Insurance: RiskTech to drive competitive edge
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Insurance: RiskTech use is common
Evolving risks, increasing regulatory demands, and operational change are key features of the insurance landscape. Insurance firms have countered these trends with comprehensive RiskTech adoption, though it is not uniform across emerging risks.
Going forward, insurers must expand their emerging risk capabilities to operational areas beyond underwriting and pricing. In addition, they must take steps to integrate emerging risks into business strategy.
This report throws light on the difficulties in addressing emerging risks and the deployment of RiskTech and RegTech frameworks in the insurance sector.
Key findings: Insurance
Emerging risks
86% view IT and cyber as ‘highly significant’
RiskTech
80% use the major RiskTech frameworks for at least one emerging risk
Spends
79% expect spends on emerging tech to increase or remain the same next year
Strategic risk
71% view industry, tech, and business model disruption as ‘significant’
A changing risk environment
Insurers have to contend with multiple emerging risks such as climate, supply chain, crypto, and strategic risk in a continually shifting landscape. Almost nine in ten consider IT and cyber risks as ‘significant’. However, survey respondents report relatively mature cyber and IT risk underwriting programs indicating that these risks are a part of insurance firms’ underwriting activities as opposed to internal platforms.
71% regard strategic risk as a ‘highly significant’ emerging risk. However, only 28% regard climate risk as ‘highly significant’, which can be attributed to insurers having developed robust techniques and mature models for analyzing and managing climate risk given the nature of their business.
Obstacles in managing emerging risks
Insurance firms have to overcome several challenges to efficiently manage emerging risks. Difficulties around legacy infrastructure, system deficiencies that expose firms to AI risk, cyber threats, data management, and privacy and security add fuel to the fire. Integrating third-party data demands complex data management capabilities, models, and tools. From an operational perspective, insurers place greater emphasis on their ability to underwrite emerging risks for customers rather than on internal issues.
Evolving risks
Technology
93% cite infrastructure as a major barrier
Regulations
78% view lack of clarity as a major hurdle
Data
71% cite data management among the top challenges
Operating model
Less focus on internal, IT, cyber, and non-financial risks
RiskTech: now and future
Insurers use RiskTech extensively to address emerging risks—80% have adopted the major frameworks for at least one emerging risk.
- 43% report ‘high’ adoption of HPC for risk modeling
- 57% report ‘medium’ adoption of cognitive automation
- 50% cite ‘medium’ adoption of GenAI/LLMs
- 36% cite ‘medium’ adoption of ML and AI for risk detection and AML
However, adoption is not uniform—for the same technology, some insurers report high adoption while others say it is low. Furthermore, adoption levels vary across risk types—there are only two types of risk where more than half use RiskTech. Evidently, universal adoption is some way off.
On an average, insurance firms report ‘medium’ levels of adoption—insurance firms are laggards compared with their counterparts in banking and capital markets. According to our survey, only 14% are ‘mature’ adopters.
However, adoption will continue to mature given investment in RiskTech is expected to increase over the next year driven by the urgent need to address emerging risks. We expect higher maturity in managing emerging risks from a business standpoint rather than a regulatory standpoint.
About the research
TCS and Chartis Research jointly conducted a study of banking, financial services, and insurance (BFSI) organizations on emerging risk types and the role of RiskTech. We surveyed 152 BFSI firms, predominantly large and mid-sized firms, of which 14 were insurance firms. Our interview respondents included CEOs, board members, chief risk officers (CROs), heads of IT risk and a range of other risk and regulatory leads.
To support our quantitative survey, we also conducted more in-depth qualitative interviews of 54 institutions spread across banking, capital markets, and insurance. These institutions are distributed across Europe, North America, and Asia.
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