Insurance leaders say today’s risk environment is creating challenges that are more difficult to predict than ever before. This is leading insurers to rethink how they assess risk and make the right decisions without sacrificing speed and efficiency.

“Risk is risk, and insurers are very good at addressing risk, containing it, minimizing it, especially when they think that the risk is too complex or evolving,” said Scott Seaman, attorney at Hinshaw Law, during a panel discussion at Carrier Management’s annual InsurTech Summit. “But the fast pace in which the environment is moving can be a killer. It takes time to arbitrage and price policies correctly, particularly at an accelerated pace. It becomes easy to be late to the party.”