Insurers should continue to embrace technological change, writes Laurent Rousseau, CEO of SCOR in French newspaper Les Echos.
Rousseau writes that technological innovation is the best way for reinsurers to best anticipate risks and incoming trends.
He wrote: “This is what we are doing, making the best possible use of the data available to us – all that information serving as faint signals that enable us to anticipate and prevent, while promoting risk culture to as wide an audience as possible.”
He added: “With the development of behavioural science, in the future we will be able to measure the risk of malicious acts by making data speak beyond insurance. Thanks to technology, (re)insurance also makes it possible to manage claims as quickly as possible, to the benefit of insureds.”
More so than at any previous point, Rousseau says that reinsurers are expert risk practitioners who can identify emerging risks and make insurance-based allowances for them.
He added: “Now more than ever, reinsurers are expert risk practitioners, capable of identifying emerging risks in order to deal with them as effectively as possible and push back the frontiers of insurability, which benefits everyone. And to be efficient downstream, we have to spread risks as precisely as possible in our interconnected world: the price of an insurance policy in California, for example, can decrease if the penetration rate of insurers in the Asian markets increases.”
