Why insurance is the “backbone” of innovation | Insurance business America
Progress often requires failure
technology
By Nicole Panteloucos
To keep pace with new risks, developing innovative insurance solutions is crucial.
Rose Hall (pictured), Senior Vice President and Head of Innovation, Americas at AXA XL, spoke to Insurance Business at the recent RISKWORLD conference in San Diego to explain how her company operates.
Hall was dedicated to researching the next generation of technologies that could help insurance companies and insureds reduce risk. He provided insights into emerging risk trends and emphasized the importance of the insurance industry in advancing innovation.
Innovative ecosystems
As co-founder of the AXA XL Ecosystem, a list of preferred partners in the corporate network that leverage technology to help customers reduce risk and grow their business, Hall is committed to discovering innovative approaches to integrating technology into insurance solutions.
Commenting on the initiative, Hall said: “We have a preferred partnership, we call it our ecosystem, where we look at hundreds of different technologies and work with 35 at any given time that we believe can best help customers manage their risks. “
Hall emphasized that the most popular categories of risk prevention technologies include water conservation, portable work equipment, computerized hazard detection and telematics.
As an example, Hall said insurtech could include wearable devices worn by factory workers to educate them on proper lifting techniques to help them avoid injuries.
New risk factors
AXA XL’s head of innovation also noted that predicting risk factors for the next decade will be a major challenge.
Hall cautioned against using the past as a reliable indicator of the future.
“If anyone thinks that the last 10 years are any indication of what the next 10 years will look like, we are in for something different,” she said. “The climate will no longer look the same as it did in the last decade. Everything we thought was predictable now becomes more unpredictable.”
Hall noted that in addition to changing weather conditions, per- and polyfluorinated substances (PFAS) also pose a threat.
The synthetic chemicals are commonly used in consumer products such as nonstick cookware, water-resistant clothing and stain-resistant fabrics.
Although Hall acknowledged that these chemicals have been ubiquitous for years, they are harmful not only to humans but also to the environment.
When addressing emerging risk factors like PFAS, Hall emphasized the need for insurers to have multiple methods of risk management in place.
“How do we figure out how to mitigate the risk?” she asked. “You need more than just an insurance solution. You have to have multiple ways to manage risk and that’s what our work in the innovation group is all about.”
Combination of technology and insurance
Hall emphasized the need for companies to incorporate technology into their risk mitigation strategies, noting that the combination of technology and insurance coverage often streamlines the insurance process and can provide business incentives such as preferential rates and discounts.
“Risk engineering used to be about what processes, procedures and operations you use to manage your risk,” Hall said.
“That’s it, and what technologies are you using to manage that risk?”
Reflecting on the most rewarding aspect of her role, Hall expressed her passion for driving innovation and noted that many of AXA XL’s preferred partnerships may not have occurred without insurance support.
“Insurance is a financial safety net that I believe enables innovation. “All of these companies that are doing fantastic new things wouldn’t be doing it if their balance sheets weren’t productive,” Hall shared.
“I think the insurance industry promotes social innovation by providing that backbone. You have to fail before you can make progress.”
similar posts
Stay up to date with the latest news and events
Join our mailing list, it’s free!
Source link
2024-05-14 16:14:00
www.insurancebusinessmag.com
