A predict and forestall method to danger administration is turning into extra important as technological developments create added worth for each brokers and their policyholders.
“With new applied sciences and capabilities, we are able to predict when dangerous issues are going to occur and cease them, slightly than ready for an incident to happen and ensuring the individual is financially entire, which is a superb factor and can at all times be,” stated Pete Miller (pictured), CEO of The Institutes.
Miller spoke with Insurance coverage Enterprise about how insurance coverage corporations can pinpoint avoidable losses and decrease claims by embracing modern instruments, together with AI.
Switching to a extra holistic danger administration method
Miller has been the CEO of The Institutes for 17 years, a corporation that gives skilled schooling for the danger administration and property-casualty insurance coverage business.
All through a multi-decade profession, Miller has been capable of witness firsthand how danger administration’s extra precautionary mindset is a useful development.