Insurtech Story Podcast

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Welcome to "Health Matters," where we explore the evolving landscape of employee healthcare in the modern workplace. As businesses recognize the vital role of health and wellness in productivity and job satisfaction, new-age approaches to employee healthcare are emerging. From cutting-edge technologies like wearable devices and telemedicine to comprehensive mental health programs and holistic wellness initiatives, companies are reimagining how they support their workforce. In this episode, we delve into these innovative strategies, examining how they improve health outcomes, enhance employee engagement, and create a more supportive and sustainable work environment. Join us as we uncover what new-age employee healthcare truly looks like.

Points of discussion:

In today's fast-paced work environment, what are some innovative approaches companies are adopting to enhance employee healthcare and wellness?
What new products, technologies, and initiatives are you introducing to enhance employee well-being and healthcare accessibility for SMEs?
What role do mental health programs and resources play in the new-age employee healthcare landscape, and how can companies effectively integrate these into their wellness initiatives?

Speaker Bio: Kulin Shah, who is the Co-Founder & COO at Onsurity. With over 15 years of experience, Kulin has excelled in business P&L, category and product management, brand partnerships, growth, and venture capital. As an entrepreneur, he built a B2C startup and is actively involved in the startup ecosystem as an angel investor, mentor, and advisor. Kulin is adept at achieving P&L goals, launching new categories and products, negotiating complex deals, and driving user acquisition and growth. He has successfully built and led high-performing teams to achieve ambitious business goals and significant market share. His specialties include category management, business P&L, CXO level engagements, product management, strategic partnerships, and fundraising.

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The integration of AI and machine learning (AIML) into actuarial pricing is transforming the insurance industry. AIML technologies enable insurers to analyze vast amounts of data with unprecedented speed and accuracy, leading to more precise risk assessments and pricing strategies. By leveraging advanced algorithms and predictive analytics, insurers can identify patterns and trends that traditional methods might miss, resulting in improved profitability and customer satisfaction. Despite challenges such as data quality and regulatory compliance, the continuous advancements in AIML promise a future where actuarial pricing is more dynamic, responsive, and tailored to individual risk profiles.

Points of discussion:

What are the key reasons behind the shift from traditional actuarial pricing methods to AI and machine learning-based approaches in the insurance industry?
Can you discuss the top risks in the insurance industry today and how new data sources, like IoT devices and social media, are being leveraged by AI/ML models to better evaluate these risks?
What are some quantifiable advantages of using AI and machine learning in actuarial pricing? Can you provide examples or case studies where these technologies have led to significant improvements?

Speaker Bio: Suguna Jayaraj, who is the Director of Pricing at MIC Global. Suguna is a passionate data science leader with a 15+ years of experience in insurance and banking industry. Before MIC Global, she lead analytics for Swiss Re Reinsurance solutions and ran the model development team of data scientists, data engineers, actuaries, geospatial scientists etc. in Bangalore. Prior to Swiss Re, she enabled marketing, product & claims team to realize the potential of advance analytics by increasing the top-line and the bottom line at AIG. Besides, she worked in multiple roles involving underwriting, capital modelling and wholesale banking in the BFSI space with HSBC and American Express. In addition, she has helped scale consulting start-ups and owned an e-commerce start up for a short stint. She was honoured as ’40 under 40 Data Scientists’ by Analytics India Magazine in 2021. She has co-authored two research papers in the insurance industry “ML based Geo-score to improve auto insurance pricing & Crime score for liability pricing”.

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The hidden key driving the insurance industry forward for captives lies in a combination of technological advancements, regulatory shifts, and innovative risk management strategies. Emerging technologies, such as AI and blockchain, are enhancing efficiency, transparency, and decision-making processes. Regulatory changes are creating new opportunities for captives to offer tailored solutions and address specific business needs. Innovative risk management approaches are allowing captives to better assess and mitigate risks, providing a competitive edge. These factors together are transforming the captive insurance landscape, enabling businesses to navigate complex risks with greater precision and flexibility.

Points of discussion:

1.What emerging technologies are considered the hidden drivers behind the growth and evolution of the captive insurance industry, and how are they transforming traditional practices?

2.How have recent regulatory changes and market dynamics created new opportunities or challenges for captive insurers, and what key factors should industry leaders be paying attention to?

3.In what ways are captive insurers innovating their risk management strategies to stay ahead in a competitive landscape?

Speaker Bio: Jeff Radke, is the Chief Executive Officer at Accelerant. Jeff has nearly 30 years of experience in insurance, having started his career as an intern at Guy Carpenter. Before founding Accelerant to reimagine the way risk is exchanged, Jeff drove strategic initiatives at Argo Group for a decade, and was previously CEO of the PXRE Group. His comprehensive understanding of the insurance industry inspired him to address critical pain points in the underwriting industry through Accelerant’s more data-driven approach.

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In this episode, we explore how institutions in the Banking, Financial Services, and Insurance (BFSI) industry can develop and optimize their data strategies to unlock the full potential of their data assets. We discuss the key components of robust data strategies, the importance of data governance, and the transformative role of advanced analytics and AI. Our conversation includes practical approaches and a tailored roadmap for organizations at different levels of operational maturity. Join us as industry experts share insights and best practices to help BFSI institutions drive innovation and achieve operational excellence through data-driven decision-making.

Points of discussion:

1.What are some of the key problems that the insurance industry is trying to solve with AI and Analytics?

2.How can insurers leverage advanced analytics and AI to transform raw data into actionable insights, and what are some real-world examples of successful implementation?

3.What challenges do insurance organizations typically face when developing and optimizing their data strategies, and what steps can they take to overcome these barriers and enhance their data governance, management, and utilization practices?

Speaker Bio: Shiraz Ritwik, is the Head of BFSI, CPG & Hospitality Growth at LatentView Analytics. Shiraz is an accomplished business consultant and analytics professional, currently leading BFSI & CPG & Hospitality Growth at LatentView Analytics. With a global presence in the US, EMEA, and India, he has helped Fortune 100 companies in sectors like BFSI, telecom, retail, and CPG achieve significant business impact. At LatentView Analytics, Shiraz drives AI/ML transformation for Fortune 500 organizations, helping them meet their data and AI objectives. His expertise spans marketing strategy, supply chain analytics, strategic sourcing, and IT outsourcing. A pioneer in data strategy for Financial Services, Shiraz also excels in converting data into actionable insights, revolutionizing the CPG sector's innovation approach.

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In this episode, we explore how the insurance industry is navigating the adoption of digital transformation and AI advancements with cautious optimism. These technologies promise to revolutionize underwriting, claims processing, and customer engagement, yet they also bring challenges such as regulatory hurdles and ethical concerns. We will discuss how insurers are balancing innovation with risk management, addressing data privacy issues, and transforming their workforce. Join us as we delve into strategies for leveraging digital and AI to enhance insurance operations while mitigating potential downsides.

Points of discussion:

1.With rapid proliferation of digital, technology and AI across industries, what are some of the risks you foresee? And how can insurers help in mitigating these risks?

2.But digital technologies throw open a world of opportunities as well. Is there something that can help to explore these opportunities?

3.What does digital trust comprise of and can it be measured?

Speaker Bio: Mitali Chatterjee, is the Vice President at Swiss Re Institute, India. Her key focus areas include digital ecosystem, mental health, public sector solutions, electric vehicles, sustainability and decarbonization. She has over eleven years of experience in research and thought leadership and is a regular speaker at various industry and academic forums, along with client events. Prior to joining Swiss Re, Mitali was a research specialist with Accenture. She has also worked at the Deloitte Center for Government Insights. In these roles, Mitali has authored several thought papers focusing on cross-cutting emerging technologies and their impact on the public sector. By education, Mitali is an economist, with a master's degree from Indira Gandhi Institute of Development Research (IGIDR).

