or recover after the fact. With our deep risk expertise, our industry can encourage and enable prevention. For example, reinsurers can influence preventative measures indirectly through the reinsurance capacity and terms they offer to insurers. By setting specific conditions and requirements that must be met before we agree to take on the risk, reinsurers can steer insurers toward adopting and promoting robust risk prevention strategies. A dditionally, reinsurers can participate in market-wide initiatives, collaborating with governments and regulators to establish and enforce standards that mitigate risks. This collective effort can lead to more comprehensive and effective prevention measures, ultimately contributing to safer, more risk-resistant societies. HOW CAN TECH AND DATA BE LEVERAGED FOR BETTER RISK MANAGEMENT AND HOW IS SCOR TAKING ADVANTAGE OF THESE ADVANCEMENTS? F.U. I always say that the actuary was the first data scientist and the capability of accurately analyzing the data is the basis for insurance and risk management. The difference is that now we are in a time where we have almost unlimited computing power and access to an immense amount of structured and unstructured data. Our ability to use this for decision making is a key differentiator for a reinsurance company. T o this end, we are investing in our tech and data foundation at SCOR to increase efficiency, accessibility, and integration of internal and external data sources, further enabling fast and accurate decision making. At the same time, we are integrating new GenAI technologies. A ll this will improve how we can anticipate potential risks more accurately and develop proactive strategies to address them, ensuring a more resilient and robust risk management framework. I have to admit, it’s an exciting time in terms of tech and data. The applications for risk management are endless. . “Understanding historical events is no longer good enough to anticipate the future; we need to have a full forwardlooking view on our risk landscape.” TRANSFORMING TOMORROW WITH OUR VISION 39
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