Technology To Massively Reshape Risk Control (Insurance Business)

Technology To Massively Reshape Risk Control

  Monday, August 16th, 2021 Source: Insurance Business

The risk control profession has massively changed of the past 50 years, and is set to change even more in the near future, according to an industry white paper by the risk management business of insurance giant Sompo.

The report credits the evolution to technological advances and an enhanced focus on property and employee safety, with more improvements expected over the next decade.

To put it into perspective, a single modern smartphone is much more powerful than NASA’s combined computing power that first got man to the moon, illustrating how much today’s devices can accomplish.

One important shift, noted Victor Sordillo, the report’s author and director of international risk control services, Sompo Global Risk Solutions, was the shift from the underwriting surveyor departments of the past to loss control services.

These teams are now staffed by risk control engineers and risk control specialists. ‘The name change reflects the transformation of our role from surveyor to consultant,’ Sordillo said.

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