Partnering recent advancements in artificial intelligence (AI) with the power of predictive analytics represents a significant opportunity to reimagine how we approach people risk.
Predictive analytics utilises historical data to predict future outcomes, enabling organisations to identify risks earlier so they can deal with them quickly and effectively. When AI is used in collaboration with predictive analytics, the combined power means improvements across scale, speed, and application.
But, technology is just part of a broader conversation about people risk.
Powering the future through predictive analytics
The world in which we live and work is moving at a rapid pace.
In the past risk advisers have been reliant on large amounts of historical data, collated from a variety of sources, to influence future risk management activities. The traditional approach of utilising historical data to inform current and future people risk management interventions is limited in its effectiveness.
Developments in AI, partnered with predictive analytics, are delivering deeper insights, which can help risk advisers predict future risks and influence future outcomes. As AI technology develops further — allowing computers to interact and learn more like humans — data analysis will become even more refined, opening up even greater opportunities for organisations to be more targeted in how they manage people risk.
How to use intelligent data
At JLT People Risk Consulting we are utilising the power of technology to provide organisations with more relevant, regular and meaningful insights.
At the centre of our approach is JLT Dashboards. Our proprietary cloud-based analytics platform provides organisations with clear, consolidated and relevant people risk data from multiple sources.
Insights developed from data by utilising JLT Dashboards are then used to create tailored people risk solutions which we know will have the greatest impact on the long term financial success of an organisation.
The traditional approach to people risk is out-dated. It is no longer economically viable for organisations, or sustainable for our ever-evolving workforces, to address employee benefits and workers’ compensation in isolation. Insurance has evolved to become an enabler to improve lives and businesses, rather than simply a vehicle through which to pay claims when they occur.
The emergence of predictive analytics is a game changer for identifying and managing risk. However, we also recognise that insights are meaningless if they do not lead to organisational improvements and ultimately support the organisation’s bottom line.
“It’s about looking through the windscreen, rather than the rear view mirror.”
JLT’s unique service approach is different. We use a virtuous circle of risk and premium reduction, powered by our intelligent data. It is an end-to-end consultative solution designed to improve the mental and physical resilience of clients’ workforces, while ensuring the best coverage at the best price for the organisation.
The importance of a human element
An increasing reliance on technology will never replace the benefits and insight of human intervention. Predictive analytics is augmenting human experience to provide organisations with more targeted risk management solutions, which can prevent workplace injuries and reduce the severity and cost of claims when they occur.
Yes, it will become easier to identify and manage risk. People risk management initiatives will become even more targeted and effective. Recovre, our in-house occupational rehabilitation and return to work business, plays a key role in making this possible.
We are creating a better future for working Australia where businesses, through people, have the resilience to succeed.
But, humans will always need humans.
For more information contact Matthew Bacon, JLT People Risk Consulting CEO