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New tech helping to “predict” adverse events in real-time: AXA – Reinsurance News

insurance technology insurtech

A move towards prevention through predictive technologies will become commonplace in certain insurance sectors, according to the chief strategy and business development officer at the global insurer, AXA.

insurance technology insurtechThe two main trends that are making insurers shift to prevention, noted Georges Desvaux, are the growing complexity of risks society faces, and the ever-increasing availability of data and artificial intelligence tools.

In recent years, Desvaux added, more of their clients are talking about the importance of prevention, and their expectation for their insurer to be able to help them mitigate risks in their business, no matter the industry.

AI, data and a digital insurance ecosistem could have many potential benefits and applications, from automobile accidents to the reduction of crop loss through efficient resource allocation.

But the most powerful application of a digital insurance ecosystem according to Desvaux, is against technology risks.

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He commented: “Many new risks emerge, as the industry evolves, such as increased severity of nat cat on physical assets, or cyber security on the ever-increasing digital part of the economy.

“To protect these, we need risk transfer but more importantly prevention to reduce the risks and severity of claims, thus fulfilling our role as partners.”

There is also an opportunity for AI and similar technology to help identify vulnerabilities in global supply chains or similar complex systems and mitigate issues like the global supply chain interruption caused by the pandemic, added Desvaux.

Scott Gunter, CEO at AXA XL added: “We have access to an enormous amount of data and new technologies, such as satellites, drones, and sensors, to evaluate and even “predict” adverse events in real-time.

“These tools allow us to be there for our clients, many of which are among the largest companies in the world, in ways we could have never previously imagined.”

AXA has recently launched a Digital Commercial Platform (DCP), which combines real time data and analytics collected through satellites, drones and sensors, with AXA’s expertise in risk prevention services and the Group’s underwriting and claims capabilities.

Platforms like the DCP, according to Gunter, can mitigate risk while contributing to solving societal challenges.

Desvaux said: “The aim is to move beyond “simple” risk management and prevention toward societal benefits, whether that is to anticipate the locations of wildfires or floods, to help build communities that are more strategically resilient to climate change, or to provide real-time, targeted services in emerging or precarious markets to bolster their financial stability.

“For us, this is what it means to act for human progress by protecting what matters: using the data and tools at our disposal productively to maximise benefits for all.”

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Ocala CEP highlights tiny horses helping Ocala residents that experienced traumatic events

Ocala CEP highlights tiny horses helping Ocala residents that experienced traumatic events

To keep up with the latest local news subscribe to our TV20 newsletter HERE and receive news straight to your email every morning.

OCALA, Fla. (WCJB) – Residents of Ocala, who have experienced traumatic events, are getting a little help.

Our friends from the CEP share with us how tiny horses are bringing therapy to those in need.

RELATED STORY: Ocala CEP highlights HCA Florida’s Comprehensive Stroke Center’s acceptance of patients

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Helping Kids Cope With Violent Events

Helping Kids Cope With Violent Events

The country is once again in mourning after yet another deadly school shooting. Details continue to emerge about the shooting deaths of 19 children and two teachers in Uvalde, Texas. And America’s parents find themselves in a sadly familiar position of having to explain the events to their own children and help them confront fears about violence.

Parents of very young children might be wondering whether they should talk about violent events like the Uvalde shooting at all. But Nilsa Ruiz, associate director of mental health and community initiative at Gads Hill Center, said honesty is the best policy.

“There’s no age too young to talk about these kinds of tragedies. Our brains are sometimes unable to fully process experiences and challenges,” Ruiz said. “Children age 0-5 express their fear by getting closer to their caregiver, either by crying or throwing tantrums. I expect adults and parents to really open and create that dialogue for their children. Talk about how they’re feeling, or just going over certain scenarios.”

Nestor Flores, director of behavioral health initiatives at Pilsen Wellness Center, said an honest approach applies to talking with older children and teenagers as well.

“They’re like sponges, they kind of feel your energy. They can tell when you’re not being genuine. So as a parent if you’re afraid, then I would talk about my fear and have that conversation,” Flores said. “Talk about safety. Remind yourself and your family, how do we make ourselves feel safe again. What do we do? Do we have dinner together? Do we go to church this Sunday? Whatever it takes to make you feel safe again, but mostly it’s that honesty and that transparency.”

Ruiz said that parents should also first attend to their own feelings and fears about traumatic events before shepherding their children through theirs.

“Ask yourself, how much does your child know, and how much do you want to share? Processing the trauma of gun violence can feel incredibly overwhelming,” she said. “Find ways to cope and manage these emotions … you’ve got to remind yourself that your children look at you as role models, so if you practice self-care for yourself, you can do it for them.”

Flores said reports that signs the Uvalde shooter had been experiencing a mental health crisis went ignored are particularly troubling. He urged adults in any child’s life to pay attention to signs of deteriorating mental health and take action.

“Definitely don’t look away from the signs,” he said. “Changes in behavior, they’re isolating, they are self-harming — obviously any of those are a sign of some sort of struggle, it doesn’t have to be that they will be violent, but they are struggling. Things like hurting animals or hurting others or bullying, all those things can conspire to have someone’s mental health deteriorate … It should spur action. Inaction is painful. Look at what we’re witnessing … So choose what discomfort — do you have a conversation that’s uncomfortable, or keep living these experiences?”

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Events helping Winnipeggers protect themselves from identity theft and fraud

Events helping Winnipeggers protect themselves from identity theft and fraud

March is Fraud Prevention Month, and the Winnipeg Police Service is taking steps to protect people from identity theft and other types of fraud.

This coming week, Winnipeg police officers are holding two ‘Shred-It Events’ where people can safely shred their personal paper documents.

A Shred-It truck will be outside the Garden City Shopping Centre on Tuesday from 11 a.m. to 1 p.m., and then outside CF Polo Park on Thursday from 11 a.m. to 1 p.m.

Members of the financial crimes unit will be at the events to answer any fraud-related questions.