Environmental incidents: hope is placed in digital innovation

big data

With Big Data, AI and Space Innovation, insurtech becomes increasingly predictive and supports the sector in preventing environmental accidents.

Environmental disasters are among the biggest challenges for the insurance industry. It is estimated that global environmental accidents resulted in losses of $ 343 billion in 2021 , of which only 38% was covered by insurance. Digital innovation can help the industry to develop solutions capable of carrying out predictive analyzes to support the supply chain against the effects of climate change. In the next few years the big players in the insurance world will have to invest at least 400 million euros to develop new technologies in the field of Space Innovation, Artificial Intelligence and Big Data that will help to map risks related to environmental disasters and stipulate adequate services and policies.

Several strategic sectors in our country need partners able to offer prevention services, no longer simple reimbursements for the damage suffered by these environmental disasters. The role of insurance must therefore adapt to these needs, passing from a passive actor mainly oriented towards compensation to an active player in guiding the customer from estimating to managing environmental accidents, providing compensation for any business interruption. Business compensation can give a chance to stand again. Your business will run again and give you norms to play best au online casino.

Digital innovation in insurance accelerates this transition by leveraging a combination of satellite technologies, AI and Big Data analytics. But according to IIA it is necessary to increase investments in technology, to stimulate market development. Digital innovation has changed the online gaming www.cancasinos.ca as well

The association’s experts explain how thanks to satellite images that is analyzed by AI-based software; it is possible to create predictive models for the analysis of the data collected and to provide a forecast of any natural damage. The data is then used to provide comprehensive risk coverage and support adaptation and mitigation strategies for environmental incidents in urban and rural areas. Cat bond digital management platforms can automate and speed up processes by providing smart contracts for instant settlement.

Investing in companies working on innovative solutions in the field of environmental accidents becomes a priority; in Italy investments in startups are around 10 million euros according to data from the Insurtech Investment Index 2021, an insufficient figure, especially when compared to investments in other European countries. The need to increase them is also highlighted by a recent EIOPA report (European Insurance and Occupational Pensions Authority) which classified these risks as potentially destructive for the European insurance sector .

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