For more than 350 years, the insurance model has been simple: Repair and replace after damage. However, with modern technology, we can now help our customers before they face loss. I recently joined the leaders of two preeminent insurance research organizations — Roy Wright of the Insurance Institute for Business & Home Safety (IBHS) and… View Article
Advances in technology are enhancing our ability to prevent potential losses. In the season one finale of Predict & Prevent, Pete Miller, CEO of The Institutes, learns about a robotic dog that can fetch data from places that are tough for humans to go.
“I can’t stop the tornado. I can’t stop the ignition of the wildfire or the hurricane that is coming. But we do know enough to narrow the path of destruction. And for us, it is about that science, but it has to be translated into specific actions that people can take.”
“How do we manage the losses in the property space — to minimize them, but also to better approach the underwriting and pricing and all the other dimensions that come in to bear as people understand the risks?”
Interest in better wildfire detection and suppression is growing in the wake of massive fires in California and Australia — costly disasters that are expected to become more common as climate change makes some areas drier and hotter.
Darren Tasker, head of energy and construction, North America, for Allianz Global Corporate & Specialty, sat down with Risk & Insurance to discuss his perspectives on a Predict & Prevent approach — and which risk carriers are turning their attentions to.