Insurers must build new, data-led markets

The lessons of Ukraine and COVID-19 have taught us that the (re)insurance industry must think outside of traditional industry siloes, collaborate better, and use its imagination to create solutions which protect corporate balance sheets from the threat of connected risk. 

Those were the conclusions of an event involving some of the leading lights in the world of (re)insurance and risk management at an event entitled How can the insurance industry assist corporate connected risk needs? 

Among those attending were James Straker-Nesbit, insurance manager, Virgin Atlantic, Lisa Coomber, senior group, insurance manager, Vodafone, and David Broughton, head of Insurance Risk, Centrica.

The panelists agreed that there is opportunity to synthesise (re)insurers’ and corporates’ needs, through the use of timely and granular exposure information. We need to combine all these needs into a whole, coherent market-wide approach.

Time for data-led solutions

Russell Group Managing Director Suki Basi said: “There is an opportunity to build a new market whose individual participants, combined reputation and capital strength can start to achieve tangible transformation.

“The old ways of doing business are transforming – now is the time for imaginative solutions. To ensure future corporate viability, we need collaborative solutions that are outcome-based and fuelled by holistic data analytics.

”There is a requirement for a practical action plan whose purpose is to achieve tangible transformation that the market can sign up to. This event will be the first of many meetings designed to foster connected risk market collaboration.”