OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in San Antonio, TX, experts in risk-focused data and analytics said tools and availability are advancing rapidly, but their biggest hurdle remains converting data into useful, actionable information. Click on http://www.ambest.com/v.asp?v=rims3418 to view the entire program.
According to the panelists, many industries today have become more reliant, if not obsessed, with data and analytics.
“When it comes to data and analytics, there is definitely an arms race in the insurance industry,” said Brion Callori, senior vice president, engineering and research, FM Global. “And the winner will be those people that can answer at least one question risk managers ask the most: ‘I understand why risk has to be improved, but how do I make the case to my chief financial officer (CFO), who operates in a return on investment (ROI) world?’”
Maureen Toomey, global leader client data and analytics, Aon, said she believes that, “the most relevant data is the data that is actionable and accessible to clients and risk managers, as well as CFOs.”
Looking forward, Reid Sawyer, senior vice president, JLT, said he sees that, “businesses are going to have to start thinking about these risks as business decisions and making those long-term strategic investments. It is about empowering decisions at the CFO and board levels.”
For full video coverage of RIMS, including exclusive executive interviews, visit http://www.ambest.tv/rims18.
Recent episodes of A.M.BestTV include:
- As Insurers’ Range of Competitors Widens, Leaders Say Scaling Up Matters: At the RIMS conference, a panel of property/casualty and reinsurance leaders said the industry may be in for additional mergers and acquisitions as insurers respond to escalating customer needs and new forms of competition, including from capital markets: http://www.ambest.com/v.asp?v=rims1418.
- No Company Will Ever be Done With Enterprise Risk Management, Says A.M. Best Managing Director: Jim Gillard, managing director, criteria, research and analytics, A.M. Best, talks about how enterprise risk management is evolving for insurers and how that affects insurers' financial strength: http://www.ambest.com/v.asp?v=rimswalkup418.
- CIMA Insurers Set to Boost Capital, Focus on Enterprise Risk, Says A.M. Best Senior Analyst: Charlotte Vigier, senior financial analyst, A.M. Best, reviews the market conditions and regulatory changes shaping the insurance sector in the 14 countries that make up the Conférence Interafricaine des Marchés d'Assurances (CIMA) zone in Francophone Africa: http://www.ambest.com/v.asp?v=cima_english418.
- Digital Risks Often Travel in Waves, Say CyberCube Modelers: Ashwin Kashyap, co-founder and vice president, and Joshua Pyle, actuarial director, both of CyberCube, said incidents of electronic intrusion sometimes appear to follow patterns, such as waves of breaches, ransomware and infrastructure attacks: http://www.ambest.com/v.asp?v=kashyappyle418.
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