AM Best reports on developing trends and issues surrounding the relationship between data and risk management strategies in the May issue of Best's Review magazine. A key finding that emerged from the reporting is that every solution presents a new set of challenges that must be addressed in order for companies to leverage data profitably and ethically.
"Insurers have a clearer picture of risk than ever before as they shift from outdated, static data sources to real-time, dynamic information," said Patricia Vowinkel, executive editor. "However, this new wealth of nontraditional data brings its own set of concerns."
Topics addressed include:
- Privacy and regulatory issues arising from collecting data through sources like black boxes in cars and smartphones (usually without the policyholder's knowledge);
- The pros and cons of information collected from consumer and medical wearable devices; and
- The potential of programmatic underwriting practices to shift underwriting from an art to a science and the dangers of overreliance on these tools.
Full access to the complete content of the May issue of Best's Review is available at www.bestreview.com.
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Contacts:
Patricia Vowinkel
Executive Editor, Best's Review
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com
