White Paper

3 Ways Data Can Drive Meaningful Risk Reduction in the Public Sector

Data has become an increasingly valuable tool for risk management and underwriting. That’s why more public entities are looking to harness their data to drive down losses.
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White Paper Summary

It has been 33 years since Time magazine touted the headline “Sorry, America, Your Insurance Has Been Canceled.”

In the 1980s, insurance premiums were skyrocketing with no clear reprieve in sight. The industry was facing a liability insurance crisis, and the availability of certain coverages for public entities waned, leaving many without general liability.

“The risks were too high for the industry to keep insuring at that time,” said Jody Moses, Managing Director, Public Entities, Pools and Associations for Sedgwick.

“So, public entities self-insured their risks — property, general liability, workers’ compensation. They formed pools or self-insured on their own.”

The move has proven to be a good thing for this thriving sector; now, Moses said, public entities have a huge opportunity to take the knowledge and data they’ve collected over the last three decades and use it to better protect themselves against growing risks.

From airports to municipalities, public libraries and schools, public entities “face every risk conceivable,” said Moses.

“But they also have all this data from each facility. They have information on top drivers of loss and the cost of risk.”

Data collection and analysis has continued to play a huge role in the insurance industry, enabling carriers to better assess risk and underwrite policy. The challenge for public entities, however, is in learning how to best use that data.

Here are three ways in which public entities can harness their data to their advantage.

To learn more about Sedgwick, please visit their website.

Sedgwick is the leading North American provider of innovative, technology-enabled claims and productivity management solutions, delivering a world of expert resources to a diverse client base through 10,000 colleagues across the U.S. and Canada.

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The R&I Editorial Team can be reached at [email protected]