Scanning the horizon for connected and complex risks

Hasani Jess, chief technology officer of Aventum, said insurers need to make sure they have access to external data, triangulate different sources to make sense, and add-in the rich set of information they have built up in-house over time in order to price premiums to cover emerging risks.

Jess said: “All of that data still needs that human creativity and ingenuity to make sense of it and turn it into something tangible. That is where the power of the data, plus skills and experience really brings good results.”

Sourcing the right third-party data for your need, that can augment your knowledge, is key, Jess said.

Kevin Gaut, chief technology officer at Instanda, said insurers need to think carefully about where external data comes from, question if it contains any biases, and examine how it connects into the information owned by the underwriter.

He observed at recent insurtech events there has been a proliferation of people offering data, which is why testing the source is key to scanning the horizon for fresh risks as well as questioning whether the information is raw or comes with an enhancement such as a risk score.

During the podcast, the pair also discuss with Post’s news editor Scott McGee whether we will see more insurers following the lead of Admiral and partnering with the likes of Google Cloud to speed up real-time pricing and creating fresh products to address swiftly emerging risks.

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