Researchers from Cass Business School suggest that Covid-19 will act as a catalyst for the industry-wide adoption of new digital initiatives in the insurance industry.TechnologyRisk Management
They also suggest that the pandemic has uncovered the value to firms of having a Chief Risk Officer (CRO) to navigate strategy and identify opportunities.
The study, authored by Cass alumna Sarah Ruberry MSc, FCA, ACII and Dr Cormac Bryce, Senior Lecturer in Insurance at Cass, found that insurance organisations often prioritise inward-facing, prescriptive digital strategies, often to the detriment of an outward-facing integrated strategy to target upside risk.
The rapid acceleration of Covid-19 to a global pandemic has triggered business continuity plans across the world and has bought about a wholescale change in working practices for insurers.
With a new normal’ yet to be defined amidst the challenges of evaluating an evolving cornerstone within the insurance industry, speed and efficacy of data has become increasingly important.