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Offering Life Insurance Solutions to First Generation Customers delves into the nuanced approach required to provide effective life insurance options to individuals from immigrant or first-generation backgrounds. It explores tailoring policies to align with diverse financial situations and cultural perspectives. The discussion navigates common barriers, like language barriers and lack of familiarity with financial products, offering insights into overcoming them. It also highlights the importance of building trust and understanding between advisors and clients, emphasizing the role of education and culturally sensitive communication in facilitating informed decisions and securing financial protection for these often underserved communities.

Points of discussion:

1.How do you tailor life insurance solutions to meet the unique needs and concerns of first-generation customers, considering their diverse backgrounds and financial priorities?

2.What are some common misconceptions or barriers that first-generation individuals face when considering life insurance, and how can these be effectively addressed to encourage greater participation and understanding?

3.In what ways can financial advisors or insurance professionals build trust and rapport with first-generation clients to facilitate informed decision-making regarding life insurance options and long-term financial planning? Can you give an example from the Cambodian market?

Speaker Bio: Sythan Prou, is the Chief Executive Officer of Forte Life Cambodia, which at the time of writing is the largest life insurer in Cambodia in terms of its customer base. Mr Sythan is among the few Cambodian senior leaders who pioneered life insurance in 2012 when he joined Manulife Cambodia as the Chief Legal & Compliance Officer and later becoming the Chief Partnership Distribution Officer. Throughout his career Sythan has received several accolades, most notably the Royal Order of the Kingdom of Cambodia – Mohasena (Grand Officer) from the King of Cambodia for his contribution towards insurance, education and legal communities; the Young Leader of the Year award in 2021 from Asia Insurance Review; and inclusion in the Asian Legal Business 40 Under 40.

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The digitization of the insurance market in Thailand is transforming the industry, enhancing efficiency, accessibility, and customer experience. This shift is driven by advanced technologies such as artificial intelligence, blockchain, and big data analytics, which streamline processes from policy issuance to claims management. Insurtech startups and traditional insurers alike are leveraging online platforms and mobile applications to offer personalized products and services. This digital evolution not only meets the rising demand for convenient, transparent, and swift insurance solutions but also supports regulatory compliance and risk management. As a result, Thailand's insurance sector is poised for significant growth and innovation.

Points of discussion:

1.What specific challenges has the insurance industry in Thailand faced in transitioning to a digital-first approach?

2.What are some notable examples of innovative digital strategies that insurance companies in Thailand have implemented to stay competitive?

3.Can digitization help address the issue of underinsurance in Thailand? If so, how?

Speaker bio: Ben Assanasen, is the Managing Director at Thai Setakij Insurance company. Prior to joining Setakij, Ben lead Tune Protect Thailand, an associate company of Tune Protect Group, as its Chief Executive Officer and Group Health Leader. Ben brings with him a wealth of industry experience that spans over 2 decades - encompassing general management as well as hands-on operational roles covering a broad range of functions. Prior to Tune Protect, he worked for Ernst and Young (EY), as an Associate Partner for ASEAN; as the Managing Director of Bupa Health Insurance; and as the Chief Executive Officer of Aegon in Thailand. He has also been appointed as Director of the Executive Committee and Advisory Director of the Accident and Health Insurance Committee of the Thailand General Insurance Association (TGIA).

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In the podcast "Navigating the Future: Guidewire Driven Transformation in Insurance," industry experts explore how Guidewire technology is revolutionizing the insurance sector. They delve into the ways insurance companies are leveraging Guidewire to adapt to industry shifts, discussing successful implementations and the benefits they yield. The conversation also delves into challenges encountered during these transformations and offers insights into the future role of Guidewire in shaping insurance landscapes. Through examples and analysis, listeners gain a comprehensive understanding of the pivotal role Guidewire plays in driving innovation and efficiency within the insurance industry.

Points of discussion:

1.How are insurance companies leveraging Guidewire technology to adapt to the evolving landscape of the industry, and what specific transformations has it enabled?

2.Could you provide examples of successful implementations of Guidewire-driven transformations in insurance, highlighting the key benefits and challenges faced by organizations during the process?

3.With the rapid advancements in technology and data analytics, how do you see Guidewire continuing to shape the future of insurance, and what are the potential implications for both insurers and customers?

Speaker Bio: Ravi Thakur, who is the SVP – Financial Services & Insurance - Zensar Technologies. Ravi is a seasoned leader with over 25 years of extensive experience in the insurance and healthcare industries. Renowned for his ability to create lasting shareholder value, Ravi has consistently demonstrated his expertise in business and technology transformation, collaborating closely with clients to achieve substantial results. With a proven track record of building and growing profitable business portfolios, Ravi excels in implementing strategic initiatives and optimizing business performance. His growth mindset and passion for taking on new challenges drives him to continuously create value, leveraging a unique blend of strategy, operations, technology, and innovative thinking. Ravi holds an MBA from IIM Calcutta, specializing in Finance and MIS, and a B.Tech. in Electrical and Electronics Engineering from IIT Madras. His diverse expertise spans P&L Management, IT strategy and advisory, innovation, digital transformation, business development and sales leadership, large deal orchestration, operations and operating model transformation, partnerships and alliances, and coaching and mentorship.

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In today's fast-paced world, the insurance industry finds itself at the intersection of innovation and ever-changing risks. The evolution of work within this sector reflects a dynamic response to technological advancements, changing customer demands, and emerging workforce trends. From embracing AI-driven solutions to redefining traditional employment structures, insurers are navigating a landscape shaped by digital transformation. In this podcast, we delve into the intricate dynamics of how insurers are reshaping their approach to work in the age of innovation, exploring strategies, challenges, and the future of employment in this ever-evolving sector.

Points of discussion:

1.How does the world today cope-up with Rapid Innovation?
2.Two Strategic imperatives of our times - Innovation and ESG - can the two co-exist?

3.What does innovation mean for the insurance industry going forward.
4. What does Future of work mean for you? And how does one craft a winningstrategy?

Speaker Bio: Abhinav Garg is the Senior Vice President - Strategy & Change for India & Poland at AXA XL. Abhinav is a seasoned expert in strategy, innovation, and ESG having spent nearly two decades with renowned organizations like AXA, Boston Consulting Group, and McKinsey & Company. Recently honoured with the Innovation Leadership award by the World Innovation Congress, he's actively involved in mentoring deep-tech startups, aiming to foster India's startup ecosystem towards a 1-Trillion startup economy by 2030. He is a sought-after Global Capability Center (GCC) Leader in the Asian Region, often invited at distinguished forums for expert views on the industry. Abhinav advocates for innovation that benefits humanity and collaborates with the broader ecosystem to drive meaningful change in ESG.

Note: Views and opinions shared here are purely of the speaker and not of any organizations and institutions that he/she may represent.

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In today's rapidly evolving landscape, the insurance industry finds itself at the forefront of a digital revolution. As technology continues to advance, insurers are navigating a transformative wave characterized by innovations in AI, machine learning, and blockchain. However, amidst this wave, the paramount importance of data privacy emerges as a critical concern. Striking a delicate balance between leveraging customer data for personalized services and safeguarding privacy is imperative. Beyond technological advancements, factors like regulatory frameworks and industry standards shape the trajectory of digital transformation initiatives. Join us as we explore the multifaceted journey of digital evolution in insurance, spanning tech innovations, data privacy, and more.

