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How is the risk environment for insurers being altered by digital innovation?

February 29, 2024
1 Min Read

The way insurers analyze, manage, and mitigate risks is being revolutionized by digital innovation, which is changing the risk environment. The emergence of advanced data analytics, automation, and artificial intelligence technologies has provided insurers with unparalleled insights into risk variables, empowering them to make well-informed decisions and promptly address emerging threats.

AI

But should we be concerned about this rise of big data?


Speaking during a session for the Professional InsurTech Certificate course, Tracey Sharis, President of Global Risk Solutions at Liberty Mutual Insurance, shared her thoughts on precisely that.


"I see access to a massive amount of data presented to us through external sources as one of the biggest challenges that we face," the speaker stated.


We are quite mindful of the risk that this information could overwhelm us. More significantly, we are worried about the possibility that our prejudices will be used to slant this information.

 

Instead of taking the facts at face value, Tracey said, "this would lead us to the conclusions we want and could help us discover things about our own organization that need to be changed – or even prevent threats to us today."


Register for the Professional InsurTech Certificate to hear the entire presentation.


Regarding the Certified Professional in InsurTech:

 

Professionals working in the insurance business can gain a thorough understanding of Insurance Technology (InsurTech) through the Professional InsurTech Certificate course. The course covers important topics such as the principles of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML specifically designed for the insurance industry, all with an emphasis on practical applications.


This course, which stands out for taking a comprehensive approach to the InsurTech scene, combines real-world case studies with insightful commentary from prominent InsurTech pioneers and top insurance company executives.









 

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