The Insurer Strikes Back: AI for Hire from Taikang?

A simple Google search for 'big data definition' returns over 70M hits in less than one second, and only one definition appears more than once among the first dozen hits. Is the fact that this volume and variety can be accessed with such velocity a testament to the democratization of data, or is the lack of clear veracity for any one definition a sign of revolution to come? Will insurance uses of big data be decided by insurance professionals like actuaries or regulators, or will consumers be the ultimate decision makers of how their data is used in insurance and beyond? In this session we use case studies to examine issues and stories surrounding big data in insurance, with a focus on regulation and governance issues. We also reflect on various solutions under discussion at both the national and state level to address big data and how actuaries can help decide its future.

Insurers point to three changing trends in financial crime. First, a growing variety of offenses in all forms, from the traditional claims fraud, underwriting fraud and fraud by agents and providers, to non-traditional forms including identity theft, money laundering, bribery and corruption, collusion and insider threats. Insurers must also comply with regulations around ‘Know Your Customer’, Sanctions Screening, privacy, security and more

Addressing the impacts of climate changes means fundamental reforms to key sectors in the economy. Meeting the UK’s Carbon Budget target of a 78% reduction in CO2 emissions by 2035 will require considerable investment across the economy, including c£0.8trn on energy efficiency in buildings and 30,000 new electric vehicle charge points needed each year to meet the 2030 date for phasing out sales of non-EV vehicles. This session looks at how this rapid transformation will impact insurance markets, exploring both how the sector will have to evolve its products and practices and where insurers can drive this by incentivising behavioural change and working collaboratively with customers and the sector’s supply chain.

In a recent IVANS survey, 72% of agents reported losing new business opportunities because they cannot find the right insurers for their risks. Is this true of your agency too? View this on-demand webinar to learn how IVANS Markets provides commercial market appetite insights, appointment workflows, and submission process efficiencies.