Mitigating Risks In The Innovation Economy

How emerging technologies are changing the risk landscape

To avoid catastrophic levels of uninsured risk in the innovation economy, the insurance industry is joining forces with technology companies and governments in a World Economic Forum-led initiative, Mitigating Risks in the Innovation Economy.

The report and joint initiative were prepared by the Forum in collaboration with Oliver Wyman.

Among the participants are insurers Allianz, Lloyd’s, Marsh & McLennan, Sompo Holdings, Swiss Re, Willis Towers Watson, XL Catlin and Zurich Insurance Group, and technology companies Cisco, Hitachi, IBM and Siemens, as well as senior government officials.  The members of this initiative have committed to further multi-stakeholder actions to be developed and piloted in 2018, starting at the World Economic Forum Annual Meeting in January.  Throughout the process, the insurance industry will also explore how it can best fulfil its new capacities, such as risk advisory and analytics.

In the joint report, the working group lays out the risks and goals, including:

  • Closing the gap in existing governance frameworks to manage risks from innovations
  • Determining the liabilities, roles and responsibilities involved with these risks
  • Setting up a data-sharing mechanism to manage the risks

Oliver Wyman (Adviser and Knowledge Partner):

Prashanth Gangu, Partner
Matthew Leonard, Partner
Laura McKay, Consultant

Mitigating Risks In The Innovation Economy