By Max Dorfman, Investigative Writer, Triple-I
Economic turmoil, political unrest, climate catastrophes, and the aftermath of a global pandemic are just a few of the forces that require everyone—homeowners, consumers, businesses, and policy makers, as well as risk management professionals—to take responsibility for responsibility to understand and reduce the dangers facing all of us, CEO of Triple-I Sean Kevelighan said in a recent episode of Predict and Prevent Podcast.
“We just live in more and more danger,” Kevelighan said. pedro millerpresident and CEO of The Institutes and host of the podcast, which explores how innovators are combating some of the biggest risk challenges facing society by working to eliminate losses before they occur. “We are a riskier society in terms of our behaviour, and this is putting pressure on the traditional risk transfer tool that is insurance.”
“Even before we got into COVID, the severity of catastrophes, both natural and man-made, had been increasing,” Kevelighan said. The two CEOs discussed the severity of this growth and what it means for insurers and the policyholders they protect.
“There is no question that predicting and preventing is urgently needed,” Miller said. “But the big question remains how? How can we put these principles and practices into practice?”
Among other things, Kevelighan spoke about the role of telematics and the Internet of Things in helping policyholders anticipate losses and mitigate them in advance by making investments or changing their behaviors. Automotive telematics, for example, shouldn’t just be about getting discounted insurance premiums.
“It should be about helping people become safer drivers,” Kevelighan said.
Predicting and preventing costly losses has to involve the collective responsibility of all parties. It’s no longer enough to simply buy an insurance policy and rest easy knowing that if something bad happens, you’ll get a payout. A change of mindset is required.
As Kevelighan said, “Nobody wins with a loss.”
The Predict & Prevent podcast can be found on Apple Podcasts, Spotify, Google Podcasts, and Stitcher. Other recent episodes include:
How FEMA achieves resilience; Machine vision improves safety
Predicting wildfires and work injuries with better risk data