Kumu Kumar, Head of Zurich Resilience Solutions UK, Zurich Insurance plc, discusses climate risk, how tech is changing and how Zurich does things differently when managing business risk.
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2023 - 00:03
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Wednesday, July 12, 2023
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<p><strong>Speaker 0</strong>:
<span>climate risk is probably the most important thing that customers are currently talking to us. So from a service perspective at Zurich, resilient solutions, that's one of the fastest growing areas in our business. And customers are coming through to us to give you a quick story. If you look at The Wall Street Journal recently, there's a very interesting article about how we're helping mask a shipping company.</span></p>
<p><strong>Speaker 0</strong>:
<span>All of their locations, as you can imagine, are ports at sea level and therefore rising sea levels is a significant issue for them, potentially in the future. So we work closely with mayors assessing their ports, looking at the infrastructure, looking at how resilient it is</span></p>
<p><strong>Speaker 0</strong>:
<span>and helping them model into the future as to what the impact of rising sea levels would have on their key assets. And then we work with them to build resilience into their organisations, how they can cope with it, and how they can invest wisely into the future to keep their business running. So that's a really good example of how we're working with customers to help them build resilience against climate change.</span></p>
<p><strong>Speaker 0</strong>:
<span>So digital is something we've all embraced through covid for example, so we all know how to communicate remotely and digitally, and customers are coming to us with a real requirement to embrace all the benefits that digital sophistication can offer. So we've partnered with a market leader called Risk Connect to develop a solution called risk clarity that we launched last year.</span></p>
<p><strong>Speaker 0</strong>:
<span>It's a risk management information system. It has a claims system within it and also allows enterprise risk management as well. And in the future, we look to add G as well environmental and social governance. Now this allows customers to take all of their risk data, whether it's policy, whether it's claims data and put it</span></p>
<p><strong>Speaker 0</strong>:
<span>all in one place, whether they're insured by Zurich or not. And all of their data is in one place, and it has powerful data analytics sitting behind it. That means a customer is empowered to use that data, look at it through different lenses and make very informed data led strategic decisions. So data, I believe, is becoming a currency, and as part of that we have to be less secretive about it, and we use data to help improve businesses.</span></p>
<p><strong>Speaker 0</strong>:
<span>Well, this is about really so let me let me give you a story. So business risk. Let's think about operational resilience really hard to visualise, right? So have a think of an epic story from film or media, whether it's game of Thrones, whether it's Lord of the Rings or even the new Barbie movie, right. Invariably, the key characters have a really important goal they need to achieve.</span></p>
<p><strong>Speaker 0</strong>:
<span>But on that goal are lots of things trying to stop them lots of barriers in their way. But they need to, and they really don't know what's ahead on their path, either. But they need to pursue that path, and they have to achieve their end goal. That's a visualisation of operational resilience, and that's what we are doing at Zurich. Resilient Solutions is helping customers with their goals and helping them, more importantly, to achieve them, regardless of what the world throws at</span></p>
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Wednesday, July 12, 2023 - 13:00
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Wednesday, July 12, 2023 - 12:45 to Friday, July 12, 2024 - 13:00
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