I was joined recently by more than 100 insurance industry professionals at Lloyd’s Library to hear the latest about global terrorism and explore some use cases to apply current information related to terrorism and political violence risk. Event attendees represented 50 different companies and demonstrated that terrorism is still very much a topic of interest to the industry. And while we are not in a position to eliminate the existential risk of terrorism, there are at least some things we can do to understand, avoid, and manage it from an insurance perspective.
Expertise can mean many things. Our last post from our CTO Brandon Purcell, How collaborating on technology changes the buy vs. build debate once and for all, touched on this important, but often overlooked part of this equation. Brandon pointed out that to obtain a solution that truly helps you understand your data and identify the insights you need to make decisions, you have to collaborate with experts. I wholeheartedly agree. But, I would add that you have to use the right kind of expert—with the right skill set—to successfully build and deploy a data analytics solution that will be readily adopted by your team.
Photo credit: scienceblogs.com
With the tenth anniversary of Windstorm Kyrill coming up this January, I can still recall the buzz in the insurance market when it first hit. Insurers were still reeling from a brutal 2005 U.S. hurricane season that brought Katrina, Dennis, Rita, Wilma, and several other large events. So the news of Kyrill came at a time when event response was emerging as both a proactive and reactive discipline, and insurers felt more prepared to respond. The tools they used weren’t quite as sophisticated as what exist today, but they expected to have access to quality data and to be able to provide a rapid supply of information and services to policyholders, management, and investors.