Risk doesn’t just change on an annual basis at insurance renewal. It ebbs and flows depending on the ongoing operations of an asset and the interaction with its ever-evolving environment. Risk is a continuous spectrum and it can be managed in a number of ways.

Risk transfer has been the bread and butter of the insurance world and Lloyd’s for over 300 years. But modern technology enables other, perhaps more effective forms of risk management, driven by the capture and analysis of unimaginably large amounts of data.

The team from Flock will use examples from their experiences in insuring commerical drones to discuss how real-time data can be captured, quantified and used to drive and reward safer user behaviour. They will also touch upon how such data can be used to predict behaviours and mitigate risk from turning into loss.

The visualisation, quantification and prediction of risk allows for better understanding and mitigation, which can be a more effective risk management tool than risk transfer.

Speakers
John Rowlands – Insurance Lead, Flock

Courtenay Mansel – Data Scientist, Flock