At the recent Exponential Risk London 25 conference, our CEO Mark Varley joined an engaging panel discussion, "Expanding the Boundaries – The Founders’ Story," alongside Sarah Russell, Founder and CEO of Bellwether, and Todd Rissel, CEO of e2Value. The session was expertly hosted by Nicola Turner, Co-Founder of Scrub AI, and offered valuable insights into how data, analytics, and technology are transforming the insurance industry.

As climate risk continues to evolve, the role of data in helping insurers navigate these challenges is more crucial than ever. High-precision, location-specific data is now at the heart of effective underwriting, and companies like Addresscloud are leading the charge in providing the necessary tools to manage these emerging risks.

The growing need for granular data

The conversation began with a focus on how the demand for precise property-level data has surged, particularly in response to major climate events like the devastating UK floods of 2007. These events highlighted the need for better risk modelling, prompting the development of high-resolution flood maps. Now, as Addresscloud expands globally, the need for accurate, high-precision location intelligence remains consistent across all markets. Insurers are increasingly seeking granular data, such as building footprints, materials, and structural details, to enhance underwriting accuracy and refine their risk assessments

This trend is mirrored by innovations from companies like Bellwether, which is making significant strides in wildfire modelling by leveraging cutting-edge geospatial technology. The need for robust data is growing, and the ability to access and analyse it will be a defining factor in the future of insurance.

Data integrity

One of the biggest challenges facing insurers today is ensuring the integrity of their data. Todd Rissel, who shared a memorable anecdote about a flawed dataset of commercial buildings in Key West, Florida, underscored the importance of validation in risk modelling. What was supposed to be a dataset on commercial structures turned out to be riddled with inaccuracies, many of the “buildings” were actually parking garages. The takeaway was clear: while data-driven models are essential, insurers must build their models on accurate, real-world inputs rather than relying on misleading or incomplete information.

Revolutionising wildfire data

Sarah Russell brought a unique perspective, drawing from her experience at Google’s Alphabet, where vast amounts of geospatial data are used to model wildfire risks. She emphasised the importance of transparency and credibility when applying advanced risk insights to insurance. For insurers, it’s not just about having access to data, it’s about understanding why a model predicts certain outcomes and how to apply these insights effectively in underwriting and claims decisions.

However, Sarah also highlighted a key challenge, the data-sharing policies of big tech companies. For instance, Google’s strict terms of use limit the long-term storage and integration of their data with non-Google platforms. This creates significant hurdles for insurers who rely on multiple mapping and analytics tools, potentially stalling the widespread adoption of these critical datasets.

AI’s role in the future of insurance

As the panel shifted toward discussing emerging technologies, AI emerged as a central theme. The potential for artificial intelligence, especially large language models (LLMs), to revolutionise the insurance industry is immense. AI can automate underwriting decisions and extract valuable insights from vast amounts of unstructured data.

Sarah made a compelling case for why insurers need to start using AI now. She likened the impact of LLMs to the transformative power of the internet, urging insurers to embrace these technologies early in order to stay ahead of the competition. Mark, too, recognised the growing importance of AI in the industry. Addresscloud has evolved from a traditional Software-as-a-Service (SaaS) provider to offering Data-as-a-Service (DaaS), reflecting the insurance industry’s increasing demand for high-quality datasets to fuel proprietary AI models.

Looking ahead

As the discussion came to a close, the panellists shared their hopes and concerns for the future of insurance. Mark expressed his concern about the threats facing open data, particularly as governments and regulators tighten access to public datasets. If critical resources are withheld or ignored, insurers could face serious challenges in their ability to model risks effectively.

On the other hand, Mark was optimistic about the potential for collaboration across the industry. Companies like Addresscloud, Bellwether, and e2Value are driving innovation by combining accurate, ground-truth data with advanced modelling techniques. By working together, data providers and insurers can create a more resilient, intelligent risk management ecosystem.

Final thoughts

The Exponential Risk London 25 panel highlighted how insurance industry leaders are pushing the boundaries of what’s possible in risk management. From improving climate risk models to embracing AI-powered solutions, the insurance sector is undergoing a rapid transformation.

At Addresscloud, we remain committed to supporting this shift with the best-in-class geospatial data and analytics tools. As the future of risk management unfolds, we’re here to help insurers navigate the challenges and seize the opportunities that lie ahead.

To learn more about how Addresscloud can help your business stay ahead of the curve, get in touch with our team today!

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