Points of discussion:

How is technology reshaping the landscape of the insurance industry, and what are the key challenges and opportunities for insurers in adopting emerging technologies?
Why is data privacy crucial in the digital transformation journey of insurance, and how do insurers navigate the delicate balance between utilizing customer data for personalized services and safeguarding privacy?
Beyond technological advancements, what are the multifaceted factors influencing digital transformation in insurance, including regulatory frameworks, industry standards, and the integration of innovative risk management strategies and customer-centric product development?

Speaker Bio: Rohit Kilam, is the Chief Technology Officer at HDFC Life. Rohit at HDFC Life, spearheads digital transformation and innovation efforts. With over 25 years of experience in technology leadership across Europe, India, and ASEAN, he has collaborated with technology giants and financial firms. His expertise lies in developing and managing state-of-the-art fintech products and platforms, utilizing cloud, open source, AI, and IoT technologies. Besides, Rohit has successfully overseen the development of products for various payment channels, wealth platforms, card personalization, and digital lending and collections. Additionally, he serves as an advisor and investor, supporting and mentoring start-ups in deep tech and fintech.

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In the dynamic landscape of insurance brokerage in India, AI is rapidly transforming customer engagement strategies. Leveraging AI-powered solutions, brokers can now offer personalized services, streamline operations, and enhance overall customer satisfaction. These technologies enable brokers to analyze vast amounts of data to understand customer needs better, predict trends, and offer tailored products. With AI, brokers can automate routine tasks, allowing them to focus on building meaningful relationships with clients. Embracing AI not only improves efficiency but also enables brokers to stay competitive in a rapidly evolving market, ensuring they can meet the diverse needs of their customers effectively.

Points of discussion:

How is AI currently being used to enhance customer engagement in the insurance brokerage?
What are some practical tips for insurance brokers looking to implement AI-powered customer engagement strategies?

Speaker Bio: Dr. Sandeep Dadia, is the Chief Executive Officer and country head, at Lockton India, which is the the world's largest privately owned, independent insurance broker. He assumed this role in February 2024, transitioning from his 12-year tenure as the CEO and Principal Officer at Aditya Birla Insurance Brokers Ltd. (ABIBL). Dr. Dadia boasts over two decades of experience in the insurance sector, encompassing broking, reinsurance, and third-party administration. Besides, his blend of medical and insurance expertise lends a distinctive perspective to risk management and client service. Driven by a commitment to growth and innovation, he has spearheaded digitization efforts across retail and commercial lines while forging strategic partnerships within the industry. Dr. Dadia's exceptional leadership and performance were recognized with the CEO of the Year award in both 2021 and 2022. Passionate about sharing his wisdom, he is also an accomplished author and speaker, penning a book on his spiritual journey titled "A Soul Tie".

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The evolution of insurance affinity is a dynamic journey encompassing the past, present, and future. Historically shaped by societal needs and economic shifts, insurance affinity has undergone significant transformations. In today's landscape, technology and data play pivotal roles, enabling insurance companies to forge stronger connections with customers through personalized strategies. Looking forward, the future of insurance affinity is poised for further evolution, with emerging technologies, societal changes, and regulatory dynamics influencing the trajectory. As the industry adapts to these factors, the podcast explores the fascinating narrative of insurance affinity, shedding light on its historical roots and future possibilities.

Points of discussion:

How has the concept of insurance affinity evolved over the years, and what key historical factors have shaped its trajectory from the past to the present?
In the current landscape, how are insurance companies leveraging technology and data to build stronger affinity with customers? Can you provide examples of innovative strategies that have emerged in recent years?
Looking ahead, what trends and developments do you foresee in the future of insurance affinity? How might emerging technologies, societal shifts, or regulatory changes impact the evolution of insurance affinity in the years to come?

Speaker Bio: Phil Hobson, is the Managing Director for Affinity, at Marsh. Hobson joined Marsh in 1996 and has served in a variety of leadership roles, most recently as commercial and consumer leader for Asia. He has more than 34 years of industry experience and has led teams across Asia Pacific.

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In the rapidly evolving landscape of cyber threats, cyber insurance has traditionally focused on mitigating losses primarily from ransomware attacks. However, as cybercriminals diversify their tactics, the scope of cyber insurance is expanding beyond ransomware to encompass a broader array of risks. This shift reflects the growing recognition among businesses of the need for comprehensive protection against a range of cyber threats, including data breaches, supply chain vulnerabilities, and social engineering scams. As organizations seek to bolster their resilience in the face of these challenges, cyber insurance providers are adapting their policies to offer more tailored coverage and proactive risk management solutions.

Points of discussion:

How has the rise of sophisticated cyber threats beyond ransomware influenced the evolution of cyber insurance policies, and what new coverage options are emerging to address these challenges?
What are some key considerations for businesses looking to enhance their cyber insurance coverage beyond ransomware, particularly in light of the increasing frequency and complexity of cyber-attacks?
In what ways can organizations leverage cyber insurance as a strategic tool beyond mitigating financial losses, such as improving cybersecurity posture and fostering a culture of cyber resilience?

Speaker Bio: John Pennick, is the Financial Risks Director and member of the board at Berkeley Insurance Group UK Limited. John is a highly experienced Financial Risks Director specializing in Professional Indemnity, Cyber, and other specialist insurances, with over 30 years of expertise. He advises businesses on managing and insuring financial, legal, and regulatory risks, offering practical advice and in-house training. John is a market leader in Cyber insurance and a founding member and Chairman of the British Insurance Brokers’ Association’s Cyber Focus Group. He regularly speaks at Cyber conferences and networking events and collaborates with organizations such as the CBI, Willis Towers Watson Network, and Institute of Fundraising. John is a key liaison with the government, Information Commissioner’s Office, and Association of British Insurers.

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Exploring the forefront of insurance technology, our podcast delves into the latest innovations reshaping billing and payment infrastructure within the industry. Through insightful discussions with our speaker, we unravel how Insurtech firms leverage cutting edge technologies like blockchain and AI to streamline processes and enhance customer experiences. From overcoming regulatory hurdles to forecasting future trends, we uncover the dynamic landscape where traditional practices meet digital transformation. Join us as we navigate the complexities, opportunities, and challenges driving the evolution of insurance billing and payment systems.

Points of discussion:

How are Insurtech companies leveraging technology to enhance the efficiency and transparency of insurance billing and payment processes?
Can you discuss some of the most promising innovations in insurance billing and payment infrastructure, and how they're addressing longstanding challenges within the industry?
What role does, emerging technologies such as blockchain, artificial intelligence, and machine learning play in revolutionizing insurance billing and payment systems, and what are the potential implications for insurers and policyholders alike?

Speaker Bio: Shaun Quincey, is the CEO & Co-founder of Simfuni, New Zealand. Shaun is a payments expert known for his buy now, pay later venture which was later sold to Latitude in 2019. His passion for innovation led to Simfuni's inception, targeting insurance payments. Simfuni aims to digitize and streamline insurance payments, prioritizing customer preferences and integrating with industry software. Beyond transactions, Simfuni sees payments as vital to service consumption, aiming for seamless experiences. Their vision includes intuitive insurance payments, enhancing customer understanding, and engagement for sellers. Shaun’s journey reflects a commitment to elegant payment solutions, positioning Simfuni to revolutionize the insurance payment landscape with user-friendly, efficient processes.

