The risk manager of tomorrow making data work for you
Data has always been a key tool for risk managers – and for their broker and underwriter partners too. We are entering now a new era for data, which could prove a game-changer for the risk management profession.
The Industrial Internet of Things, whereby interconnected sensors and devices are used to enhance manufacturing processes, is transforming the way companies work, resulting in enhanced efficiencies and also providing them with stacks of powerful data.
And the ability to harness that data, to analyse it and unlock its potential will transform the way risk managers are able to perform their jobs.
At the Federation of European Risk Management Associations’ forum in Berlin in November, I am taking part in a panel that will explore how Artificial Intelligence (AI) and data will change the practice of risk management.
I’m looking forward to hearing views from my fellow panellists and the wider room; this is a topic that we at AXA XL are excited by, and we are taking part in several proofs of concept that we believe could give powerful data insights to help risk managers, risk engineers and underwriters to improve the way risk is understood, managed and transferred.
AI and data
Artificial intelligence is becoming part of day-to-day commercial life. There are now about 1,600 AI start-ups in Europe, according to recent research.
And there are many ways in which AI is not just helping businesses to work more effectively but also to begin to manage their risks in a different way.
A concrete example is our partnership with Parsyl Inc., a supply-chain platform that helps shippers, their clients, and insurers to understand the quality of the conditions that sensitive or perishable goods are kept in.