AM Best Explores Pros and Cons of Data-Driven Risk Management in May Issue of Best’s Review

OLDWICK, N.J.–(BUSINESS WIRE)–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“Insurers have a clearer picture of risk than ever before as they shift from outdated, static data sources to real-time, dynamic information,” said Patricia Vowinkel, executive editor.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.

AM Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry. Best’s Credit Ratings are a recognized indicator of insurer financial strength and creditworthiness. Visit http://www.ambest.com for more information.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review^®
+1 908 439 2200, ext. 5540
[email protected]

This article published with permission from Business Wire