Paul Lucas [00:00:08] Hello everyone and welcome to the latest edition of Insurance Business TV brought to you in association with Falvey Insurance Group. And this edition we’re going to be joined by Eric Newman, Senior Vice President of claims loss prevention and recoveries at Falvey, where he will discuss current supply chain risks in the wake of the pandemic, which of course, caused unprecedented disruption. He will speak to the use of data analytics and technology for predictive risk modeling and the importance of partnering with underwriters, brokers and clients on effective risk management and loss prevention strategies. So let’s delve into all things supply chain, shall we, Eric, welcome to Insurance Business TV.  

Eric Newman [00:00:50] Paul thanks for having me, it’s a pleasure to be here.  

Paul Lucas [00:00:52] Just to start by setting the scene for us, if you don’t mind, talk to us about how big an impact the pandemic had on the supply chain and what issues it caused.  

Eric Newman [00:01:02] While the impact of the pandemic on the supply chain was significant. However, before the pandemic hit, you know, issues were being seen within the global supply chain that were attributed to a number of things, not the least of which were trade issues between us in China and other parts of the world. But what the pandemic did was exposed to the sheer fragility of the global supply chain. You know, people have related, you know, the timing to the pandemic with the perfect storm scenario, which is extremely accurate. Prior to the pandemic companies by and large managed their supply chains based on a just in time principle, which was really concentrated on being lean and efficient. And this meant maintaining very, very low inventory levels, and maximizing efficiency efficiencies to yield higher profits and, and what the pandemic

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