“You can only be at the top of your game when it comes to creating accurate prediction models with a large amount of up-to-date data. And that's what we do, because the risk industry is all about predicting the future.”
In this episode we are joined by Dr. Christoph Nabholz, Chief Research Officer and Head of the Research, Engagement & Sustainability Team at the Swiss Re Institute (Swiss Re).
Get ready for an insightful conversation as we delve into how Swiss Re is leveraging its technology and data expertise to tackle emerging risks. We kick things off by taking a snapshot of the biggest hurdles facing innovation in the insurance industry, giving you an inside look at how Swiss Re is driving its own transformative change.
Things get even more exciting when we dive into the role of Artificial Intelligence (AI) in risk modeling. We'll explore the immense potential of AI to revolutionize the way insurers approach risk, and how a robust, high-quality, and up-to-date database is the key to unlocking this potential. Curious to learn more? Then tune in!
The episode at a glance:
Getting to know Christoph
- Who is Christoph? (00:01:09)
- Christoph, please complete the 3 sentence starters… (00:03:07)
The Swiss Re & Swiss Re Institute
- What exactly is reinsurance? And what is it good for? (00:04:37)
- What are the biggest challenges facing the reinsurance industry in terms of innovation, and how are companies working to overcome them? (00:07:03)
- What exactly is Swiss Re Institute (SRI) and how does it contribute to Swiss Re's business? (00:10:24)
- What does a typical day of a Chief Research Officer look like? (00:12:43)
The “Either-Or” game (00:14:00)
Digitalization and Innovation within the New Risk Landscape
- What does "today's risk landscape" in the context of reinsurance actually look like? (00:16:57)
- What is needed to mitigate these new risks successfully - i.e. move from protection to prevention? (00:22:35)
- What models and data are behind risk prevention and mitigation? (00:25:18)
- Identifying and assessing trends and trends: Where do you collect what kind of data, and how do you get from trend to impact? (00:28:17)
- What role does artificial intelligence play in the reinsurance industry for the early detection of emerging risks? (00:32:33)
- How does Swiss Re manage to balance the need for innovation with the need for stability, operational efficiency and risk management? (00:34:10)
- Christoph’s 3 actionable key recommendations from this episode (00:39:23)
- Looking back: Christoph’s Innovation Rockstar moment (00:43:01)