Copyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorPamela MorganSalesAlena D'souzaalena@insuranceciooutlook.comContact Us:Phone:510-683-5022Fax:510-894-8405*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditorial StaffAaron Pierce Ava GarciaAlex D'Souza Dan StanleyJoshua ParkerCalvin JamesEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comEmerging technologies like big data, artificial intelligence (AI), and machine learning are driving a paradigm shift in the way the global insurance sector approaches risk. With an enormous amount of information being collected every single moment by the insurers, big data comes into a significant play in risk management. As most insurance-related works like premiums and claims are determined based on historical data, underwriters and actuaries compile and use these data sets to look for loss patterns, and make projections about future outcomes. Big data can be leveraged for a continuously updated view of the underlying risk that aids insurance providers in better decision-making. With the ever-growing amount of data, AI learns more about every aspect of the insurance sector, from claims processing to threat detection, and it automatically handles them. More advanced machine learning algorithms can transform these data into relevant risk information to aid the insurers in mitigating any threat, and save the business from loss. Predictive analytics is enhancing the detection of fraud and money laundering. In addition, IoT devices, telematics, and several data streams as well as sources like wearables, location-based sensors, and group insurance scheme (GIS), coupled with advanced analytics can help insurers improve risk assessment and price policies based on real-time data. Another promising technology trend, blockchain reduces the chances of identity theft, enabling insurers to authenticate transactions and policies efficiently. In this edition of Insurance CIO Outlook, we shed light on the most prominent vendors who offer innovative risk management solutions. We have focused on technology companies that exhibit prudence and expertise in risk management, aiding clients to enhance their profitability and to deliver better services. Let us know your thoughts.Data-Driven Approach to Risk ManagementPamela MorganVisualizerChristina ThomasJaxon JaseSeptember - 03 - 2019, Vol 05 Issue 10 (ISSN 2644-2795) Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Email:sales@insuranceciooutlook.comeditor@insuranceciooutlook.commarketing@insuranceciooutlook.com
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