The Predict & Prevent™ approach works when innovation, underwriting and risk management work together: risk and insurance

Peter L. Miller (CPCU, MSc, MBA) is the President and CEO of The Institutes Risk & Insurance Knowledge Group and a member of the senior management team.

Maximizing the potential of the Predict & Prevent™ strategy requires teamwork.

We need insurers, technology innovators, policy makers, customers and others to work together to create, test and deploy loss-stopping solutions. Great idea, but how do we make it happen?

Here are my thoughts.

First, the role of technology innovators is important. There is an abundance of insurance technology that can analyze, identify and quantify risk in real time. But so far, the main focus has been on using this data to improve underwriting and claims efficiency.

It is time to direct these efforts to include prediction and prevention strategies as well.

Insurers see the value of predictive and preventive action and have the power to drive change. They have the necessary resources and motivation to identify and invest in emerging technologies that can prevent large losses.

Importantly, insurers can link these solutions with risk managers responsible for managing these risks within their organizations.

Risk managers are integral to this effort. These companies are well positioned to integrate these technologies into their strategies and processes as they operate on the front lines and manage risks of increasing frequency and severity.

Digging deeper into prediction and prevention, we found it important to incorporate these strategies into our existing risk management processes.

I recently spoke with George Chedraoui, Senior Director of Enterprise Risk and Resilience at Highwoods Properties Inc., about using IoT technology to make his company more resilient.

Highwoods deploys smart water leak sensors through a pilot program with Chubb Group.

Chedrawi said the technology could address one of the most common risks for Highwoods, a potential source of disruption and dissatisfaction with customers and their operations. He gave me some insight into implementing new technology and working with insurance companies.

It is important to train and educate staff on how to use new tools and technologies. Deploying the leak sensor was easy, but it was important to make the various teams (administration, security, risk management, etc.) aware of the new tool.

Risk managers should not be afraid to invest in technology, Chedrawi said. Start small, evaluate the results, and decide your next steps accordingly.

Highwoods began by testing Chubbs leak sensors in five buildings, then increased testing to 55 buildings as benefits became apparent.

Chedrawi advised looking at all risks across the organization, not just high-profile risks like catastrophic risks, to identify preventable risks.

A leaking pipe may not make news, but it could cause significant disruption to our business, he said. Working with an insurance partner has advantages over going it alone, Chedrawi said.

Leveraging these resources from our insurance partners will give you the benefit of working with companies that are culturally compatible. Together, let’s make prediction and prevention the new normal in risk management.

To learn more about this predictive and preventive mindset, subscribe to The InstitutesPredict & Prevent™ podcast. We continue to explore this approach and the opportunities it creates for risk management and insurance. Be sure to check predictandprevent.org for the latest updates. &

Now in action: prediction and prevention

A new strategy that leverages technology and prioritizes resilience to combat the greatest risk challenges facing society. Host Peter Miller, President and Chief Executive Officer of The Institutes, and leading experts discuss how traditional risk management, which relies heavily on insurance and post-loss detection and remediation, is changing the risk landscape Examine how we are moving to predictive and preventive responses to An eight-episode season establishes what forecasting and prevention strategies mean, why they are urgently needed, and offers a perspective on the future of risk management.

Available on Spotify, Apple Podcasts and other listening platforms.

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