Data seemingly drives everything these days. So there’s little wonder it lies at the heart of the insurance industry’s emerging risks.
Executive SummaryAs companies introduce Big Data into their supply chain management, the magnitude and reach of accumulation risk is likely to increase, Swiss Re's Nancy Bewlay writes, as she describes how reinsurers are trying to keep pace with emerging risks on the high-speed data highway.
Big Data no longer intersects our daily lives; it is prevalent in our lives. Leveraging data and embedding intelligence into machines, the Internet of Everything is already improving our world. It is:Boosting transportation efficiency by equipping trucks with sensors that anticipate breakdowns and interruptions. Improving mining safety and lowering costs by using self-driving vehicles. Reducing airline delays by programming jet engines to give early warning of maintenance needs.
While this hyperconnectivity of people, devices and systems brings tremendous advantages, it also increases the potential for risk accumulation. Data is our friend and a potential foe. It delivers efficiencies yet it can be maliciously leveraged or an unintentional glitch can trigger a ripple effect of chaos.