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In the ever-evolving landscape of health insurance, the General Insurance Council has ushered in a transformative era with its ground-breaking initiative, 'Cashless Everywhere.' This innovative move promises policyholders the liberty to choose any hospital for treatment, introducing a cashless facility, even beyond the insurer's network. The General Insurance Council envisions this initiative as a remedy to the financial strain often experienced by policyholders. This podcast delves into the intricacies of this initiative, exploring its potential to streamline the claims process, enhance policyholder experience, and serve as a potent tool in the ongoing battle against insurance fraud.

Points of discussion:

How does the 'Cashless Everywhere' initiative by the General Insurance Council of India aims to address the current challenges faced by policyholders when seeking treatment in hospitals outside their insurer's network?
How does the 'cashless everywhere' facility plan to alleviate the financial stress on policyholders and streamline the claims process
How does the 'Cashless Everywhere' initiative contribute to enhancing trust in the system and creating a more seamless experience for policyholders?

Speaker Bio: Segar Sampathkumar, is the Director for Health Insurance at General Insurance Council of India. Sampath’s appointment at GIC, aims to implement comprehensive changes within the sector, ultimately leading to the establishment of a 100% cashless payment system. Sampath, prior to joining GIC, held the position of Insurance Ombudsman in Chennai for nearly two years and his experience also includes serving as a general manager responsible for the health insurance portfolio at New India Assurance, the largest non-life general insurer in India.

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In the dynamic landscape of insurance, the integration of generative AI models has emerged as a transformative force, reshaping traditional approaches to risk assessment, claims processing, and overall decision-making. As these sophisticated models become integral to industry practices, questions surrounding their evaluation metrics, real-world applications, and ethical implications become paramount. In this podcast, we delve into the intricacies of generative AI's role in insurance, exploring key metrics, practical successes, and the ethical considerations that guide their development. Join us as we navigate the intersection of artificial intelligence and insurance, unraveling the promises, challenges, and evolving landscape of this cutting-edge technology.Points of Discussion:1. How do you see the evolution of AI/ML solutions being used in Insurance industry, and the changes being brought by Gen AI technology?2. Can you provide examples of successful Gen AI applications in insurance, and what lessons have been learned from these implementations?3. What ethical considerations and steps are being taken to address potential biases in the development and deployment of Gen AI models in the insurance industry?Speaker Bio: Goutam Kanjilal leads the Global Delivery-Insurance operations at Exavalu. He is a seasoned technology professional with over 25 years of experience in the IT industry focused on Insurance customers across geographies. Over the years, he has played various management and leadership roles in Insurance Consulting, Market Development, Product Development, Program Delivery, Practice Development, and Delivery Management.Before joining Exavalu, Goutam was part of Cognizant, where he played various key roles within Insurance practice. Goutam has been involved in several strategic initiatives where he worked closely with global and regional Insurers in their core and digital transformation programs in the Life, Group Benefits, Retirement, and P&C domain. Goutam holds a B.E. in Mechanical Engineering.

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As the insurance industry undergoes a digital revolution, traditional brokers grapple with the need to embrace technological innovations. This podcast delves into the strategies for seamlessly integrating technology into their practices, enhancing client services, and optimizing operations. Exploring the challenges inherent in this transition, it provides insights into overcoming obstacles and staying competitive amid the rise of insurtech start-ups. Discover the key advancements traditional brokers should prioritize to not only survive but thrive in the dynamic landscape, ensuring their continued relevance in an industry undergoing rapid transformation.

Points of discussion:

In navigating the intersection of tradition and technology, how can traditional insurance brokers effectively integrate and leverage technological innovations to enhance their client services and streamline operations?
As technology continues to reshape the insurance landscape, what specific challenges do traditional brokers face in adopting new tools and platforms? What strategies can be employed to overcome these challenges and ensure a seamless transition to a more tech-savvy approach?
With insurtech start-ups disrupting the industry, how can traditional brokers stay competitive and relevant? What are the key technological advancements that brokers should prioritize to not only survive but thrive in the evolving insurance market?

Speaker Bio: Harprem Doowa, is the Founder at Eazy Digital. He was most recently the co-founder and CEO of Frank Insurance, an online digital broker based out of Thailand that innovated the way insurance was bought and sold. He successfully exited the company to Bolttech in 2020 and continued to work for Bolttech and CDO and Head of Insuretech for another 2 years before going back to his entrepreneurial roots.

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In an era marked by escalating cyber threats, the intersection of cybersecurity and insurance has become a critical focal point for safeguarding businesses. This podcast explores the synergies between these two domains, delving into the evolving strategies and collaborative efforts that industry experts employ to navigate the complex landscape of cyber risks. From identifying shared challenges to harnessing innovative solutions, we unravel the integral relationship between cybersecurity and insurance, shedding light on how organizations can fortify their defences, mitigate risks, and foster resilience in the face of an ever-changing digital threat landscape. Welcome to a conversation at the nexus of security and assurance.

Points of discussion:

How are the evolving dynamics of cyber threats influencing the collaboration between the cybersecurity and insurance industries, and what synergies can be identified in addressing the rapidly changing risk landscape?
In the realm of cybersecurity and insurance, what key challenges and opportunities arise when attempting to align strategies and practices? How can organizations effectively navigate these complexities to enhance their overall risk management approach?
With the increasing frequency and sophistication of cyberattacks, how do cybersecurity and insurance professionals collaborate to develop innovative solutions and frameworks that not only mitigate risks but also promote a more resilient and adaptive security posture?

Speaker Bio: Hilario Itriago, is the President of Boxx Insurance USA. Hilario a seasoned insurance professional, boasts over 20 years in the industry, predominantly with RSA Insurance Group. Notably, he served as Regional COO and later CEO of a USD 1.2 billion business spanning six LATAM countries, achieving a remarkable 19.4% CAGR from 2010 to 2014. With extensive expertise in diverse markets like the UK, the Baltics, and LATAM, Hilario has proven leadership in steering substantial business growth and facilitating strategic transactions.

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In this podcast episode, we explore the dynamic intersection of technology and insurance, delving into the transformative trends that are reshaping the flexibility of insurance products. Our discussions with industry expert unveil the cutting-edge role of innovations such as AI, blockchain, and Insurtech solutions. Real-world case studies spotlight successful implementations of these technologies, showcasing how insurers are crafting adaptable products that cater to the evolving needs of policyholders. We also address the delicate balance insurers must strike between adopting new technologies for flexibility and ensuring security, compliance, and an optimal user experience. Join us to unravel the tech trends revolutionising insurance flexibility.

Points of discussion:

In the rapidly evolving landscape of insurance, technology plays a pivotal role. Could you highlight specific technological trends that are currently transforming the flexibility of insurance products, and how these innovations are reshaping the way insurers approach product development?
With the rise of Insurtech and advancements like AI and blockchain, there's a significant impact on the flexibility of insurance offerings. Can you share real-world examples or case studies where technology has been successfully harnessed to create more adaptable insurance products, meeting the diverse needs of policyholders?
How do insurers balance the adoption of new technologies to enhance flexibility in product development while ensuring security, compliance, and a positive user experience for both customers and industry stakeholders?

Speaker Bio: Randel Bennet is the founder and Principal Consultant of Qixent Insurance Services, a consultancy firm specializing in providing innovative insurance solutions. Prior to forming Qixent, Randel was the Vice President of Strategic Partnerships at Swiss Re, and he was also the co-founder of an insurtech focused on auto insurance, besides being a product management leader at various insurance brands.

