It’s all about risk.
As CEO Mark Watson often explains, Argo Group helps businesses stay in business, both by helping them mitigate risk and by allowing them to face the risks inherent in growth.
So it’s no surprise that Argo partners with two sports teams for which risk management is central to success.
On July 13, in New York City, Argo held a panel discussion in which the worlds of insurance and sports came together in a conversation about the nature of risk. Gary Grose, Argo’s producer management and marketing leader, moderated, with an introduction by Formula E pit lane reporter Nicki Shields.
The panelists included Jay Penske, owner of Formula E team Faraday Future Dragon Racing; Loïc Duval and Jérôme D’Ambrosio, Dragon Racing drivers; and Iain Percy, team manager of America’s Cup challenger Artemis Racing. (Ironically, D’Ambrosio arrived late to the event, having gotten stuck in New York traffic.)
The discussion touched on sustainability, innovation and teamwork – and how risks are managed in high-speed, high-stakes sports.
D’Ambrosio explained there are two kinds of risk in racing. The first is accepting the risk inherent in the sport. “I wouldn’t say that’s risk management,” he said, explaining instead that the decisions made during a race – for example, how to take a turn – are the kinds of risks that can be managed and addressed logically.
For Dragon Racing, Artemis Racing and Argo, analyzing data to understand risk is central to success. “You’re trying to predict the future from past data,” said Percy. But, he added, managing risk is still an art as well as a science. “The beauty of the world is we can’t predict it.”
And in motorsports and sailing, that element of uncertainty is a good thing. “If you eliminate too much risk in racing, I think you also eliminate the opportunity for reward,” said Penske with a smile.