Predict & Prevent Will Shape Our Future, But Its Underlying Principles Have A Distinguished Past

As you can see throughout the March/April special issue of Risk & Insurance, as well as here on the risk website, there is growing momentum to find a better way to help individuals, businesses and society manage the severe risks they are facing: Predict & Prevent.

This approach -- which supports, not supplants, traditional risk transfer -- uses the growing volume of risk data and successful resilience strategies to better predict and prevent losses before and help us bounce back more quickly when they do happen.

But a big question remains: How can we put these principles and practices into action?

To capture the benefit of emerging solutions, all stakeholders -- communities, insurers, public policymakers, tech innovators and insureds -- will need to work together to identify best practices and successful strategies for Predict & Prevent. The results of that collaborative effort should be shared widely for the broadest impact.

The good news is that we’ve seen similar approaches before where collective action has produced important research on risks for the good of society.