Insight Risk Technologies’ Post

We've worked hard to create the ultimate innovation solution and the conclusion we've come up with is ... Make the box your friend. Its business and its insurance business so inevitably there needs to be 'boundaries' AKA 'the box'. We build risk management into the box while optimising it for maximum commercial creativity. 💡Increase your team's ability to 'seed' innovation by 10x-100x. 💡You can use a repeatable 'light-touch' process which will ensure consistency and better results going forward. 💡Achieve commercial innovations that avoid traditional limitations and overextending into the realms of showcase innovation i.e. shiny but useless. Too good to be true ? Not really - and it won't cost you to find out how. #insurance #innovation

Not just any main stage - it’s THE milestone for our industry! Prepare to be at the frontier of innovation, risk management, and the future of insurance. This isn’t just about attending an event; it’s about being part of the conversations that push boundaries. Kicking things off, Vincent Tizzio, President & CEO of AXIS (AXIS Capital), will sit down with our presenting sponsor McKinsey & Company for insights you won’t want to miss. Then, hear from Captain Scott Kelly, who knows a thing or two about exploration and risk. Kelly will show us how insurers are the mission specialists, fueling innovation on Earth and beyond, underwriting the boldest endeavors – including space exploration itself.  We’ll dive deep into the tangible applications of AI with Majesco, Tokio Marine Group, Microsoft, and OpenAI leading the way. This is not just theory, but real-world solutions transforming our industry. And don’t miss the visionary leadership from the CEOs of AKUR8, Arbol, and Clearcover – the trailblazers rewriting the rules of what’s possible. This is more than a stage – it’s where the future of insurance unfolds. Be there or be left behind. Learn about it all: https://ow.ly/RuLf50TIOpX The future of insurance is here.  #ITCVegas #insurtech #insurance #insuranceinnovation #becauseofITC 

🎥 Missed Kanopi's live roundtable, A New Frontier of Underwriting? Watch it on-demand now 👉🔗https://bit.ly/3AtCZ3A Traditional underwriting is facing unprecedented challenges—from extreme climate impacts to intangible cyber threats. During Kanopi's recent live roundtable, industry experts dove deep into these issues and explored how emerging technologies like Gen AI might be the solution—or just another layer of complexity. Featuring insights from: Jenny Bax GAICD, CEO of Underwriting Agencies Council (UAC) Matthew O'Sullivan, Chief Underwriting Officer at Zurich Insurance Marcello Negro, Principal & Head of Product at Finity Join industry leaders as they explore the themes defining the future of underwriting: 💡 Embracing Technology: AI and automation are revolutionising risk assessment, enabling quicker and more accurate underwriting decisions. However, our panelists emphasised the importance of balancing automation with human judgment, especially when managing complex and unique risks. 🌍 Navigating Economic and Climate Risks: With inflation, economic uncertainty, and climate change at the forefront, insurers must adopt specialised expertise and cross-disciplinary approaches. Insights from climate scientists, economists, and underwriters are crucial for understanding and mitigating these evolving risks. 👥 Fostering Collaboration and Talent: Building successful partnerships and fostering a thriving digital ecosystem are key to driving innovation. Moreover, upskilling and engaging young talent is critical to ensuring the resilience and growth of the insurance industry. Underwriters, don't miss this opportunity to access a roadmap to reclaim your time, augment your risk expertise with tech and drive innovation. 🔗 Watch Now: https://bit.ly/3AtCZ3A #Underwriting #Insurance #InsurTech #RiskManagement #AI #KanopiRoundtable

Following on from MOVE: Mobility Re-imagined where we launched Aon Fleet Risk Intelligence, we received fantastic feedback on the launch from Insurers and Clients alike. By providing truly actionable insights for fleets and drivers (using AI and things like GPS, acceleration/speed, real-time weather patterns and road data), it builds up proprietary models to help managers make better decisions and improve safety. This quote from James Cowen, our CCO at Aon Growth Ventures (future mobility), sums it up very well: “By equipping both parties with the necessary tools to utilise mobility data most effectively, we can significantly improve risk profiles and, most importantly, reduce accidents.” I look forward sharing more about Fleet Risk Intelligence in the coming weeks, but if you’d like to find out more now, DM me or you may find the link below helpful. https://lnkd.in/dr3A3wsq #MOVE2024 #Mobility #RiskManagement #Insurance #FleetManagement #FleetRiskIntelligence #Aon #BetterDecisions | Curtis Scott | Patty Daberkow | Marc Spurling | Martyn Denney | Benjamin Hindson | Jake Baldry | Dawood Hussain | Neale Kinnear |

Exciting new offering from Aon Fleet Risk Intelligence. Similar to Premium Finance, this product adds value and helps businesses be as efficient as possible. #riskmanagement #insurance #efficiency #businessgrowth #innovation

Thanks for posting this Vishal Devalia, there are some great insights on AI adoption. A good read.

