The insurance industry could have too much data, according to a panel at the Risk Minds conference in Amsterdam.
Panellists Fabrice Brossart, chief risk officer for AIG EMEA, Jason Brown, group chief risk office for QBE Insurance Group and Andrew Pryde, chief risk officer at Beazley, discussed whether too much data could be affecting the idea of risk pooling.
One panellist said the industry needs to consolidate and bring data together for the industry to be able to gain a better understanding.
The panellists suggested that a company should know its terrain, look at its risks and analyse its data.
When asked about the most dangerous risk to a business, the panellists agreed that business disruption was top. One panellist suggested that the industry needs to be more innovative and interact with its customers more.
The panel participants explained that disruptors can be the thing that changes risk and the nature of the risk, using the example of Google driverless cars.
Companies look externally for the disruptors, according to the speakers, however they noted that disruptors could come from within the business. Internal disruptors could include a change in the organisation.
Technology and cyber, current hot topics in the industry, were also mentioned during the session. Panellists suggested that a cyber breach will disrupt every company at some point; it is just a case of when.
