Are we witnessing a digital shift?

Two announcements this week really caught my eye because I believe they point to a fundamental transformation in the way the market operates, and one which could have profound implications for the ability to select and underwrite key emerging risks.

AXA launched a strategic program to build a digital commercial platform, which will aggregate different services to transform the company’s value proposition for its commercial customers, in line with AXA’s Driving Progress 2023 strategic plan.

The ambition of the platform is to leverage the combination of real time data and analytics collected through satellites, drones, sensors, with AXA’s expertise in risk prevention services and the company’s underwriting and claims capabilities.

AXA has also stated that the platform will also features two initial programs. The first program is AXA Smart Services, a network that will provide risk insights, risk management capabilities and new services to support commercial clients.

This programme will be able to offer clients the opportunity to monitor, in real time, all their assets both fixed and in-transit, while also providing them access to tailored prevention and value-added services.

Meanwhile Zurich announced the digitalisation of its International Programmes business.

According to the group, the transformation to its programme workflow will significantly enhance customer and broker experience and allow for a more efficient, seamless and sustainable collaboration.

The digital exchange of data between Zurich, International Programmes customers and brokers will, Zurich claimed, make policy details and relevant risk insights available in a timely manner.

This includes structuring and managing insurance programmes, binding and renewing policies, managing claims and checking existing trade and economic sanctions as well as other legislative and regulatory data.

Isn’t this all a bit process-driven, I hear you ask? What has this to do with emerging risks? On the face of it, perhaps not much, as I’m sure that both these initiatives are catering for existing substantial books of commercial business.

But what’s really intriguing here is the possibilities of real-time data analytics which both initiatives posit. Access to better, more granular data in this fashion will enable a better understanding of not just present risks, but the wider emerging risk universe. Exciting!

Marcus Alcock

Editor, Emerging Risks

Follow us on twitter: @risksEmerging

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