The Institutes

What Insurer Data Practices Mean for Risk Professionals

 Thursday, November 19, 2020

 Risk Management

The way insurers collect, analyze and use data is impacting every part of the commercial insurance value chain, from businesses to brokers to insurers.

Insurance professionals are harnessing this exponential growth of data, using it to provide meaningful insights to brokers and insured businesses. Most importantly, this means insurers can provide the capabilities that are in-demand in the modern business and risk management environment.

This new data drives improved predictive modeling straight through underwriting, claims payments, and forecasting when accidents may occur.

They can provide a more accurate profile of an organization’s risk—leading to premiums that reflect a company’s actual cost of risk and, in the event of a claim, helping companies better recover from a loss.

Risk professionals can leverage and inform these new practices as data continues to influence how their businesses are insured.
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