User Manual Q&AAnswer
Feb 07, 2025 - 05:57 AM
Combining people, data, and technology is seen as the key to closing the insurance gap related to climate change driven risks. By leveraging these three elements, the insurance industry can shift from risk allocation to risk mitigation. This means moving from simply allocating risks to finding ways to reduce or avoid them altogether.
The seamless interaction of people, technology, and data is crucial in achieving this goal. By transferring and sharing information, the insurance industry can make better decisions and support insured individuals and businesses in mitigating their risks. This can be facilitated through the use of technology platforms and the broader insurance ecosystem.
For example, cloud technology can enable easier data movement and sharing, allowing insurers to access and analyze relevant data more efficiently. By leveraging people's expertise, data insights, and technological advancements, the industry can develop innovative solutions to address climate change-related risks.
Guidewire, an insurance software firm, recognizes the importance of this approach and aims to support and enable the evolution from risk allocation to risk mitigation. They see the combination of people, data, and technology as a roadmap for the next three to five years, with the ultimate goal of closing the insurance gap and protecting against climate change-driven risks.
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