What three factors played a major role in the 1. Technological developments
evolution of business and forced companies to
change their operating procedures, goals and 2. Climate risk
strategies?
3. Globalization
What were the 4 major technological revolutions? 1. The Industrial Revolution (1760 - 1840)
2. The Technical Revolution (1870 - 1920)
3. The Scientific Revolution (1940 - 1970)
4. The Information and Telecommunication Revolution (1975 - present)
How did the Industrial Revolution affect businesses? Between 1760 to 1840
Transition to new manufacturing processes emerged by technological
innovations
Therefore, productivity increased and many jobs were replaced by machines
Ex) Spinning Jenny for manufacturing cloth
,How did the Technical Revolution affect businesses? Between 1870 to 1920
Improved communication increased distribution of scientific theories and
therefore, advancements in technology began to meet needs faster
Improved innovation and industrialization
(Also called the second Industrial Revolution)
How did the Scientific / Technical Revolution affect Between 1940 to 1970
businesses?
Global events created the need for technological solutions and therefore
the modern era of computers was born
Ex) World War 2 created a need for solutions to German complex crypto
codes
,How did the Information and Telecommunications Between 1975 and present
Revolution affect businesses?
Technology became faster, more efficient and more portable; therefore, the
virtual world expanded bringing the world closer
How does technological developments affect Technology affects the type of insurance coverage that is offer today. When
insurance coverages? insurance just covered fire it was straightforward - now we offer more
complex coverage to cover all business needs
Ex) Cyber, boiler, motor cargo etc
Technology impacts insurance coverages and... Can impact how an insurance company operates and does business. It has
made policy issuance, claims handling and risk analysis easier.
Business needs used to drive the development of Technology drives businesses capabilities
technology; however today...
, What are the four main ways climate risk affects 1. Their physical location and its ability to withstand environmental conditions
businesses?
2. Their business activities and employees
3. The length, location, and diversity of their supply chain
4. Their customer base
Extreme weather can affect all of these aspects of a business (some
businesses more than others - like farmers)
Does climate risks affect insurance companies the Yes the impact on location, business activities, supply chair and customer
same was as businesses? Are there any unique base is affected the same way.
impacts?
What are some unique impacts climate risks have on 1. Insurance companies must evolve coverage to meet the demands of
insurance companies? insureds. Ex) offering hail coverage due to becoming a bigger threat to
farmers / flood coverage
2. The ability and speed to respond to climate claims is becoming vital to the
evolution of their claims service
evolution of business and forced companies to
change their operating procedures, goals and 2. Climate risk
strategies?
3. Globalization
What were the 4 major technological revolutions? 1. The Industrial Revolution (1760 - 1840)
2. The Technical Revolution (1870 - 1920)
3. The Scientific Revolution (1940 - 1970)
4. The Information and Telecommunication Revolution (1975 - present)
How did the Industrial Revolution affect businesses? Between 1760 to 1840
Transition to new manufacturing processes emerged by technological
innovations
Therefore, productivity increased and many jobs were replaced by machines
Ex) Spinning Jenny for manufacturing cloth
,How did the Technical Revolution affect businesses? Between 1870 to 1920
Improved communication increased distribution of scientific theories and
therefore, advancements in technology began to meet needs faster
Improved innovation and industrialization
(Also called the second Industrial Revolution)
How did the Scientific / Technical Revolution affect Between 1940 to 1970
businesses?
Global events created the need for technological solutions and therefore
the modern era of computers was born
Ex) World War 2 created a need for solutions to German complex crypto
codes
,How did the Information and Telecommunications Between 1975 and present
Revolution affect businesses?
Technology became faster, more efficient and more portable; therefore, the
virtual world expanded bringing the world closer
How does technological developments affect Technology affects the type of insurance coverage that is offer today. When
insurance coverages? insurance just covered fire it was straightforward - now we offer more
complex coverage to cover all business needs
Ex) Cyber, boiler, motor cargo etc
Technology impacts insurance coverages and... Can impact how an insurance company operates and does business. It has
made policy issuance, claims handling and risk analysis easier.
Business needs used to drive the development of Technology drives businesses capabilities
technology; however today...
, What are the four main ways climate risk affects 1. Their physical location and its ability to withstand environmental conditions
businesses?
2. Their business activities and employees
3. The length, location, and diversity of their supply chain
4. Their customer base
Extreme weather can affect all of these aspects of a business (some
businesses more than others - like farmers)
Does climate risks affect insurance companies the Yes the impact on location, business activities, supply chair and customer
same was as businesses? Are there any unique base is affected the same way.
impacts?
What are some unique impacts climate risks have on 1. Insurance companies must evolve coverage to meet the demands of
insurance companies? insureds. Ex) offering hail coverage due to becoming a bigger threat to
farmers / flood coverage
2. The ability and speed to respond to climate claims is becoming vital to the
evolution of their claims service
