Data and advanced analytics are often heralded as the answer to risk management challenges and, while the potential is certainly there, harvesting it can still feel elusive for many. The industry is making headway with regard to extracting value out of data; however, several hurdles need to be overcome to capitalise on it fully, not least of which are ensuring the quality of the data in the first place and that the requisite skills are in place to derive actionable insights from it.
At QBE, through our insurtech partnerships and internal programmes, we are revolutionising the way we capture, assess and use data, and our customers are benefitting from tailored coverage that reflects their true exposures, faster claims service and payments, and targeted real-time advice on how to manage the risks they know about and anticipate those they don’t.
It is encouraging that members are using data and analytics to forge stronger relationships internally and externally, as collaboration will be central to the successful adoption of analytics across the industry. We need to acknowledge skills gaps and rectify these, either through training, strategic partnerships or a combination of both.
As an industry, we have been doing many things the same way for centuries. 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. Just as integral to success will be the collaborative relationships that helped build the risk and insurance industry in the first place.
Cécile Fresneau, UK Executive Director, QBE European Operations