Lambros Lambrou

The global risk management and insurance landscape has changed forever as the implications of big data continue to impact broking, underwriting and reinsurance markets and disrupt accepted business models.

This is the new reality driven home by global and local risk specialists at the Aon Advanced Risk Finance Conference held in Melbourne earlier this month. The Conference was attended by over 300 representatives of industry giants from all sectors of risk management.

Speaking about the lessons to be learned from specialists in the field, Lambros Lambrou, CEO of Aon Risk Solutions Australia, challenged conference attendees and the broader business community as to whether they possess the skills needed to compete and succeed in an environment undergoing fundamental change.

“There is no doubt that big data has changed our industry forever, and industry participants must take the necessary steps to understand its implications if they wish to remain competitive,” he said.

“For example, data scientists and actuaries, often from non-insurance backgrounds, are now at the very centre of insurance markets, and the risk community needs to accept the change and leverage their skills in big data and analytics,” he added.

And it’s not just big data driving change. The annual conference also tapped into Aon’s global expertise in research and analytics to highlight some of the other pressing issues facing businesses today. Sessions chaired by global specialists offered a glimpse into the future and revealed insights into how businesses can and should respond to a variety of risks in order to achieve the results they are aiming for.

These areas included:

Returning to the theme of big data, Mr. Lambrou stressed that companies have nothing to fear from it. In fact, those willing to get on board have a great deal to gain.

“Harnessing big data and interpreting it to develop fact-based insights does require specialist skills, but those insights can be used to improve every aspect of the industry, from pricing efficiency to policy construction and risk financing strategies,” he said.

“Brokers and other insurance industry players have much to gain, among many others. And, far from minimising relationships with clients as some may fear, relationships based on science and robust data and insight, as well as trust, are likely to be deeper and longer lasting,” Mr. Lambrou said.

He concluded by saying that the Aon conference brought home the revelation that the power of big data lies in its ability to drive smarter business decisions.

“Which brings me to Aon’s ultimate aim – to use our unique global strengths and expertise to raise the industry benchmark and empower results, helping our clients understand the dynamics of the risk management industry they are in today, and ultimately to partner with them to fuel superior outcomes tomorrow,” he said.

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