Jannatul Yesmin ~ Guest Author
It is that time of the year again! Risk managers, insurers, brokers and insurance professionals from all places gather around to discover new ways to better protect, be prepared for crisis to ensure business continuity for their companies and discuss emerging risks that are coming to shake things down. We all live in an era in which technology has shaped the way we conduct our day to day activities, so why hasn’t it contributed more to the risk and insurance industry? There are many questions as to what RIMS has prepared for us to discuss at the Boston conference. Guest author Jannnatul Yesmin interviewed, CEO & Co-Founder Jacqueline Legrand for the inside scoop on the impact of technology in risk management.
Q: Insurtech and data analytics have caused a drift in the insurance industry, what is your definition of insurtech and how will it bring positive changes to the way businesses run?
A: Insurtech is about using new technologies such as big data, AI, ML, IoT, Blockchain or drones to improve the insurance industry operations in various ways:
- Improve customer experience with online buying options and access to policy information
- Streamline operations and improve productivity in policies management and claims administration, therefore reducing costs and fraud.
- Gaining actionable risk insights to improve underwriting and loss ratios
Data analytics is a hot topic in the insurance industry. Insurers have accumulated a large amount of data over the years and they hired data scientists to get valuable information out of this data. Although data analytics is a widely discussed topic, there aren’t many tools available to perform interactive and user-friendly risk analysis. It is the reason we developed Maptycs.
Q: As you prep for the annual RIMS conference, what are your expectations as a start-up company being showcased in the Start-Up stadium?
A: We want to provide risk managers and insurance professionals with a user friendly and powerful solution to assess risks, monitor exposures, perform “what if” scenarios, and track real time events. Maptycs stands for Mapping and Analytics and our platform combines our proprietary cloud geographic information system (GIS) with various layers of data to perform in depth analysis of properties portfolios risks via advanced visualization capabilities to assess accumulation of risks alongside selected CAT zones while tracking real time weather events.
We built a platform that risk managers can easily integrate into their workflow and gain actionable insights to optimize their insurance programs, develop gap analysis and ensure preparedness to large scale weather events.
Q: Within the risk management and insurance industry what are the most critical risks and how can Maptycs help?
A: Top of the list for businesses are cyber risks, CAT risks, political risks and supply chain rupture. CAT risks are increasing both in severity and frequency. The financial losses caused by weather events are significant and it is critical to have the capabilities to better assess risks and follow real time events. The system can easily integrate additional custom layers of data on specific risk zones, points of interest or suppliers. The visualization of accumulation and “what if” scenarios capabilities are versatile and can be useful to address a broader spectrum of risks, such as terrorism and political risks.
For more actionable insight come join us at the RIMS 2019 Annual Conference in Boston and meet us in-person!