"Risk management is shifting" – The Institutes CEO

A predict and prevent approach to risk management is becoming more significant as technological developments create added value for both brokers and their policyholders.

“With new technologies and capabilities, we can predict when bad things are going to happen and stop them, rather than waiting for an incident to occur and making sure the person is financially whole, which is a great thing and will always be,” said Pete Miller (pictured), CEO of The Institutes.

Miller spoke with Insurance Business about how insurance companies can pinpoint avoidable losses and minimize claims by embracing innovative tools, including AI.

Switching to a more holistic risk management approach

Miller has been the CEO of The Institutes for 17 years, an organization that provides professional education for the risk management and property-casualty insurance industry.

Throughout a multi-decade career, Miller has been able to witness firsthand how risk management’s more precautionary mindset is a beneficial progression.