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AM Best Explores Pros and Cons of Data-Driven Risk Management in May Issue of Best’s Review

May 2, 2019

OLDWICK, N.J.--(BUSINESS WIRE)--May 2, 2019--AM Best reports on developing trends and issues surrounding the relationship between data and risk management strategies in the May issue of Best’s Review magazine. A key finding that emerged from the reporting is that every solution presents a new set of challenges that must be addressed in order for companies to leverage data profitably and ethically.

“Insurers have a clearer picture of risk than ever before as they shift from outdated, static data sources to real-time, dynamic information,” said Patricia Vowinkel, executive editor. “However, this new wealth of nontraditional data brings its own set of concerns.”

Topics addressed include:

  • Privacy and regulatory issues arising from collecting data through sources like black boxes in cars and smartphones (usually without the policyholder’s knowledge);
  • The pros and cons of information collected from consumer and medical wearable devices; and
  • The potential of programmatic underwriting practices to shift underwriting from an art to a science and the dangers of overreliance on these tools.

Full access to the complete content of the May issue of Best’s Review is available at www.bestreview.com.

AM Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry. Best’s Credit Ratings are a recognized indicator of insurer financial strength and creditworthiness. Visit http://www.ambest.com for more information.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190502005613/en/

CONTACT: Patricia Vowinkel

Executive Editor, Best’s Review®

+1 908 439 2200, ext. 5540

patricia.vowinkel@ambest.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT PROFESSIONAL SERVICES BANKING FINANCE INSURANCE

SOURCE: AM Best

Copyright Business Wire 2019.

PUB: 05/02/2019 11:38 AM/DISC: 05/02/2019 11:38 AM

http://www.businesswire.com/news/home/20190502005613/en