QBE report on 'Turning data into information' in managing risk and insurance
Assessing the current and future role of data analytics in managing risk and insurance
The risk and insurance industry is embracing new data and analytical tools, but the approach is largely sporadic, rarely joined-up and few standards are being developed. Transforming data into information that informs good risk management and interacts with innovative and more accurate insurance products is the challenge. Risk managers are doing more than ever before to collect and analyse data, but there is a clear skills gap that must be addressed.
QBE partnered with Airmic for their 2019 member research to determine understanding, capabilities and use of data and advanced analytics by the risk profession. The corresponding report Turning data into information highlights that in order to extract maximum information from data, it is essential that senior figures facilitate new analytical skillsets and leverage third-party partnerships.
Cécile Fresneau, UK Executive Director at QBE, comments in the report: “We are on the cusp of real change; data will be key to this transformation but so too will the experts with the skills to harness it. This report makes clear that collaborative relationships and gaining the rights skills will be key.”
To download the 'Turning data into information' report from QBE CLICK HERE
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2018 was US$13.7 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.
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