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In this episode, we delve into the transformative world of enterprise analytics within the insurance industry. As data becomes increasingly abundant, insurance companies are leveraging advanced analytics to gain valuable insights, enhance decision-making processes, and optimize overall business performance. Join us as we explore the latest trends, challenges, and success stories in the realm of enterprise analytics, shedding light on how insurers are harnessing the power of data to drive innovation, improve customer experiences, and stay ahead in an ever-evolving landscape. From predictive modelling and risk analysis to personalized customer solutions, our expert guests will share their insights into the pivotal role analytics plays in shaping the future of insurance. Whether you're a seasoned professional in the industry or just curious about the intersection of data and insurance, this episode promises to unravel the intricacies of enterprise analytics and its impact on the insurance ecosystem.

Points of discussion:

How has the role of enterprise analytics evolved in the insurance industry, and what notable changes have you observed in recent years?
What are the primary challenges insurers face when implementing enterprise analytics, and are there any specific strategies or solutions that have proven effective in overcoming these hurdles?
In what ways is enterprise analytics reshaping customer experiences in insurance, and can you share a brief example of a successful application?

Speaker Bio: Amit Boni, is the Founder & CEO of Ensuredit. Ensuredit is an insurtech that enables and empowers end customers and Insurance Intermediaries with AI-based product platforms for transformational customer experience.

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In today's digital era, advancements in technology are reshaping the landscape of claims processing. In this podcast, we explore how insurers navigate this transformation, balancing efficiency gains with the imperative to maintain trust among policyholders. From artificial intelligence to data privacy concerns, our discussions aim to unravel the challenges and opportunities presented by innovative solutions. Join us as we engage industry expert to gain insights into the evolving relationship between trust and technology, and its profound impact on the future of insurance claims.

Points of discussion:

How has technology transformed the landscape of insurance claims processing, and what role does trust play in this evolving ecosystem?
In a world increasingly reliant on digital platforms for claims handling, how can insurers build and maintain trust with their policyholders?
What are the key challenges and opportunities at the intersection of trust and technology in the claims process, and how are industry leaders addressing them?

Speaker Bio: Divyajot Singh, is the Principal Business Strategist at Neutrinos. In this role, Divyajot is guiding the innovation team dedicated to enabling insurers to succeed in a swiftly changing market. In addition, he is also focused on delivering concrete outcomes with strategic counsel to assist numerous clients in reaching their growth goals.

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In this podcast episode, we will tackle the pressing issue of cost control in health insurance, striving to unravel strategies that can render coverage more accessible and affordable. Our discussion spans around innovative approaches within the industry, exploring how technology can be harnessed to identify cost saving opportunities without compromising the quality of care. Additionally, we take a global perspective, examining successful instances where either government policies or private initiatives have effectively implemented cost control measures in health insurance.

Points of discussion:

How can innovative cost control measures be implemented in the health insurance industry to make coverage more affordable for a broader range of individuals?
In the current landscape of rising healthcare costs, what role do technology play in identifying opportunities for cost control within health insurance plans?
How can these insights be leveraged to drive down premiums? Any used cases you can share from the global market?

Speaker Bio: Prasad Krishnamorthy, is the Vice President - Products, at Perfios. Prasad has been creating B2B solutions across BFSI and Supply Chain use cases for more than two decades. He is passionate about using the best of technology like IoT, ML and AI to solve real-world inefficiencies. In his current role as the head of Insurtech solutions at Perfios, leveraging Perfios' robust data framework to provide solutions across the Insurance spectrum for Automating people intensive processes - making them faster, cheaper, and better. Understanding and Analyzing varied large scale data to enable real time decision making, identifying and mitigating Risk and Fraud is also part of the role.

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Generative AI is revolutionizing the insurance industry by leveraging advanced algorithms to create synthetic data and simulate diverse scenarios. This technology enables insurers to enhance risk assessment models, optimize underwriting processes, and streamline claims management. By generating realistic data sets, AI facilitates more accurate predictions, improving the industry's ability to assess and mitigate risks. Additionally, generative AI contributes to personalized pricing models and innovative product development, tailoring insurance offerings to individual needs. As insurers harness the power of generative AI, they gain a competitive edge, fostering efficiency, precision, and agility in an ever-evolving landscape.

Points of discussion:

What does Generative AI mean to you? And what does it mean in the context of insurance?
What are some key Generative AI use cases across the insurance value chain that you are witnessing?
Insurance companies are known to have a large volume of legacy data assets. What are the key challenges customers face when integrating AI technologies with existing legacy systems? How can these challenges be effectively addressed?
Any parting thoughts especially for organizations on how they can build their Generative AI adoption strategy?

Speaker Bio: Arunima Gautam is the Go To Market and Products Leader for the Financial Services and Insurance Business Unit in Quantiphi. In her time with Quantiphi as an Insurance leader, she has successfully spearheaded digital transformation initiatives for multiple Fortune 500 enterprises across the globe, helping them modernize cloud infrastructure through new-age data and AI/ML solutions. In her current role, Arunima runs the go-to-market for Global Insurance companies and is the product owner for Dociphi, Quantiphi’s AI-driven document-processing SaaS product, designed to help insurance carriers, brokers, and 3rd party administrators streamline and modernize document-heavy business workloads. Among other things, Dociphi’s enterprise-ready Generative AI Assistant powered by Large Language Models enables insurance knowledge workers to enhance productivity with in-domain QnA, automated claim and policy document summarization.

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Artificial intelligence (AI) is reshaping Brazil's property insurance sector, offering advantages to insurers and policyholders. AI enhances risk assessment by analyzing diverse data, from location details to claims history. It enables personalized pricing, ensuring fairer premiums. Additionally, AI aids in fraud detection, identifying suspicious patterns in claims. Chatbots and virtual assistants enhance customer service, while IoT devices like fire sensors prevent losses. Automation expedites claims processing, boosting customer satisfaction. AI's data analysis capabilities help insurers identify trends, refining underwriting strategies. The future entails a data-centric approach, IoT integration, climate change considerations, and tailored policies to meet evolving customer demands, amid a competitive market landscape. Adapting to these trends will be crucial for insurers in Brazil.

Points of discussion:

How is artificial intelligence revolutionising the property insurance sector in Brazil, and what specific benefits does it offer to both insurers and policyholders?
Could you elaborate on the role of IoT in property insurance underwriting? How does it enable real-time risk assessment and what impact does it have on policyholder behaviour and pricing adjustments?
What are the key trends and changes shaping the future of property insurance underwriting in Brazil?

Speaker Bio: Hermes Brancaliao, is the Head of Property & Energy Underwriting – Brazil Market at Swiss Re. Hermes has over 25 years of experience in the insurance sector, where he specializes in Property and Casualty, particularly in Large Risks and the Medium Market. He holds a degree in Production Engineering, an MBA in Business Management from FGV and UCI-University of California Irvine, and a Master's in General Administration from Uninove. His career includes roles at prominent companies such as Real Seguros, HSBC Bamerindus Seguros, Yasuda Seguros, and Itaú XL Seguros. Since 2013, he served as the Head of Property & Energy Underwriting at Swiss Re Corporate Solutions Brazil. Additionally, he has shared his expertise as a professor in insurance postgraduate courses. Besides, he is also the author of a book which is on - Major Risks Property Insurance.

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In this podcast episode, we delve into the transformative impact of digitised claims processes on the insurance industry. Exploring the fusion of technology and insurance, we discuss real-world success stories, illustrating how companies have harnessed digitisation for remarkable efficiency gains and elevated customer satisfaction. Our expert guest breaks down the crucial elements of a thriving digitised claims platform, shedding light on how they revolutionise operations. From accelerated claims processing to enhanced fraud detection, we unravel the manifold benefits. Join us as we navigate the future trends poised to further revolutionise claims processing in this dynamic, tech-driven landscape.

