By rethinking predictive analytic models now, insurers can become more resilient to not just the immediate challenge of COVID-19, but also to the much longer-tail impact of climate change and other unforeseen risk-driving events.
(Credit: Rymden/Shutterstock.com)
No big data sets, predictive analytics or machine learning could have predicted the current state of affairs. COVID-19, of course, captures the imagination. This makes it easy to forget the enormous insured losses from natural disasters this year, as well. So with the world in such a state of flux, what does this mean for predictive analytics used by insurers?
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