Digital Insurance Transformation: Mobilizing Data in a Connected World

With hardening markets across many product lines, challenging reinsurance markets, and preparations for a once in a generation regulatory change on pricing, it could be said that the general insurance market is living through a perfect storm. Looking ahead to 2022 and the changes on the horizon, might the tide be about to turn? Or will the grave impacts of climate change, an ongoing pandemic, and the threat of many other headline-making loss events, such as a large-scale cyber-attack, mean that this is a state of play to get used to? This lively panel debate considers the overall state of the general insurance market, what routes there are to a more stable market, whether we should expect this period of instability to continue, and seeks to answer if general insurance is living through a perfect storm or not?

An improving economy and rising interest rates are helping bolster insurer bottom lines. But the industry still faces plenty of opportunities and threats in the year ahead, including economic, cultural, regulatory, and technological. We'll discuss: Growth prospects and potential speed bumps in property, casualty, life insurance, and annuities. New oversight hurdles emerging globally in market conduct, privacy, and cyber risk management. Options for reinventing product development, talent, and automation.

The panel examined the key themes that emerge from the case studies provided by Vave, Ki Syndicate, ReThink, Verisk Specialty Business Solutions, Guidewire and Artificial Labs/Chaucer. Topics included project initiation, build or buy, how to achieve data mastery, the war for relevant talent, how the role of the broker changes in an algorithmic world, and what lies ahead.

To support the launch of the InsTech report, ‘From Admin Systems to Ecosystems: Enhancing services through partnerships’, Robin hosted a Live Chat to discuss the distribution, underwriting, claims and innovation benefits that are evolving from the ecosystem model and the role that admin systems can play in providing and enhancing them.