Back

Blue Ocean Opportunities

Blue Ocean Opportunities

Sean Ringsted

Executive Vice President, Chubb Group

Sean Ringsted

Executive Vice President, Chubb Group Chief Digital and Risk Officer

Data-driven analytics are transforming industry after industry, and insurance is no exception. Across the value chain, industry leaders are investing to infuse data science and analytics into every facet of their business. Often, digital innovations are framed by incremental and internal priorities, such as “how do I increase efficiency and reduce costs?” However, there are much greater opportunities to unlock value through new products and services by looking more holistically at the underlying digital ecosystem of any given industry.

For instance, take our major accounts customers and the information we receive about commercial property risks. We constantly strive to improve the quality of the data we receive, and the efficiencies to which we put this data to work in our underwriting and risk management practices. However, the availability of digital twins for properties, and their risk characteristics, opens up new possibilities for insurance to help with the risk management of properties. Connected data and real-time analytics can improve how we think about changes in exposure and loss notification. Now also imagine the opportunities to address resiliency to climate change, or to predict and prevent incidents from happening in the first place?

Blue Ocean Opportunities

About the author

Sean is the Executive Vice President at Chubb Group. He has been with the company for over sixteen years, having also served as the Chief Digital Officer and Chief Risk Officer.

See how leaders like you are using the Archipelago Risk Data Platform to drive better outcomes:
Get Diagnostic Assessment or Request Software Demo

Data-driven analytics are transforming industry after industry, and insurance is no exception. Across the value chain, industry leaders are investing to infuse data science and analytics into every facet of their business. Often, digital innovations are framed by incremental and internal priorities, such as “how do I increase efficiency and reduce costs?” However, there are much greater opportunities to unlock value through new products and services by looking more holistically at the underlying digital ecosystem of any given industry.

For instance, take our major accounts customers and the information we receive about commercial property risks. We constantly strive to improve the quality of the data we receive, and the efficiencies to which we put this data to work in our underwriting and risk management practices. However, the availability of digital twins for properties, and their risk characteristics, opens up new possibilities for insurance to help with the risk management of properties. Connected data and real-time analytics can improve how we think about changes in exposure and loss notification. Now also imagine the opportunities to address resiliency to climate change, or to predict and prevent incidents from happening in the first place?

Blue Ocean Opportunities

About the author

Sean is the Executive Vice President at Chubb Group. He has been with the company for over sixteen years, having also served as the Chief Digital Officer and Chief Risk Officer.

See how leaders like you are using the Archipelago Risk Data Platform to drive better outcomes:
Get Diagnostic Assessment or Request Software Demo

"...the availability of digital twins for properties, and their risk characteristics, opens up new possibilities for insurance to help with the risk management of properties. Connected data and real-time analytics can improve..."

Data-driven analytics are transforming industry after industry, and insurance is no exception. Across the value chain, industry leaders are investing to infuse data science and analytics into every facet of their business. Often, digital innovations are framed by incremental and internal priorities, such as “how do I increase efficiency and reduce costs?” However, there are much greater opportunities...

More from Thought Leaders

"This requires an appreciation for the entire value-chain, with a healthy respect for why and how work currently gets done; not naively, as in 'I have an algorithm...' but how technology and data can slip comfortably into how the market currently works, and then drive change from the inside out."

Tom Hutton

Chairman, SoFi

Read more
This is some text inside of a div block.
"While [vulnerability curves] can work well in an aggregate analysis involving a diversity of property types and vulnerability classes, there are some cases where the default use of generalized vulnerability curves do not adequately address the performance of a particular construction style."

Scott Lawson

Chief Risk Engineer, Archipelago

Read more
This is some text inside of a div block.
"It’s understandable that many underwriters and their teams are skeptical of the information. It’s ironic: an industry built on trust lacks trust in the very data that defines what it does."

Hemant Shah

Co-Founder and CEO, Archipelago

Read more
This is some text inside of a div block.