“I can see both sides. Sometimes risks collide. It gets complicated but insurance can and must do better.
“The insurance world is still caught up in the “paper based” concept of a policy, which makes adapting products and services hard. What is needed is a transformation to a customer centric model where shaping these products and services to create fairer more inclusion offerings is now very possible and vital.
“Assessing risk is hard. It requires lots of analysis. It’s then super hard to frame all of this in a financial or capital model pooled over a “book of risk” and then get that into a product, experience and consumable price. The mind boggles even from the vantage point of being in the industry. And to make this all work it has to be financially viable. We need solvent and capable insurers to go about most of the things we do in life, including travel.
“When something like cancer hits it’s devastating, and even in recovery scenarios there are new risks in your life. Even thinking about this and my heart feels compounded with fear and emotion, so I can only imagine what that feels like for those that are living with it.
“The answer from an insurance PoV is to create ever more flexible and adaptive insurance offerings allowing for a trade off of unviable risks with price. Now this can be extremely hard for insurers today, but insurance of tomorrow will fuse AI & Data and operationalise themselves incredibly differently.
“Deterministic in their nature meeting regulations and consumer duty means actually being more data fluid and able to do these things.”
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