Advancements in technology are changing the risk landscape irrevocably and driving potential big changes in liability, and other insurance, claims activity.
The opportunities for business from new technologies such as autonomous machines, artificial intelligenceI, smart factories and digitalized supply chains are immense and wide-ranging. Increasing interconnection of buildings, factories and devices and better utilization of data and analytics are predicted to enable greater productivity and more tailored customer offerings. It is anticipated that workplace safety will improve as human error – a leading cause of loss in many industries – is minimized due to automation of tasks. Meanwhile, ongoing condition monitoring and use of “big data” analytics could significantly improve risk management, enabling better risk mitigation and prevention, more robust pre-disaster planning and even the ability to learn from near-misses.
However, in today’s, and tomorrow’s, world of connected industries, where intangible assets such as data, networks, customer relationships and intellectual property can represent the major source of corporate value, more is also at stake if…
