JSvGD

In another pulsating conversation, join Benjamin Otieno, GM Risk & Compliance at GA Insurance Ltd, who will be sharing his insights in an industry discussion on how "Big Data Is Predicting and Preventing Risk." The future of insurance is being written in data. By analyzing vast sets of information, insurers can identify patterns, assess vulnerabilities, and develop targeted risk mitigation strategies. This newfound foresight allows them to tailor insurance products to specific needs, offer competitive rates to low-risk customers, and even prevent accidents before they happen. Benjamin Otieno's expertise in risk and compliance makes this a must-attend session for anyone interested in the transformative power of big data in the insurance sector. Discover how cutting-edge data analytics is revolutionizing risk management and providing unprecedented opportunities for insurers to enhance their offerings and improve customer satisfaction. Don't miss out on this enlightening discussion that promises to reshape your understanding of the future of insurance. Register Now! **Register Today! - https://lnkd.in/dtRAt-Sa **Become a Sponsor - https://lnkd.in/ectXZet4 **Apply to Speak - https://lnkd.in/eHxH5gUX #AfricaInsureTech2024 #InsureTechAfrica #InsuranceInnovation #DigitalInsurance #TechInInsurance #InsuranceTransformation #FutureOfInsurance #RiskManagement #InsuranceLeaders #InsureTechForum #InsuranceRevolution #SmartInsurance #EmbeddedInsurance #InsuranceFraudPrevention #CustomerCentricInsurance #HealthInsurance #LifeInsurance

Discover YOUR ADVANTAGE to ✅ STREAMLINED, PRECISE UNDERWRITING and ✅ COST-EFFECTIVE RISK MANAGEMENT FOR COMMERCIAL FLEET POLICIES Our data-driven products help insurers, producers, and policyholders build a safer driver workforce! ClearConnect Solutions' technology connects thousands of fleet and driver data points to CAPTURE, MONITOR, REPORT and SCORE fleet data...in real-time. The RESULTS? The most accurate, comprehensive risk management for insurance policies. If you're in the business of insuring commercial fleets and risk management, we're presenting a new solution to better risk scoring, monitoring, and underwriting! Learn about our data-driven products that help your insureds build a safer driver workforce and help you reduce risk exposure. 💻 https://zurl.co/sqsu If you're attending ECA: A Delivery Industry Alliance MarketPlace 2024 this April 8-10th, schedule time with us in advance using this link - or stop by Booth #512! Learn more about how our partnership with CUI Agency is helping #FinalMile fleets save on premiums. 🕒 https://zurl.co/mKE9 #clearconnectsolutions #TuesdayTip #TechTuesday #data #datadrivensolutions #dataanalytics #commercialfleetinsurance #commercialfleets #transportationinsurance #underwriting #insurtech #commercialinsurance #finalmiledelivery #ecamarketplace2024 #fleetinsurance #risk #riskscoring #riskmanagement #riskmonitoring #driverris

Did you know that the weakening resilience of supply chains is one of the key emerging risks ? In light of the release of the Swiss Re Institute 2024 SONAR report, Nicole Schepanek, Head Risk Data & Services Corporate Solutions, highlighted some of the key challenges corporates face in getting ahead of supply chain disruptions: 🚩Lack of transparency of the supply chain network and its risk exposure 🚩Dispersed and unstructured data 🚩Lack of credible risk insights How can we support organizations tackling these problems? Our supply chain management solution, as part of Risk Data & Services offering, empowers customers to identify interdependencies, assess and explore supply chain exposure. All from a neutral and secure platform, where clients retain ownership of their supply chain related data. 👉Curious to learn more and see the platform in action ? Request a Demo today! https://ow.ly/ziAm30sEsRI

What triggers a review of Fleet Risk? How does a Fleet know what new schemes are available? Is existing knowledge still appropriate? Do common misconceptions hold back progress towards risk reduction? 👉 How many Fleets know that simply buying in Risk Services, like Telematics, is no guarantee of reducing Risk? 👉 How many Fleets know they can outsource the gathering and testing (including raising alerts) of all and any Risk Data sources? 👉 How many Fleets know that by triangulating several risk data sources, the reliability of identifying high-risk drivers increases dramatically? 👉 How many Fleets link accident risk data with other data sources to improve the accuracy of driver profiling and the effectiveness of remedies? 👉 How many Fleets know that by outsourcing the management of all risk services as a single solution, they can save time, cost and improve results? 👉 How many Fleets are aware their driving-safety culture is poor, that this is negatively affecting claim frequency and that there's no plan to improve it? 👉 How many Fleets allocate remedial action without knowing the true cause of risk, which wastes time and money and doesn't improve risk? Driversure rectifies all this and more in one all-encompassing solution. If you'd like to learn how, don't hesitate to drop us a line at risk@driversure.uk or call us on 0113 224 8800 for a confidential discussion on the subject.