From the SFI work group’s creation of the 2015 Hard Trends Report and the resulting ‘Must Do’ actions, one primary work group recommendation is to create a new ACT Work Group focusing on the changing nature of (insurance) risk.
This work group reviews the individual topics that will impact risk – Machine Learning, Voice Computing, 3D Printing, the Sharing Economy, IoT, Drones, Telematics, Machine Learning, and others – and determining for responses needed by ACT and the industry.
The CNoR work creates ‘Risk Advisories’; short, focused advisories on each topic, defining the trend, importance, implications, economic impacts, recommended actions, and resources for more information. These 'Risk Advisories' are intended to drive strategic discussions among all industry leaders, resulting in accelerated distribution channel movement forward.
The 'Risk Advisories' are located on the 'Changing Nature of Risk' web page, and the group will continue to populate the web page with new Advisories as they are finalized.
In 2018, this group focused on updating key previously-issued Advisories that have seen the greatest continued evolution. In addition, volunteers from the group completed an Internet of Things 'Deep Dive', being published in January 2019.
2019 Strategy Update: After publishing the IoT Deep Dive, the group will utilize the same format to generate 'Deep Dives' for Smart Homes/Businesses, and the Sharing Economy.
Co-Chairs: Steve Anderson (Anderson Consulting), Rick Morgan (WAHVE), and Jerry Fox (Systems by Fox)
Click here to watch a Changing Nature of Risk breakout session from one of our ACT Meetings.