The Geneva Association explains that systemic risks (like climate change) are on the rise. One key response? Understanding and engaging the customer. 80% of respondents would be interested in ‘risk prediction and prevention’ services. Insurers are advised to think about: 1️⃣ Meeting demand for ‘value-added services’: Customers are interested in products that offer additional services, such as preventive measures and assistance, to add more value beyond traditional risk coverage. 2️⃣ Providing education and transparency: Customers are seeking transparency and better information about risks and insurance solutions. Insurers need to better focus on educating customers about the benefits of their products in addressing risks. 3️⃣ Understanding changing customer expectations: Customers now prefer insurance that not only covers risks but also helps in preventing and mitigating them, like proactive measures in the home to address climate change, or online tools to mitigate cyber risk. 4️⃣ Leveraging digital engagement and personalization: Digital platforms are the primary tool to meet emerging customer expectations. Customers expect digital-first experiences. Sound interesting? We can help. Reach out to us at info@alana.net and let's have a conversation. The Alana AI platform ties together customer premise, policy, weather, climate, and a host of other data to serve up personalized tools and content to help homeowners avoid claims. We even tie in agnostic sensor and other IoT data programs for automated risk prevention. It's all about exceeding expectations - because with fewer claims, everybody wins. 🏆 #predictandprevent #customerexperience #customerengagement #homeownersinsurance #claims #riskprevention Press Release: Report (pdf): https://bit.ly/3SRuK6Z

This is a really mind blowing picture from the keynote presentation at #DXCConnect in London. It shows all the major risk events and their impact over the past 175 years. What is really an eye opener is that we live in an era with geopolitical events, world wide epidemics, etc. that is comparable with the two World Wars in the last century and the civil wars two centuries ago from a risk perspective. This is a challenging time for the entire #Insurance industry and #DXC is here to help our clients navigate through this era via our world class #InsuranceSoftware products and solutions.

Specialty Insurance is one of the leading growth areas for #insurance 👇 🚀 CAGR (Compound Annual Growth Rate) predictions vary between 7% and 10% for the period up to 2031. 📈 Forecast to exceed $200bn by 2030 Why? 💻 Technological revolution: work practices and society are changing at a pace previously unseen, this brings new risks and exposures. Obviously #ai but think remote working, cyber etc. ⛈ Weather: products appearing to solve previously "uninsurable" events 🌍 Global growth: the world population is expected to reach 8.5bn by 2030! Established specialty lines in the US and Europe are only starting to appear in many more populous regions. Looking to launch a specialty line fast and win market share? Here Loro we empower entrepreneurs and innovation, launch and grow today. *reports and projections do vary for the market, we have tried to take average predictions based on Deloitte, Marsh and other industry leading reports. We should caveat that with varying definitions of "specialty" there can be discrepancies in the numbers. #specialtyinsurance #growth #innovation

In the dynamic landscape of insurance, adaptation is key to meeting evolving customer demands. Here's a glimpse into some significant trends shaping the industry: 𝘗𝘦𝘳𝘴𝘰𝘯𝘢𝘭𝘪𝘻𝘢𝘵𝘪𝘰𝘯: Insurers utilize advanced data analytics to tailor policies to individual needs, enhancing satisfaction and loyalty. 𝘋𝘪𝘨𝘪𝘵𝘢𝘭 𝘛𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯: Technology streamlines processes, from online purchases to claims management, improving efficiency and customer experiences. 𝘌𝘮𝘦𝘳𝘨𝘪𝘯𝘨 𝘙𝘪𝘴𝘬𝘴: Insurers innovate to cover new threats like cyber risks and pandemics, ensuring comprehensive coverage. 𝘌𝘤𝘰𝘴𝘺𝘴𝘵𝘦𝘮 𝘗𝘢𝘳𝘵𝘯𝘦𝘳𝘴𝘩𝘪𝘱𝘴: Collaboration with non-traditional partners expands offerings and taps into new revenue streams. 𝘍𝘰𝘤𝘶𝘴 𝘰𝘯 𝘗𝘳𝘦𝘷𝘦𝘯𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘞𝘦𝘭𝘭𝘯𝘦𝘴𝘴: Insurers promote healthy behaviors with wellness programs, reducing claims frequency. 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘊𝘩𝘢𝘯𝘨𝘦𝘴: Adapting to evolving regulations is crucial, requiring adjustments in strategies and operations to ensure compliance. As the insurance industry continues to evolve, staying agile, innovative, and customer-centric is essential for insurers to thrive in a rapidly changing landscape. By embracing emerging trends and leveraging technology, insurers can better meet the evolving needs of customers and drive sustainable growth. #businessdevelopment #softwaredevelopment #fintech #BFSI #siteclick