The author, Robert Clark, stresses the importance of standardizing data collection processes and terminology, as well as consistent employee training. He also underscores the significance of cyber risk management, especially in the aftermath of a disaster when insurers may be more vulnerable to cyber attacks. The article concludes with a call for the insurance industry to prepare for the future by ensuring clean, organized data and the use of modern insurance analytics tools.
Key takeaways:
- The insurance industry has been significantly transformed by factors such as Covid-19, generative AI, and severe weather-related disasters, requiring insurers to adapt and become more proactive in their approach.
- Advanced forecasting of high-risk areas using historical data and modern insurance analytics can help insurers be more prepared and responsive to disasters.
- Effective data management strategies, including standardizing data collection processes and consistent employee training, are crucial for expedited claims management and processing.
- Insurers need to pay attention to cyber risk management, especially in the aftermath of disasters, to protect their systems and client interactions from cybercriminals.