Page 40 - Insurance Times October 2020

probably here to stay. Two great examples of that are our of syndicate 1796, a new global health facility at Lloyd's. This
Remote Risk Dialogue and our Digital Risk Engineer. is a great example of our industry responding to a global
health emergency and collaborating to find new ways to do
During the lockdown period, the development of our new things in this "new normal."
Digital Risk Engineer solution became particularly relevant,
especially when facilities were empty or idle. The Digital Risk Risk management and transfer has always been about
Engineer uses the Internet of Things to monitor buildings collaboration between client, broker and insurance carrier
and assets 24 hours a day, seven days a week. It "listens" to to find the most suitable solutions for risk problems. Without
building management systems and captures data to inform a doubt, the COVID-19 pandemic has forced us all to find
us about the building's health. different ways to do that - with the opportunity for face-to-
face brainstorming put on hold, we need to find other ways
When governments around the world-imposed restrictions to continue to innovate.
on the movement of people, our risk engineers needed to
find a way to carry out the many hundreds of risk surveys Late last year, we launched Cube, the world's first ever risk
they perform each year on our clients' facilities. By using innovation incubator. The concept originally worked around
data capture and remote analysis, risk engineers were able a series of workshops in which our clients and risk experts
to continue to carry out surveys and consultations without worked together to create solutions to the most complex
risks. Naturally, the COVID-19 pandemic meant that face-to-
needing to visit a site.
face workshops were out of the question. But the need for
co-created solutions to complex risks was even more acute.
Often, the use of those facilities had changed as clients
innovated to adapt to the pandemic; for example, some With that in mind, we completely virtualised the Cube
alcohol distilleries began producing hand sanitiser, and some process. Clients can now take part in virtual workshops and
clothing manufacturers began making face masks. In these brainstorming sessions to test problems and find solutions.
instances, insurers needed not only to adapt the way they This evolution will, we believe, be of huge benefit to our
carried out risk analysis, but also to adapt insurance clients even when restrictions on meets are eased.
coverages to respond to this change in risk profile. We -
insurers, brokers and risk managers - all had to work Meeting of minds
together to innovate.
Innovation is so often fostered by the meeting of minds as
Co-creation we - client, broker and carrier - examine problems and look
to find answers. Even while we cannot meet in person, I
It hasn't only been the change in working patterns that have urge you to challenge your insurers to support you in the
driven innovation in risk and insurance. The COVID-19 changes your businesses are facing as a result of this
pandemic has been a human disaster on a global scale, with different world.
tragic loss of life and life-changing effects on so many people
across the world. The AIRMIC conference has always been a great opportunity
to meet up with clients and brokers and to bounce ideas
The search for a vaccine, and other ways to combat the around. And I will miss that this year - that face-to-face human
effects of COVID-19, is an urgent, global effort. And risk interaction is not easily replicated. However, I believe there
transfer has a part to play in supporting that. AXA XL is part are ways we can all work on those "softer" elements of
relationship-building even while we cannot meet in person.

We have a packed programme of sessions, workshops,
discussions and debates at Airmic Fest. And we are hosting
social events too, including a virtual wine-tasting. I look
forward to "meeting" many of you there.

As we head towards renewal season for many insurance
buyers, I feel confident that we can continue to talk,
collaborate and co-create to find ways to assess, manage
and transfer risks in innovative ways in this new normal
facing us all.
The Insurance Times, October 2020