Points of discussion:

How has the digitisation of claims processes revolutionised the insurance industry in terms of efficiency and customer experience?
Can you share some real-world examples of how companies have successfully implemented digitised claims systems and seen tangible improvements?
What are the key components of a successful digitised claims platform, and how do they contribute to streamlined operations and improved customer satisfaction?

Speaker Bio: Troy Stewart, is the President & Chief Operating Officer at Brush Claims. Stewart started at Brush Claims 12 years ago as a field adjuster, then shifted into a quality assurance review position, where he rose to the ranks of vice president of daily claims. Appointed as the COO, president and partner in 2018, Stewart was essential in the development of Brush Claims’ software suite Hubvia, which is planned to hit the market in late 2023. He also played a large role in the evolution of the HyDAP claims handling program, which boasts a 68-hour cycle time. And all these are a part of Brush Claims. In 2021, Stewart participated on behalf of Brush Claims in cohort seven of the prestigious Lloyd’s Lab by Lloyd’s of London. Excellent Troy! Very notable achievements.

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In the digital age, securing insurance transactions is paramount. Technologies like digital identity verification and biometric authentication bolster security while ensuring a seamless experience. Challenges persist, with cyber threats evolving. Blockchain offers data immutability, enhancing protection. Artificial intelligence swiftly identifies fraud patterns, maintaining security without compromising user experience. Balancing these aspects underscores the industry's commitment to secure insurance transactions in an increasingly interconnected world.

Points of discussion:

How are technologies like digital identity verification and biometric authentication enhancing security in insurance transactions?
What challenges do insurers face in securing customer data during transactions, and how is blockchain technology addressing these challenges?
How do AI and machine learning detect fraud in insurance transactions while maintaining a seamless customer experience? Any notable examples?

Speaker Bio: Dheepak Rajoo, is the Chief Information Officer at Royal Sundaram General Insurance where he is responsible for Technology, Data and Transformation. He is a business-oriented technology leader, adept at bridging the business-tech gap with a keen grasp of goals and processes, offering diverse transformations for thriving in today's dynamic market. His visionary intellect positions companies on the disruptive forefront, blending visionary thinking and agility.

Across industries like banking, insurance, and finance, Dheepak hones his passion for efficiency, operational excellence, and enriched customer experiences. He's a catalyst for agile organizations, driving change at Royal Sundaram as CIO. At RBL Bank, he led multi-channel digital transformation, establishing an efficient IT PMO, tripling IT delivery speed through Agile. Dheepak spearheaded AXA Paris' digital shift, reimagined ING's banking processes, and facilitated Bharti AXA's data migration.

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Shipping insurance is a vital safeguard in the realm of e-commerce and logistics. It provides customers with financial protection against the uncertainties of shipping, including damage, loss, or theft of their purchased items during transit. This coverage reassures customers, enhancing their trust in online shopping and the reliability of shipping services. Shipping insurance matters as it not only ensures customers receive their products intact but also cultivates positive experiences, reinforcing brand loyalty. In the dynamic landscape of e-commerce, offering shipping insurance demonstrates a commitment to customer satisfaction, reducing friction and instilling peace of mind throughout the purchasing journey.

Points of discussion:

Can you elaborate on the key challenges customers often face when it comes to shipping insurance? How do these challenges impact their overall experience with e-commerce and shipping services?
In the realm of customer experience, how can shipping insurance be better integrated into the overall purchasing process? What strategies or innovations have you observed that successfully enhance customer satisfaction and trust in this aspect?
How has technology-driven innovation influenced the evolution of shipping insurance, and what role does advanced tracking, data analytics, and automation play in enhancing the overall customer experience within this context?

Speaker Bio: Dan Spitale, is the Director of Customer Journey & Sales at UPS Capital.

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Exploring the insurance industry's digital transformation, this podcast delves into how insurance brokers adapt to new trends, utilize data analytics, and embrace technology. It highlights challenges, cybersecurity concerns, successful collaborations, and customer-centric strategies for navigating the digital future. Essential insights for insurance professionals and those interested in the evolving insurance landscape.

Points of discussion:

Can you provide an overview of the current state of the insurance industry and how digitalisation is impacting the role of insurance brokers?
What are some of the key digital trends that insurance brokers are adopting to stay competitive in the market?
How can insurance brokers effectively leverage technology and digital tools to enhance customer experiences and streamline their operations? Any example?

Speaker Bio: Vidya Bhuta, is the Director and Principal Officer at Mialtus Insurance Broking, that has a presence in over 48 locations across the country. Vidya has over 17 years of experience in building businesses from scratch. She is a qualified broker and a serial entrepreneur with capabilities in strategy, analytical thinking, and disruptive technology.

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The Importance of the Human Element in Underwriting explores how human intuition, experience, and empathy add value to the risk assessment process, complementing automated systems. This podcast highlights the role of underwriters in building trust with policyholders, providing personalised experiences, and addressing ethical considerations to ensure fairness and inclusivity in insurance underwriting.

Points of discussion:

In an age where automation and data-driven decision making are becoming more prevalent in underwriting, how do you see the human element adding value to the process?
Customer experience is a critical aspect of insurance underwriting. How do you believe the human touch in underwriting impacts the way insurers interact with policyholders?
Ensuring fairness and avoiding biases in underwriting decisions is essential. How do you approach ethical considerations in the underwriting practices, and what steps can one take to mitigate potential biases?

Speaker Bio: Ben Webster, is the Co-founder of Agile Underwriting Services. Ben is a seasoned professional with a remarkable track record in the insurtech space. With a passion for developing innovative insurance platforms, Ben has successfully built and scaled multiple bootstrapped insurtech start-ups from the ground up, turning them into profitable businesses. His extensive experience spans over 15 years, making him a true veteran in the industry. His deep understanding of the insurance landscape, combined with his technical expertise, enables him to drive transformative change and create meaningful value for both insurers and the policyholders.

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Digital public infrastructure acts as a catalyst for financial inclusion in insurance by improving connectivity, enabling digital payments, and facilitating data analysis. Through collaboration between governments and insurers, an enabling environment is created to bridge the gap and expand access to insurance products. This infrastructure empowers individuals and communities, particularly in underserved areas, by providing them with convenient access to insurance information, affordable premium payment options, and tailored insurance products based on data analysis. By leveraging digital technologies and public infrastructure, financial inclusion in insurance becomes a reality, promoting economic stability and resilience for previously marginalised populations.

Points of discussion:

Can you explain what financial inclusion means in the context of insurance and why it is important?
What role does technology play in advancing financial inclusion in insurance? Are there any specific digital solutions that have proven effective?
How does digital public infrastructure contribute to financial inclusion in the insurance sector? What specific elements of digital infrastructure, such as connectivity and digital payment systems, are essential for expanding insurance access?

Speaker Bio: Rajiv Malhan, is the Head of FinTech innovations and Digital Public Infrastructure at Aditya Birla Capital. Rajiv is a strategic and tech savvy leader with more than 20 years of progressive experience in conceptualising and implementing Business & Digital Transformation strategies. He works closely with the Executive Leadership Team and Business Heads across various department in BFSI Domain to develop digital & business transformations roadmap. He also collaborates and strategies to ensure, transformational initiatives are fully integrated to organisational objectives and customer expectations.

