Assessing the current and future role of data analytics in managing risk and insurance
The risk and insurance industry is embracing new data and analytical tools, but the approach is largely sporadic, rarely joined-up and few standards are being developed. Transforming data into information that informs good risk management and interacts with innovative and more accurate insurance products is the challenge. Risk managers are doing more than ever before to collect and analyse data, but there is a clear skills gap that must be addressed.
QBE partnered with Airmic for their 2019 member research to determine understanding, capabilities and use of data and advanced analytics by the risk profession. The corresponding report Turning data into information highlights that in order to extract maximum information from data, it is essential that senior figures facilitate new analytical skillsets and leverage third-party partnerships.
Cécile Fresneau, UK Executive Director at QBE, comments in the report: “We are on the cusp of real change; data will be key to this transformation but so too will the experts with the skills to harness it. This report makes clear that collaborative relationships and gaining the rights skills will be key.”