Oil and Gas Startups Podcast The Baldwin Group on Oil and Gas Startups
Nov 4, 2024
Summer Shedd-Campbell, a seasoned advisor from The Baldwin Group, explores the oil and gas industry's insurance intricacies. She discusses how data can secure better insurance terms and the evolving role of AI in risk management. Summer gives her contrarian perspective on the industry, arguing against the notion of oil and gas becoming uninsurable. She reflects on her journey from Medtech to insurance, highlighting the critical need for proper coverage and collaboration among brokers in navigating this high-risk landscape.
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Career Shift Due to Pandemic
- Summer Shedd-Campbell transitioned from a demanding med tech sales career to insurance during the 2020 pandemic.
- Meeting her oil and gas engineer husband inspired her to focus on oil and gas insurance solutions.
Poor Data Inflates Insurance Costs
- Poor quality data causes inflated insurance premiums and mispriced risk in oil and gas.
- Underwriters often have limited operational expertise, making reliable data essential to fair pricing.
Share Good Data Freely
- Oil and gas companies must share precise, relevant operational data with brokers and insurers.
- Providing good data enables insurers to offer better underwriting, coverage, and claims handling.