He is an expert in solving complex business problems across the organisation impacting revenue, cost and customer experience by crafting simplified journeys through digital tools. Being an expert in his field, he is invited as a Keynote Speaker at various Forums to comment on Digital Public Infrastructure, Financial Inclusion, Emerging Technologies, Customer Experience, Customer Engagement Strategies, Simplified Customer Journeys, Gamification of Services & Metaverse in Insurance Domain to name a few.

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The power of synergy in modern insurance is reshaping the industry, driven by advanced technologies and collaboration. Insurers leverage AI and data analytics for efficient underwriting, claims processing, and risk management. Collaborative efforts between companies share resources, expertise, and data, enhancing operational efficiency and customer experiences. A customer-centric approach offers seamless, personalised services. Regulatory compliance and ethical considerations shape synergistic endeavours. Emerging trends like blockchain and insurtech start-ups provide further opportunities. By drawing lessons from other industries, insurance is unlocking its full potential through collaboration.

Points of discussion:

Why collaboration between insurtech start-ups and traditional insurers is crucial in today's market? Can you provide some examples of successful insurtech partnerships between start-ups and traditional insurers.
What are the challenges that insurtech start-ups and traditional insurers may face when entering into partnerships?
Can you add some best practices for insurtech start-ups and traditional insurers to foster successful collaborations.? And what's your view on the future outlook?

Speaker Bio: Luca Saurwein, is the Commercial Director at Lifepal based in Indonesia, which is recognized as one of the prominent insurtech companies in Indonesia. His responsibilities encompass the facilitation of business expansion and the broadening of the company's presence beyond the online insurance marketplace. This entails strategically managing partnerships and establishing new distribution channels, which includes the implementation of offline and agency sales.

Before assuming his current position, Luca occupied a senior leadership role at Allianz Indonesia. In his capacity as the Head of Transformation and Distribution, he assumed the responsibility of overseeing the Bancassurance and Automotive business units. Furthermore, he played a vital role in spearheading transformation initiatives and introducing novel solutions and innovative products specifically tailored for Allianz's operations in Indonesia.

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In this intriguing podcast episode, we dive into the fascinating world of insurance as it transitions from conventional auto coverage to the realm of mobility protection. Join us as we uncover how insurance companies are revamping their coverage models to cater to the evolving needs of individuals in the era of multi-modal transportation. Delve into the implications of this transformative shift, and explore the innovative approaches and strategies being employed to ensure comprehensive and adaptable coverage for various forms of transportation. Discover the challenges, opportunities, and exciting developments shaping the future of mobility protection. Tune in for an enlightening conversation!

Points of discussion:

As the mobility market undergoes rapid transformation with the rise of shared mobility services, autonomous vehicles, and electric transportation, how are insurance companies adapting to meet the changing needs of customers and mitigate potential risks?
What role does data play in shaping insurance offerings for the mobility market?
With the emergence of innovative mobility solutions like ride sharing, micro-mobility, and peer-to-peer platforms, how are insurance companies addressing the unique challenges related to liability, coverage, and claims management in this evolving landscape?
How are insurance companies adapting their coverage models and products to meet the evolving needs of individuals in the era of multi modal transportation?

Speaker Bio: Luca Russignan is the Director - Insurance Intelligence at Capgemini focusing on translating market and customer research into actionable insights that drive strategic decision making. His work includes implementing effective research methodologies to understand the big picture and help C-suite executives and senior business leaders assess the implications of innovation on their business strategy. Luca’s primary areas of focus include InsurTech, Blockchain, and IoT trends. Last but not the least, Luca also co-authored several reports on the evolution of the insurance industry. He works actively with the Insurtech community as a mentor and has been a guest speaker at several industry and academic events.

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This podcast explores innovation in the insurance industry, uncovering emerging trends, disruptive technologies, and strategies shaping its future. Experts discuss transformative practices like data analytics, AI, blockchain, and telematics. Balancing risk-taking and maintaining customer trust is examined. The podcast also reveals the driving forces behind the industry's shift, including changing customer expectations, market disruptions, and regulatory changes. It highlights the culture of innovation within insurance companies, driven by the need to stay competitive. Join our industry leader now as he shed light on the lesser-known aspects of innovation, reshaping the insurance landscape and propelling the industry forward.

Points of discussion:

Can you share some examples of innovative practices or technologies that are transforming the insurance industry today, and how do you see them shaping the future of the sector?
Innovation often involves taking risks and challenging the status quo. How can insurance companies balance the need for innovation with managing potential risks and maintaining customer trust?
The insurance industry has traditionally been seen as slow-moving and resistant to change. What are some key factors that have contributed to a shift in mindset, encouraging insurance companies to embrace innovation? And what are the challenges they face in implementing innovative solutions?

Speaker Bio: Danilo Raponi, is the Group Head of Innovation at Generali, where he is responsible for the Unit in charge of driving and scaling innovation throughout the Group. He is also the Managing Director of Generali’s global Innovation Fund, that aims to finance, promote and support the group’s most promising innovation projects across the globe, living the mission of “Innovation everywhere, for everyone”. Danilo joined Generali from Munich Re, where he held a number of innovation-related roles, including the Lead of Munich Re’s Global Innovation Framework. Danilo was also co-lead and co-founder of one of Munich Re’s biggest innovation initiatives: “garden”, a behaviour-based personal finance app that aimed to redefine insurance companies’ offering of investment and savings products to young customers. Danilo has extensive experience in both Life and Non-Life (Re)Insurance, having held a number of roles in Swiss Re and Hannover Re, in addition to advisory positions in several Fintech start-ups. Academically, Danilo holds a MSc summa cum laude from LUISS University in Rome, an MBA from the Bocconi School of Management, and a PhD from the University of Cambridge.

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In this podcast episode, we delve into the fascinating world where insurance and technology intersect. We explore how technology has revolutionised the traditional insurance industry, uncovering key areas where advancements have made a significant impact. Through insightful discussions with industry experts, we discover the disruptive power of insurtech start-ups, examining real-world examples of innovative solutions reshaping underwriting, claims processing, customer experience, and risk assessment. We also investigate the collaborative efforts between insurtech start-ups traditional insurance companies, uncovering the benefits and challenges they face in driving industry-wide transformation. Join us as we navigate the evolving landscape were insurance meets technology, shaping the future of the insurance industry.

Points of discussion:

How has technology transformed the traditional insurance industry, and what are the key areas where technological advancements have made the most significant impact?
The rise of insurtech start-ups has brought innovation and disruption to the insurance landscape. What are some notable examples of insurtech companies and their solutions that are reshaping the industry?
Collaboration between insurtech start-ups and traditional insurance companies is becoming increasingly common. How are these collaborations shaping the future of insurance? What are the benefits and challenges of such partnerships?

Speaker Bio: Dr. Robin Kiera, who is the Founder of Digitalscouting.de. He’s one of the top-ranked influencers, thought leaders in the insurance and finance industry. Also well known as a speaker and frequently appointed as members of the advisory committees in worldwide conferences. He is the CEO of Digitalscouting, one of the hottest consulting and marketing agencies in Europe hacking the attention of the insurance and finance industry.

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As the insurance industry embraces automation and artificial intelligence in claims processing, the ethical implications come to the forefront. While automated systems offer efficiency and cost savings, there is a need to ensure fairness and transparency. Ethical considerations include potential biases, lack of human judgment, and the impact on vulnerable populations. Striking the right balance is crucial, where technology aids human decision-making rather than replacing it entirely. It is imperative for insurers to invest in robust algorithms, audit mechanisms, and ongoing evaluation to mitigate biases and ensure the ethical handling of claims, ultimately prioritising customer trust and satisfaction.

