Technology
Internet of Things
Risk Mitigation
President, Global Risk and Digital at Marsh
Businesses and the insurance industry should begin migrating toward a revolutionary new approach: real-time risk management.
Source: Shutterstock
A confluence of trends is enabling businesses and the insurance industry to move toward a revolutionary new approach: real-time risk management.
Managing risk in real time offers the potential to both reduce risk and transfer it more effectively. It means businesses can have an up-to-the-minute view of their changing risk exposures—and take actions to mitigate them—and that the insurance industry no longer needs to rely only on historical data to price risk.
What makes real-time risk management possible? Three concurrent developments are starting to reshape the risk landscape:
- New real-time data streams. From telematics to satellite imagery to…
