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Disrupted Times Are a Call to Digital Action

Gino DiSaverio

Director, Risk Management, Metlife Investment Management

With the rapid emergence of technology across markets, it's now imperative for risk managers and underwriters to accelerate adoption of the digital age, including for the insurance renewal process. Business interruptions like COVID-19 have further underscored the need for an efficient and comprehensive technology to support critical risk management functions.

Do we have the right systems to access and analyze property and risk data while working remotely and not able to readily visit our properties? Do we have a way of effectively sharing critical data and information with our insurers? When we can’t travel to market our renewals, what’s needed to launch an effective virtual roadshow?

New digital technologies can and should deliver a unique way to showcase robust building characteristics, accurate values, commitment to loss control, and other attributes that flat spreadsheets and quickly out-of-date presentations don’t illuminate. A comprehensive platform should provide property level details and an intuitive interface to more easily highlight risk quality to insurers with both clarity and confidence in accuracy. And importantly, new technology should take into account the multiple stakeholders involved, and how to make the process easier across the value chain. For example, enabling underwriters to easily pull model-ready files and answer various questions on platform (structural, roofing, sprinkler, tenant) can make processes for Risk Managers more efficient, while also giving insurers the necessary information to build confidence and trust with the risks they’re underwriting.

COVID-19 has certainly been a challenge. It’s also an opportunity to re-envision how we do business for the better. Now more than ever.

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"...it's now imperative for risk managers and underwriters to accelerate adoption of the digital age, including for the insurance renewal process. And, business interruptions like COVID-19 have further underscored the need for an efficient and comprehensive technology to support critical risk management functions."

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