007: Gamma Risk is developing ground-breaking new data technologies to boost risk analysis with Richard Garry

In this episode, we are thrilled to be speaking with Richard Garry, Chief Commercial Officer of Gamma Risk, about the company’s exciting location-based, risk-reducing data solutions.

Given the influx of new technologies and software into the insurance market in recent years, Richard notes the importance of recognising that the value rests not in the tech as an entity in itself, but as a conduit to cultivating better data, and therefore enabling better decision-making. This data, meanwhile, must always be extrapolated from a wide range of reliable sources. Given the uncertainties presented by climate change, for example, data will soon need to be deployed within predictive models to generate risk assessments, which can no longer purely rely on historical data.

This accelerated interest in new data approaches has and will continue to draw attention from the regulatory authorities, and the onus is on trade organisations such as the MGAA to communicate the different views of their members regarding the unforeseen consequences of any new rules. Richard also discusses how Gamma Risk successfully cultivates and retains talent. He shares insights regarding light-handed executive oversight and flexible work options from which our industry could perhaps take notes as we tackle the burgeoning recruitment crisis.

 

Quote:

“There is constant chatter about new tech, whether that's AI, which is the hot topic at the moment, or all the things that are out there. They're always going to be the ‘game changer’. Sometimes, so many of these bright, sparkly things to get excited about can be distracting to the day-to-day business. Saying that, we always view it as, ‘technology is just an enabler for the data that allows someone to make a decision’. It's really the data that's the most important thing.”

 

Resources:

MGAA - mgaa.co.uk

Gamma Risk - gammarisk.co.uk 

 

About the Guest:

Richard Garry is the Chief Commercial Officer at Gamma Risk. Gamma is a location intelligence solutions provider which deploys data science and software to build solutions to reduce geographical risks such as floods, storms, and subsidence.

Richard’s LinkedIn Profile: https://www.linkedin.com/in/richardgarry/

 

About the Host:

Mike's extensive expertise in the insurance sector has allowed him to witness and adapt to the dynamic shifts within the industry. Throughout his 40 year career, he has navigated the traditional realms of insurers, brokers, and MGAs (Managing General Agents) across both Commercial and Personal Lines markets.

He has held Executive positions at AXA, Midas, UK General and most recently Insurtech start up Qlaims before becoming Chief Executive Officer at the MGAA in September 2020. 

Mike is excited about the new MGAA podcast series, which aims to showcase key figures in the UK insurance industry and beyond, providing insight into the challenges and opportunities that the MGA industry encounters.

Mike's LinkedIn Profile: https://www.linkedin.com/in/michael-keating-230b8424/