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Insurance shifts focus toward preventing losses, not just covering them
A new episode of The Institutes' Predict & Prevent podcast argues that reducing losses requires changes across corporations, insurers, and brokers, not just underwriting at renewal.
A new episode of The Institutes' Predict & Prevent podcast explores whether the insurance industry can do more to prevent losses rather than primarily responding to them after they occur, and what that shift would require across the risk management chain, according to Risk & Insurance.
The discussion, featuring guest Rose Hall, founder and CEO of RH Business Ventures LLC, and host Pete Miller, CPCU, CEO of The Institutes, centers on the idea that traditional risk transfer at annual renewal may need to evolve into a prevention-focused approach.
Hall, who previously worked as a risk engineer and innovation leader at AXA XL before founding her firm, argues that making loss prevention the priority would demand changes from corporations, insurers, and brokers involved in how risk is managed.
Risk & Insurance reports that the episode frames the move toward prevention as especially relevant given newer and more pressing emerging risks facing the industry.