Data visualisation is essential to understand risk

Advanced data visualisation technology that can help insurers to better understand their exposures is increasingly becoming essential, according to Robin Swindell, executive vice president at Willis Re.

“Modern technology has given us the access to tools and techniques that are more interactive than simple charts, and able to process far larger quantities of data,” he said. “The way these tools work is, however, fundamentally the same; utilising the human brain’s highly evolved ability to quickly process vast quantities of information. Anyone who has recognised the face of a friend in a crowd of people will attest to just how powerful a skill this is, and harnessing this has allowed the development of modern data visualisation tools such as the one we have developed with Willis Re partner Spatial Key.”

Swindell used the example of mutual insurers who engage constantly with their policyholders, who are also the owners of the organisation.

“The dual role of the members as customers of the business and also its owner make it incumbent on mutuals that they not only take the initiative in helping prepare members for an event that everyone hopes will not happen, but also that they are ready to react quickly to assist them if that event does occur,” he said.

“The latest data visualisation tools can not only help a mutual understand and communicate the risks that their members face, but should the worst happen, those tools can assist mutuals in responding quickly and efficiently to members needing their support in the aftermath of a major catastrophe.

“Increasingly, mutuals who embrace this new technology are able to take a step forward in how they interact with their members. This is a worthy ambition for a sector that prides itself in the highest level of customer service and commitment.”