Skip to main content

Five key points to consider in developing next-generation risk models

Sponsored by ?

This resource was paid for by a contributing third party.

Most insurers are invested in developing risk models but despite their achievements, many are failing to progress their models and expand their application over time. As a result, they could be losing out on substantial value creation.

At the core of the issue is the fact that most data scientists/analytics experts thrive in creating innovative risk models but are not always as skilled at the more mundane work of implementing and monitoring those models. Carefully crafted risk models create little business value if they never get implemented or end up being one-time efforts that grow stale over time. When a risk model is created to solve a business problem, it should always be viewed as an ongoing program and effort.

Insurance executives should be asking: How are we managing our risk modelling program? And can we be doing things more efficiently and effectively?

This blog highlights five key points to consider in developing next-generation risk models.

Access the article

Register for free access to hundreds of resources.

Already registered? Sign in here.

 

Your alert preferences

More related resources

Blog: What you told me you want from risk management

Risk management needs to scale, hit harder and modernise fast. Johnny Thomson, head of strategic planning at RiskSTOP Group, reveals the industry’s top demands – and how data and AI are already reshaping what insurers, brokers and clients expect.

Roundtable: Transforming risk management in commercial insurance

From AI and sensors to board-level governance and SME engagement, an Insurance Post roundtable held in conjunction with RiskSTOP delved into how insurers and brokers can help businesses navigate a complex risk landscape and strengthen loss prevention. This article provides a summary of the discussion.

ESG that stands up in tougher times

At a recent Insurance Post roundtable in partnership with CRIF, leading insurers and ESG specialists explored how the industry is translating sustainability goals into measurable progress and what it will take to keep that momentum in tougher times. This article provides a summary of the discussion.

You need to sign in to use this feature. If you don’t have an Insurance Post account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here