INS 109 INSURANCE, INNOVATION AND COMMUNITIES
Risks emerge every day and those risks differ by individual, countries, and communities. This has led Insurance Companies to move into new innovative spaces, especially in areas of cyber risk, climate and natural disasters, workforce evolution. These changes and the rapid pace of their emergence and implementation also create challenges that if not handled correctly can lead to deepening disparities and inequities.
Expectations and goals
This course reviews the connection between risk, insurance, emerging trends and local communities. It encourages students to examine key trends defined by the Chief Risk Officer Forum’s (CRO) Emerging Risk Initiative (ERI) working group. These trends include ~ Ageism and Health, Consumer Behavior and Digitization, Economic Instability, Environment and Climate, Environmental Social Governance, Shifting Geopolitical Landscape, Technological Developments and Urbanization and Social Change, Mental Health, Legal & Regulatory Uncertainty, Pandemics and numerous others.
Students will work on reviewing specific communities and groups to identify which trends are evident and impacting residents and businesses. The review will utilize the standard risk management framework and include an understanding of the local population, demographics, economic and social factors and include thoughts and recommendations of how innovation in insurance could address these problems.