Aon’s chief operating officer, James Platt, discusses how the insurance industry is using tech to address ever-changing risks.
While insurance companies have traditionally used historical data to understand and measure risks, this is no longer possible with new risks in areas such as cybersecurity and the climate crisis.
Aon’s James Platt spoke to SiliconRepublic.com about how technology is being used to tackle these new risks in the insurance industry.
“What’s happening in the background is our teams are working to do two things. One is to collect the data that they need for those risks and then the second is to start modelling that in ways that insurers or capital providers will feel confident to put their money behind people’s risks,” he said.
“So those two are the ways that tech is helping and if you imagine for something like climate, that’s a huge amount of data that we have to collect in different areas so people feel confident. And in terms of the modelling, these models are new. We’re using the latest modelling techniques, we’re building new ways of thinking about it.”
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Words by Jenny Darmody