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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 18, 2018 02:42 PM (EDT)
In this A.M.BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in San Antonio, TX, experts in risk-focused data and analytics said tools and availability are advancing rapidly, but their biggest hurdle remains converting data into useful, actionable information. Click on http://www.ambest.com/v.asp?v=rims3418 to view the entire program.
According to the panelists, many industries today have become more reliant, if not obsessed, with data and analytics.
“When it comes to data and analytics, there is definitely an arms race in the insurance industry,” said Brion Callori, senior vice president, engineering and research, FM Global. “And the winner will be those people that can answer at least one question risk managers ask the most: ‘I understand why risk has to be improved, but how do I make the case to my chief financial officer (CFO), who operates in a return on investment (ROI) world?’”
Maureen Toomey, global leader client data and analytics, Aon, said she believes that, “the most relevant data is the data that is actionable and accessible to clients and risk managers, as well as CFOs.”
Looking forward, Reid Sawyer, senior vice president, JLT, said he sees that, “businesses are going to have to start thinking about these risks as business decisions and making those long-term strategic investments. It is about empowering decisions at the CFO and board levels.”
For full video coverage of RIMS, including exclusive executive interviews, visit http://www.ambest.tv/rims18 .
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