Combining the right data, AI algorithms and APIs to shape ethical and reliable digital business models

New risks are emerging every day…

Insurers and financial services companies are good at keeping abreast of emerging long-term risks. Major insurance players such as Allianz, AXA, Munich Re, and Zurich frequently cited climate change as their top emerging risk on their materiality assessment matrices, along with inclusive workplaces and digital transformation. Similarly, surveys of banking executives show an awareness of the need to mitigate climate change, focus on cybersecurity and data privacy, and the need to adapt to turbulent global macroeconomic trends constantly.

As the Covid-19 pandemic and the subsequent crisis have shown us, emerging risks can appear at any time, adding to the challenges disruptive technology leaders face. Cybercrime is on the rise, costing global firms more and more each year both in terms of insurance claims, reputational damage, and the expense of protecting themselves from attacks.

External market forces and competition from digital-first players remain a constant threat. For insurers, the inability to service underinsured segments, including the unbanked, gig economy workers, or small businesses results in emerging risks impacting future growth prospects. For financial services institutions including insurers, keeping up with the digital demands of consumers and the evolving operational models of commercial players are becoming greater priorities.

While Covid-19 has been a serious destabilizing factor, it also acted as a catalyst for digital transformation and mobile-first engagement. Thousands of startup, scaleup, and grownup ventures (many having raised multiple billions of funding in recent months) were able to adapt their value propositions in weeks to meet the needs of struggling customers. Clearly, where there is risk there is also opportunity.

The Emerging Risk Venture Labs

It is time to identify, plan and operationalize techniques and systems to address the large variety of emerging risks that are coming to life today – beyond cybercrime – as well as those likely to emerge in the future. These sets of Virtual Venture Labs from Alchemy Crew will assess those emerging risks that are going to affect your operations, with the highest immediate impact on your organization, and deliver profiles for those startup, scaleup, and grownup ventures that can yield the highest positive outcomes for your business.

We also leverage our extensive network of tech ventures, data, and Artificial Intelligence experts to evaluate the best-suited solutions for any complex environment.