The reinsurance market plays a critical role in the development of new products and capabilities to address emerging insurable risks. Evolving capital sources and new risks create growth opportunities around the world.
#Growth products and opportunities
#Expanding the potential pool of insurance customers – closing the protection gap
#The emerging impact of Insurtech
New business models: making insurance fit for the future.
ACCESSING THE EMERGING CONSUMER
RemitRadar’s aim is to improve the lives of billions of people in developing countries by offering free financial education through AI to the growing market of people interested in money transfers and remittances.
#The huge untapped potential of the unbanked EM population and MTOs (Money Transfer Organizations) customers
#(Sponsored) insurances and financial education as the entry point
#Digital technology - and micro-payment facility for cash-based population segments - as key enablers to gain efficient access
IS 2018 THE YEAR OF AI?
The first machine age, the Industrial Revolution, saw the automation of physical work however, the second machine age has seen the rise of artificial intelligence (AI), or “intelligence” that is not the result of human cogitation. It is now ubiquitous in many commercial products, from search engines to virtual assistants. AI is the result of exponential growth in computing power, memory capacity, cloud computing, distributed and parallel processing, open-source solutions, and global connectivity of both people and machines. Key areas to explore includes:
#Personalized customer experience – redefining value proposition
#Digital advice – redefining distribution
#Automated & augmented underwriting: enhancing efficiencies
#AI in claims: soft robotics, graph analysis, simulation modelling and machine learning
#Emerging risk identification through man-machine learning
THE POTENTIAL FOR INNOVATIVE THINKING IN CONSTRUCTION INSURANCE FOR THE BELT AND ROAD INITIATIVE
#Construction insurance is a long-established activity; however, the industry’s ability and willingness to embrace innovation have to improve dramatically in order to capture its future growth potential.
#The Belt and Road initiative is widely viewed as one of the most ambitious economic development ventures of the 21st century, estimated to affect 60% of the world’s population in a total of 65 countries
#The B&R project presents investors and constructors with many risks and its sheer scale and complexity, compounded by the heterogeneous nature of the territories involved, will give rise to significant risk management challenges. Some exposures along the B&R will test the traditional limit of insurability, calling for non-traditional product designs such as integrated risk transfer solutions including multi-line products.
Cyber Insurance; global developments, local and global claim examples and limitations on coverage
NAVIGATING AND MANAGING RISKS: A NASA PERSPECTIVE
Even though NASA, a federal agency, for the most part self-insures their space missions, they have developed rigorous risk management approaches applicable to the insurance industry. These include procedures to identify, analyse, track and control elements of risk, factoring in their interrelationships to increase the probability of success of its missions and objectives. NASA has gone through dramatic structural and strategic changes as they align to a more collaborative environment which includes many commercial partners and external stakeholders. These risk processes, tools and systems are deployed within the whole enterprise and integrated with other management processes including system engineering & analysis, project control of budgets & schedules, and meeting safety and mission assurance requirements. Key design and operational risks will be discussed including general lessons learnt from developing and implementing risk management within projects.
#In-depth discussion of NASA’s risk philosophy, tools and processes
#Overview quantitative and qualitative risk assessment techniques
#Design, development and implementation of organization-wide risk frameworks
FINTECH? INSURTECH? WHAT’S THE LATEST?
FinTech has been the buzz word for the last couple of years. More recently, people have been talking about This-Tech and That-Tech…InsurTech is also something we hear being referenced every day.
During this session we’ll discuss why InsurTech is coming to the fore, look at which companies and regions are making the best use of technology, and hear what we can do to embrace rather than resist it.
[RE]INSURANCE FAST FORWARD
In a digital world, the (re)insurance market must start its journey for a large transformation, to become a modern and highly efficient industry as a whole. More insurance and less administration is definitely the ambition of all the large global players who have committed in the Ruschlikon and B3i Blockchain initiatives to dematerialize all interactions between insurers, brokers and reinsurers, to reduce costs and accelerate cash-flows.
#Streamline back-office processes with Ruschlikon and ACORD
#With B3i, implement the blockchain technology to optimize all interactions of the entire value chain
#Ruschlikon and B3i
DATAROBOT UNDER THE SPOTLIGHT
Presentation from DataRobot followed by 'Slido' questions from the audience, moderated by Sophie Roberts, Associate Publisher, Global Reinsurance.
The five startup insurtech companies selected to give a 5-minute pitch are:
VIP RESCUE SAL