From the course: The New Age of Risk Management Strategy for Business
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Crystal ball changes
From the course: The New Age of Risk Management Strategy for Business
Crystal ball changes
- Looking into the future is difficult. In another video in this course, we discussed areas that insurance would likely be more prevalent in the near future. The reality is that those exposures are easy to imagine because we already see them in their early phases now. The hard part is figuring out what hasn't been invented yet. Let's look at an example. In the early 1990s, nobody thought that a watch would be available that offered the full capabilities of a phone, a computer, a fitness tracker, and even a personal assistant. Even comic strip legend Dick Tracy's watch wasn't that cool. Less than a quarter century later, companies like Apple have developed them. With that technology comes physical and liability risks that at some level must be insured. Nobody saw it coming. Now, you may be asking: Dan, how can we make up things if we have no idea? It's a good question. Here's your answer. In your industry, you most…
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