New data and technologies are tackling insurance’s emerging risk problem

Описание: One of the longest-standing problems of liability insurance for businesses has been “emerging risk,” and new data sources combined with new technologies for analysis are offering a solution. Praedicat, an insure-tech company based in Los Angeles, is leading the charge to address the emerging risk problem.

The traditional actuarial approach in liability insurance requires using data from historical claims to price and manage risks. Emerging risks cannot be addressed using the traditional approach, according to Robert Reville, chief executive officer of Praedicat. “Some risks – new products, new business activities, new technologies – have no history and have never had claims before, and that is a growing portion of the business insurers need to write.”

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