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‘Data-driven insights should be a top priority for risk managers beginning the long and complex process of reopening businesses as lockdown restrictions ease’, this is what Kristi McFarlin and Angus Rhodes argue in a recent article for Insurance Day.
The article, published this week, explores how different types of data can be gathered and compiled to build a comprehensive picture of the continuing risks facing businesses and develop a detailed and robust plan to begin restarting operations; taking into account the health and safety of staff, suppliers and customers as well as achieving continued operational efficiency.
There are many situational and business-specific factors that must be taken into account when considering recommencing business operations. These include:
The list of considerations is extensive, and rightly so. The pandemic hasn’t disappeared and before any business rushes to reopen, it must carefully consider these factors and more to determine whether returning to work would be safe for all of its employees and customers.
This is where the sophisticated data analysis provided by Ventiv comes in.
Whilst developing our own Covid-19 pandemic mapping solution for clients back in March, we leveraged the use of geospatial analytics to see the hotspots where the pandemic is most prevalent. Our clients can use this information, overlaid with the locations of their business premises and number of staff employed there to see how close they are to a pandemic hotspot. We can also use data from local hospitals, and in some cases, the number of beds available, the number of testing kits available in those areas and also details of local government guidelines and restrictions to build up a full picture of the severity of the pandemic in the community.
The article also talks about predictive analytics, and Kristi explained how risk managers can implement tools to help them to look ahead and develop projections for the continuing spread of the virus in different areas and the impact that may have on the local economy. Ventiv’s powerful analytics capabilities integrate data from the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and multiple Asian & European governments, and disease control organizations worldwide, to develop an accurate picture of the speed of the spread of the disease which can then be overlaid with hospital capacity data to help us to understand what could happen if there is a second peak, and how local communities could be impacted.
The decision to resume operations after an extended period of lockdown is not a straightforward one for risk managers, especially those with operations that cross borders or even continents; as we have seen, there is an extensive list of factors to consider but we believe data-driven insights can greatly enhance your return to work plan and ensure you’re making the right choices for your business.
To read the full article visit: https://insuranceday.maritimeintelligence.informa.com/ID1131202/Focus-Datadriven-insights-critical-after-lockdown
Jun 8, 2020
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