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2023 Outlook:
Ride the Data Tidal Wave to Success
Historically, the insurance industry
has been behind when it comes to
collection, distribution, analysis, and
reporting of data, and hampered by
manual methods, poor communication,
and legacy technology. Today,
organizations have access to more data
than ever before and are leveraging it
to better manage risk.
Siloed data such as supply chain, business
operations, and other vital information all
have typically not been readily accessible and
risk management had little visibility. Yet all
that data can help an organization manage
their risk more effectively. To thrive in 2023,
organizations must improve their handling
and use of data.
The following are five key trends to look out
for in the next year.
1. Risk-tech landscape continues to
evolve rapidly.
Industry investment in innovation continues to
grow rapidly, specifically in niche areas such
as RiskTech. A large number of solutions are
available today to address broad areas of the
risk and mitigation process. Cloud computing
has spurred faster build, distribution, and
implementation of these solutions. Earlier
solutions were exclusively for large-scale risk
management programs focused narrowly
on insurable risks. However, RiskTech now
offer much broader solutions to manage the
complexity of risk that organizations face.
Nevertheless, many of these solutions can be
integrated into a RMIS if they aren't already
built into it.
These software trends are reshaping the way
organizations are managing risk. Demand
for some of these solutions may grow large
enough to be absorbed into broader RMIS
solutions, but there will always be bespoke
solutions to address specific needs.
The data tsunami is here, and organizations can no longer
tread water to stay afloat.
NOT
FOR
DISTRIBUTION
