Global risks are burgeoning; companies of all sizes are seeking the perks of risk analytics and management. Smart companies are realizing the change is coming from people as well as recent technological breakthroughs, including Big Data and AI. And CEOs are improvising their risk teams, and transforming them into perceptive strategic advisors to address budding dangerous threats like cybercrime.
Modern risk analysts have accurate knowledge about risk, artificial intelligence and cyber security – so, it’s time they get an opportunity to show a greater presence in the stoic boardrooms as strategic advisors. AI, the cutting-edge risk analytics tool surfaced out to enhance the inexorable march of big data. As such, their importance in the organization in assessing risk has greatly increased.
“Risks are interconnected, dynamic and widespread. Businesses are therefore looking for insurers who are uniquely focused on their needs,” asserted Vincent Vandendael, chief commercial officer at Lloyd’s of London.
“They need deeper risk insights as well as smart and flexible products that help them to militate against these threats, which include man-made perils, like cyber attacks, natural catastrophes, and new and emerging risks, such as autonomous technologies or AI.”
To this, Vineet Singh, head of Insurance technology, TCS Europe insisted that industry’s ever-evolving ability to scour rich sources of information, in the form of data is actually leading to better decision-making, which is too remarkable to ignore. “Insurance is among front-runners in AI adoption, which may come as a surprise to some,” Singh stated.
“For instance, the rise of the smart home, with smart devices – such as the Amazon Echo and Nest thermostats – is helping the home insurance industry to reap the benefits of AI, machine learning, and the Internet of Things. These devices and sensors are gathering information in real time, providing a continuous flow of data on how people live. This data – once just an immeasurable flood of information – can now be quickly analysed and used thanks to AI.”
Cyber security is climbing its way up the list of the fastest growing segments of the industry, and is expected to spark off whooping $20 billion in premiums per annum by 2025 across cyber insurance market. At present, the current figure stands at $4 billion – it’s going to show an increasing trend in the future. The data collection from Insurer Company is becoming more sector-specific and crucial for organizations. This as a result will not only make enterprises more buoyant but also let them compete with each other.
But of course, dealing with such humongous amount of data leads to Achilles heel – the problem arises owing to intelligence failure by the insurers themselves. The data-fed analysts are going to dictate boardroom norms in the coming days, and the intensity is going to increase manifold. One must understand that certain consultations within boardrooms might lead to a conflict of emotions, compelling insurer to change business controls and the provisions of insurance policy. As a result, the job profile of insurance specialists should be kept independent from the implementation of controls within organizations.
“Insurers will soon be using blockchain technology in their operations,” quoted Singh, bragging that the September-launched insurer collective B3i (Blockchain Insurance Industry Initiative) is hitherto “actively looking at ways the technology can make businesses in the sector more efficient”.
A formal closure
The digital age is here, and breakthroughs in risk analytics and management have enabled advanced technology to shift its focus from reactive to proactive. To know how risk analysts become invaluable consultants for a particular business set-up, take up market risk training courses online by DexLab Analytics. Their value at risk model online training is right on point, and ideal for aspiring candidates seeking analytics knowledge.
This article was sourced from – raconteur.net/future-risk-analytics
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