Russell Group has appointed James Banasik, former CEO of weather analytics and insights modelling firm MetSwift, as Head of Connected Risk. The move is part of a strategic transformation by Russell to provide its (re)insurance clients and corporate working group with the forward looking data sets that build a holistic view of risk.
Banasik will help Russell to develop the company’s solutions to Connected Risk, which it defines as the systemic impact on commercial organisations that stem from cumulative events and resulting uncertainties.
Russell Group MD Suki Basi said: “Russell hired a “weather man” for a good reason, which is that climate risk impacts across all (re)insurance classes and corporate exposures, in the same way that connected risk does. Armed with his academic (MSc in Meteorology) and practical business knowledge, James will help to further develop our connected risk proposition to a new level.
This announcement comes after the formation of the Russell Academy which is tasked to deliver the technology architecture for visual analytics, artificial intelligence, graphical computing and quantum algorithms, and Russell’s focus on the insurance of outcomes.
Banasik said: “I look forward to working with the company to build its connected risk proposition of deeper insights and analytics, at a time of rapid transformation and uncertainty. As Russell approaches its 30th anniversary, I look forward to helping Russell to re-imagine the next generation’s connected exposures,
Since the start of the pandemic Russell has doubled in size, grown its client base to 25 and corporate work group to 27 members The pandemic and the Russia-Ukraine conflict have demonstrated connected risk exists and driven the need for more forward-looking and connected solutions. Russell is linking corporates and insurers together through imagined outcomes, for which it then creates the data and analytics to enable the outcome to be transactable.