Insurance Industry Shifts Focus from Repair to Predict and Prevent Model (Risk & Insurance)

Insurance Industry Shifts Focus from Repair to Predict and Prevent Model

  Thursday, November 16th, 2023 Source: Risk & Insurance

The insurance industry, traditionally based on the model of repairing and replacing after damage, is now embracing a shift towards a "predict and prevent" framework. This transition was highlighted in a webinar featuring Roy Wright of the Insurance Institute for Business & Home Safety (IBHS) and David Harkey of the Insurance Institute for Highway Safety (IIHS), who emphasized the importance of scientific research in improving safety for both the built environment and automobiles.

Both leaders underlined the necessity of consumer education and personal responsibility in enhancing safety measures. Despite technological advancements and the introduction of safety features in vehicles, consumer hesitancy in investing in preventive measures remains a challenge. For instance, many consumers are reluctant to invest in property loss prevention, questioning the return period and potential insurance premium reductions.

Additionally, as cars become equipped with advanced safety technologies, drivers’ roles remain crucial, with IIHS’s Harkey noting that nearly half of passenger car fatalities in the U.S. involve unbelted individuals. This paradigm shift in insurance from merely compensating to actively preventing risks represents a significant and exciting evolution in the industry, as it moves towards making ‘Predict & Prevent’ the new standard in risk management and insurance.

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