Insurance Industry: technology helping to mitigate risks in real time

André Rosa, responsible for Claims at Horiens Risk Advisors

This is the information age and we can say with confidence that bringing data intelligence to the day-to-day of companies is fundamental to continuously manage the risks of a business or project, isn’t it?

In the insurance industry, this is a no-return path, as it is increasingly clear that it is important for the industry to take a proactive stance with policyholders, supporting the mitigation of their exposures. Identifying risks and protecting businesses through insurance products is a must, but that alone is not enough, being proactive involves anticipating and preventing.

The ‘new’ Bidding Law No. 14.133/2021, which has just had its start postponed to March 2024 by an MP issued by the President of the Republic, brings to light the need for the sector to be better organized in this regard, as it requires adaptation to new criteria and requirements.

This law is an essential instrument for improving the quality, transparency and guarantee of execution of construction projects of all kinds.

Among the changes defined are the expansion of the insurable limits in guarantee insurance contracts for public works and the possibility that insurers will have to exercise the so-called step-in, that is, take responsibility for the resumption of a work in the event of default by the party responsible for the project.

This demonstrates how important it is to have tools at hand that contribute to a more active risk management, anticipating situations that can have major impacts.

At Horiens, we work very closely with the insurance market and our clients, large companies from the most varied sectors, always seeking a personalized view, either by providing tailor-made insurance solutions or by monitoring the risks from the beginning to the end of a project.

With this in mind, with the support of our data laboratory, Horiens Risk Labs, we have developed the Risk Monitoring Dashboard, an online tool that relies on probabilistic precision models created from data science, so that companies can monitor their risks with greater predictability and security, adjusting the decision-making based on the evolution of the contexts in which they operate.

As far as insurers are concerned, with the imminent scenario of the new Bidding Law, the Risk Monitoring Panel is extremely useful for monitoring the risks of a contract, from its preparation to the effective delivery of the work or service.

While identifying and quantifying risks well is an essential factor in adopting efficient protection strategies for your business, having an online risk mapping, based on accurate probabilistic models created from data science, can be decisive in changing the course of a given situation and avoiding important impacts and losses. That is the future we are already building.

Shall we talk about this topic?