How predictive analytics are helping create safer job sites
This post was contributed by John Watras, vice president of Zurich’s North America’s construction industry segment.
Sending construction workers home safely every day should be the goal of any building project. But in an industry plagued by dangerous work, that isn’t always easy.
As such, general contractors are increasingly turning to predictive analytics to more easily implement a zero-injury safety culture at their worksites. Predictive analytics works like this: first, data is collected, then problems are identified, then an algorithm is created for solutions.
Traditionally, the construction industry always viewed and measured safety on a basis of failures like regulatory citations, litigation, and loss ratios. The problem with these traditional metrics is that they’re lagging – it’s too late to prevent an incident.
By using software to mine for data on previous worksite incidents or injuries, general contractors can be better equipped to predict workplace injuries and proactively minimize hazards.
But new cyber risk regulations are coming
Imagine owning a business. Now imagine that business experiencing a cyber attack that exposes the personal data of millions of customers and costs millions of dollars to fix. Now imagine that you never have to tell a soul about it.
This still happens in some countries.
Transport your goods safely, on time, and without losses
Cargo handling has always been an issue. But, in recent years, it – along with pilferage and theft (on multiple scales) has become a major concern. It’s easy to see why – according to research by the Swiss Federal Institute of Technology, a third of all marine deliveries are damaged or delayed.
It’s also estimated that 60% of marine claims losses during transit are caused by inappropriate handling, packaging, and/or securing of goods. Don’t believe it? Read this.
According to Martin Wolf’s newest book, The Shifts and the Shocks: What We’ve Learned – and Still Have Time to Learn – From the Financial Crisis, probably not.
We caught up with Wolf at his most recent book tour event hosted by The Chicago Council on Global Affairs and Zurich at The Standard Club in Chicago, where he explained a little bit about how the world economy got to be where it is today, and what we could expect in the future.
On the heels of the United States’ first Ebola virus diagnosis this year, the healthcare industry has been faced with an interesting question: Are U.S. hospitals prepared to handle the Ebola virus?
It’s a valid query.
This post was contributed by Cindy Slubowski, Vice President, Head of Manufacturing at Zurich North America
Quickly scan news headlines and you’ll realize factory fires—despite being extremely preventable—are all but extinct.
In August, we were pleased to announce the creation of a private equity unit within the Global Corporate in North America (GCiNA) business entity.
We are now even more excited to announce that, leading that new group is Paul Schiavone, who joined the Underwriting Leadership Team on Aug. 1 as head of Private Equity, to emphasize a customer-centric focus for Zurich’s work with private equity and portfolio companies.
Schiavone has more than 13 years of experience within the financial lines and insurance industry, working previously for AIG and the American Wholesale Brokerage in San Francisco, New York, and Paris. Joining Zurich in 2006, Schiavone previously served as the general insurance global chief underwriting officer for special lines in the United Kingdom.
We are so pleased to have him in this new role. Congratulations, Paul!
The complexities of insuring some of businesses’ most complicated risks
This post was contributed by David Anderson, Senior Vice President, Global Business Development
Is it possible for risks to be uninsurable?
Earlier this month, our friends at Risk & Insurance answered yes. In their article, Top Five Uninsurable Risks, the top five — reputational risk, regulatory risk, trade secret risk, political risk, and pandemic risk, have complexities and nuances that, according to the article, make it impossible for risk managers to find total coverage.
This sparked an internal discussion at Zurich surrounding political risk.
By now, I’m sure we’ve all heard about the latest private celebrity photos to hit the internet.
This time, according to Gawker, the iCloud accounts of A-listers Jennifer Lawrence, Avril Lavigne, Kate Upton, Lea Michelle, and McKayla Maroney, among others, were allegedly hacked. Hackers allegedly stole hundreds of revealing photos from the stars’ iPhones and other personal Apple devices through the iCloud.
What the recent Ebola outbreak and other pandemics can teach us about protecting ourselves and our businesses
Since it was first discovered in early March, the Ebola outbreak in West Africa has reportedly taken 1,546 lives and infected about 3,052 others — a number that is likely to grow rapidly as affected countries (Guinea, Liberia, Nigeria and Sierra Leone) struggle to contain the disease, according to the World Health Organization’s website.
While the disease has moved to other countries (two U.S. cases, and others in the Middle East), the virus has mainly been contained to one continent.
But, this latest outbreak has raised some important questions for travelers, the healthcare industry, travel-related services, and any businesses with operations or workers in affected areas because of the potential for the disease to spread.