BIBA 2024: Data can drive better outcomes – Harvey

A leading lawyer has said this week’s BIBA conference will enable brokers and underwriters to look at how they can get ahead of risks.

James Harvey partner at Clyde & Co and head of the firm’s corporate and brokers sectors for casualty told Emerging Risks that while the risk market has not improved, technology has enables brokers, underwriters and their legal partners to better identify their risks early and in dioing so look to ways in which they can be mitigated and managed.

He said the likelihood was that brokers and their clients will be discussing the rising cyber risks in Manchester at the conference which is set to deliver record numbers over the next two days.

“There is little doubt that cyber risks and access to insurance is a big issued for those who are attending this week,” he continued. “From our point of view we are seeing the need for  depth of experience across a range of risks which allow us to support brokers and underwriters.

“There is a greater degree of collaboration among underwriters, brokers, and the clients which are businesses of all sizes.  It is about how we can deliver solutions support the process.”

Harvey added:  “I do not think the risks have increased in severity. However I think what we are now able to do to identify the risks  and get greater visibility in those risks has improved.

“There is more that we can o to get a better understanding of what your exposure is. People are using data better to identify  risks and do something about them.  Technology allows you to access data from multiple sources to create a better picture.”

He added: “The landscape may change  as businesses develop. The greater use of technology may create people risks as the company grows but staff numbers reduce. It also comes with technology risks.”

Technology has created increased cyber risks and it is area where Harvey believes broker and underwriter will be keen to find solutions.

“Biba is a great opportunity for us to discuss with brokers and underwriters to talk about how we can help them,” he explained. “We adopt a sector approach, so we will address risks sector by sector.

“The legal knowledge enables us to identify upcoming legislation and the risks that may come with it and our experience  allows us to use past claims to deliver further insight.

“It remains about delivering a service to our customers.”