Technology is changing at ever faster pace: Verisk

The world is changing at an increasingly fast pace, Mark Anquillare, executive vice president and chief operating officer at Verisk, told delegates at the opening of the Verisk Risk Symposium in London today.

According to Anquillare the market has seen more and changes as technology has an impact on the industry. He especially cited recent developments in digital technology, as customers press for more flexibility in how they can get and access their insurance, such as via smartphones.

He also pointed out that climate change is still very much an issue, as Verisk predicted that there will be more flooding losses due to the increasing trend of people investing in coastal properties in hurricane-prone areas.

Anquillare added that nat cat losses were increasing, as could be seen by the total of $130 billion in damages recorded over 2017, thanks to hurricanes and other events. This was above the ten-year average of $68 billion in damages every year, an average that AIR predicts will soon rise to $80 billion.

Another trend highlighted by Anquillare was big data – and how companies can analyse the increasing amount of information that is available to them. He said that he expects worldwide business analytic spending to accelerate over the next few years as the re/insurance industry tries to get ahead on this issue.

However he also said that he expects bonuses from technology, such as the increasing use of drones to assess loss claims rapidly, as well as the spread of remote sensing technology and artificial intelligence, with those companies that can best identify the right technologies stealing a march on their rivals.

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