Paul the Insurer 1 – Pins on the map: How insurers are using technology to map the world’s risks

Insurance is more than bureaucracy, it combines creativity, technology and global challenges. Paul from “Paul the Insurer”, an experienced insurer, explains how simple pins on a map have now become sophisticated AI solutions that make risks visible in real time. An inspiring insight for anyone looking for an exciting career in the insurance industry.

When Paul started my career in reinsurance many years ago, his job was to filter out addresses of insured buildings from lists and mark them with colored pins on a large map of Istanbul. Each color had its own meaning: blue for concrete buildings, red for wooden buildings and black for particularly vulnerable businesses such as carpentry shops or garages. This allowed us to estimate how many buildings could be destroyed in a fire.

But that was just the beginning. After Istanbul, he moved on to a similar task in Santiago de Chile, where green pins were also placed to mark earthquake-prone buildings. At that time, knowledge about earthquakes was still limited, but people had a clear idea of danger zones. This work was anything but boring, it was the foundation for a deeper understanding of risks and their management.

Insurance today: real-time data and simulations

Today, the world has changed fundamentally. At a conference in London, Paul witnessed an impressive presentation that showed how insurers, scientists and mathematicians have worked together to develop a solution that visualizes risk in real time. With this technology, you as an insurance broker or risk manager can simulate earthquakes, storms and hurricanes and assess their potential impact on your portfolio.

After an event, the system enables a quick damage estimate based on actual data. This allows insurers to buy protection exactly where it is really needed, based on precise, up-to-date figures. This innovation exemplifies the combination of creativity, technology and professionalism that characterizes our industry.

Your opportunity in the insurance industry

Insurance is anything but boring. Whether you are a doctor, social scientist, economist or financial expert. The industry offers a variety of roles and challenges. Artificial intelligence is playing an increasingly important role, but you don’t have to be a math genius to get involved.

At thebrokernews , we believe in the power of innovation and invite you to become part of this exciting future. Discover the diverse career paths in insurance and reinsurance, a world of opportunities that not only manages risk but actively shapes the future.

Insurance combines tradition and innovation. From pins on a map to sophisticated AI solutions. This industry offers you the opportunity to create real added value with creativity and professionalism. Take the plunge and shape the future.

Binci Heeb

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Read and listen to the interview with Binci Heeb.