Richard Garry on Data, Tech Regulation, and Climate Change Modelling
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Learning: Unstructured
In the seventh episode of MGAA Conversations, Mike Keating spoke with Richard Garry, Chief Commercial Officer of Gamma Risk, about how technology is enhancing data-driven decision-making in the insurance industry, the impact of climate change on weather-related risk modelling, and the evolving regulatory landscape.
When discussing the influx of new technology in the insurance market, Richard noted that the constant “chatter” about new technologies, especially AI, can sometimes distract businesses. He pointed out that companies might feel pressured to adopt new tools without fully understanding their value.
Richard emphasized that technology is primarily an enabler, providing access to data that supports decision-making. In Gamma’s case, their APIs are crucial for delivering this data. He highlighted that the technology’s true value lies in the quality and reliability of the data it provides. Ensuring that technology and data are consistent and reliable is essential for user trust. Richard cautioned against relying on technology with a “black box” approach, stressing that transparency about what’s “under the hood” is critical.
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