In this episode of Shape the System, host Vincent Turner welcomes Stephen Brittain from Insurtech Gateway for an enlightening conversation that delves into the integral role of insurance and risk management in fostering systemic global change. With a spotlight on the unique intersection between insurance, risk data, and the United Nations Sustainable Development Goals, they unpack how innovative risk management approaches can advance global efforts toward sustainability and equality.
Stephen Brittain, a former industrial designer turned risk and insurance specialist, shares his insights on how the traditional insurance model is evolving to anticipate, prevent, and rapidly recover from risks in various sectors. Focusing on reducing “protection gaps,” Stephen discusses innovative examples of risk management, such as parametric insurance solutions that enable quick disaster recovery payouts, indicating a significant shift from classic insurance towards dynamic, data-driven risk tools.
Key concepts such as catastrophe recovery, trigger mechanisms, and data utility in risk prediction serve as the backbone of the conversation. Stephen emphasizes the importance of integrating risk considerations early in innovative projects, encouraging impact-led founders and companies to proactively address risk as they scale up their systems-change initiatives.
Key Takeaways:
- Insurance and risk models can have a direct impact on global challenges by enabling quick recovery from catastrophes and aligning payouts with specific predefined triggers.
- Up-and-coming sectors can benefit from risk thinking to accelerate adoption among the late majority by de-risking products and ensuring their reliability.
- Insurtech Gateway serves as a launch platform for innovators seeking to create or leverage risk management products, providing regulatory support and establishing partnerships within the insurance industry.
- Traditional insurance is being reimagined through technology, with solutions focusing on local data gathering and anticipating needs based on real-time information.
- Startups in the risk and insurance space often identify niche problems and scalable solutions that have the potential for global impact, offering opportunities for large-scale change.