Points of discussion:

Can you explain some of the ethical considerations surrounding the use of automated technologies in claims management?
What are the potential biases and challenges that may arise when relying heavily on algorithms for claims assessment and settlement?
How do you strike the right balance between efficiency and fairness, ensuring that automated systems don't compromise the rights and experiences of policyholders?

Speaker Bio: Bryan Falchuk, is the President and CEO at Property and Liability Resource Bureau (PLRB). Bryan is committed to the insurance industry's commitment to protect people and put their lives back together at the worst moments they face. Bryan is an advisor to the insurance industry and former C-level P&C insurance & InsurTech executive with deep functional expertise in general management, sales and distribution, operations, M&A, claims, growth, corporate strategy and business intelligence. Besides, he is also a best-selling author, executive coach, TEDx presenter and public speaker with articles written for Inc. Magazine, The LA Times, Chicago Tribune and more.

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The insurtech investment landscape in Asia is witnessing exponential growth driven by a large population, rising middle class, and increasing digital adoption. Asian countries like China, India, Singapore, and Hong Kong have become insurtech investment hotspots. Venture capital firms, private equity players, and traditional insurance companies are actively investing in early stage startups focusing on innovation and disruptive technologies. Key players such as ZhongAn, PolicyBazaar, GoBear, and WeFox have emerged, offering innovative products and services across health, life, property, and casualty insurance segments. With diverse insurtech segments and technological advancements like AI and big data, Asia presents a promising market for insurtech investments.

Points of discussion:

How would you describe the current investment trend for insurtech startups, particularly in the context of bolttech? Could you discuss how this trend has evolved over the past few years and the impact it has had on the industry as a whole?
Who are the current investors in bolttech? Did you employ a particular strategy to attract certain types of investors? What kind of investors is bolttech interested in attracting in the future?
Beyond capital, are there other qualities or resources that you seek in your investors? Could you share some examples of non-monetary value that your investors have provided.

Speaker Bio: Stephan Tan, is the Group Chief Strategy and Investment Officer at bolttech. Stephan is responsible for bolttech’s corporate strategy and investments, including M&A. He is a founding executive of bolttech, member of the executive committee and secures organic and inorganic opportunities as part of bolttech’s growth strategy and business expansion. With more than 15 years in international corporate finance experience, Stephan’s previous roles include VP M&A and Strategy at FWD and Chief Financial Officer at Edirect Insure Group, overseeing several key functions including finance, legal and HR. He started his career within investment banking at Citigroup, covering financial institutions in Europe. Outside of work, Stephan is a keen linguist and he enjoys playing football, squash, and chess.

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Insurance Innovation Day! an event to discover cutting-edge advancements and transformative ideas shaping the insurance industry. Explore AI, blockchain, data analytics, and emerging technologies revolutionising insurance. Connect with professionals from insurance companies, insurtech start-ups, and regulatory bodies. Gain insights from thought-provoking sessions, panel discussions, and interactive workshops. Inspire innovation in your work and network with like-minded individuals. Mark your calendar for 06th & 07th Jun 2023 happening in Vienna and also Live Streaming and stay tuned for updates on speakers and topics. Let's unlock the potential of innovation and shape the future of insurance together!

To attend the event in Vienna or join the live streaming, please email us at info@insurtechstory.com or connect with Erika Krizsan at e.krizsan@insurance-factory.eu.Points of discussion:

Our first question to you Erika: What are some key strategies or initiatives that insurance companies are employing to promote innovation within their organisations?
Can you touch upon your key focus areas of the Insurance Innovation Day!
Our final question for today is: What are you expecting out of the Insurance Innovation Day!

Speaker Bio: Erika Krizsan, is the Founder & Initiator of Insurance Innovation Day and Magic of Innovation.

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No-code technology is transforming the insurance industry by automating processes and enhancing customer experience. However, it also presents challenges for insurance agents who need to adapt to new technological trends to remain competitive. No-code platforms provide opportunities for agents to improve their sales processes, increase customer satisfaction, and improve business performance. To fully realize the benefits of no-code technology, insurers and technology providers must work together to provide comprehensive training, support, and resources to help agents navigate this transition. The impact of no-code technology on insurance agents is a rapidly evolving trend that is shaping the future of the industry.

Points of discussion:

Can you explain the journey of digitalisation in insurance and where we are today with the advent of platforms like low code / no code?
How are low-code technologies transforming the insurance industry, and what specific benefits do they bring to insurers in terms of efficiency, speed, and customer experience?
Can you share a real-life example of an insurance company that successfully implemented low-code platforms for digital transformation? What were the key benefits they derived and what was the real impact?

Speaker Bio: Adrit Raha, is the Managing Director, Asia Pacific at CoverGo. He brings with him over 17 years of experience in insurance and tech startups. Most recently, he was the Co-founder and Co-CEO of another insurtech startup Symbo with a focus on embedded insurance. Prior to that, he was the CEO of health tech startup Vivant and held various leadership roles at RSA & AIG.

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The future of underwriting and the customer experience in commercial insurance is rapidly evolving with the advent of new technologies and changing customer expectations. Insurers are leveraging data analytics and artificial intelligence to improve the accuracy and efficiency of underwriting decisions, while also exploring new digital channels to enhance customer experiences. However, insurers must balance the need for more personalized experiences with appropriate levels of risk management and determine the best ways to leverage automation while maintaining human expertise. Startups and insurtech are driving innovation and disruption in the industry, making it an exciting time for the future of commercial insurance

Points of discussion:

In your opinion, how important is data analytics and artificial intelligence in improving the accuracy of underwriting decisions?
How can insurers balance the need for more personalized and efficient customer experiences with the need to maintain appropriate levels of risk management and underwriting scrutiny?
How can insurers strike the right balance between automation and human expertise in underwriting, particularly in complex and high-risk commercial insurance cases?

Speaker Bio: Wendy Crosley, is the Global Director for Underwriting Automation and Transformation at Willis Towers Watson. Wendy is a well-known industry professional with a reputation for effectively delivering company-wide transformation, generating more efficient, targeted underwriting results. In her role, Wendy, leads digital underwriting transformation projects for global commercial lines insurance clients. She also manages the design, development, and implementation of market-leading technology propositions to underwriting companies around the world. Prior to WTW, Wendy was with Zurich North America, where she served as Underwriting Solutions Director, Operations and Technology and in this role she successfully led underwriting landscape transformation projects across the commercial and specialty insurance business units.

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Misunderstood insurance policies can have a significant impact on customers. When customers don't fully understand their coverage or the terms and conditions of their policies, they may not realize what is and isn't covered. This can lead to unexpected expenses, denial of claims, or even legal disputes. In some cases, misunderstandings around insurance policies can also cause stress, frustration, and a loss of trust in the insurance company. To avoid these negative consequences, insurance companies must work to make their policies more transparent and accessible to customers. This can involve simplifying language, providing clear explanations, and offering resources for customers to seek further clarification. By doing so, insurance companies can improve the customer experience and build stronger, more trusting relationships with their policyholders.

Points of discussion:

Misunderstood Policies are a major problem in the industry today. How do you see this shaping both for the insurer and the policy holder?
How common is it for insurance policies to be misunderstood by customers, and what are some of the most frequent areas of confusion or misinterpretation?
In a situation where a policy is misunderstood or incorrectly sold, what should the policy holder or the insurer do? Or in other words what steps can insurers and customers take to make their journey more fruitful?

Speaker Bio: Deepak Bhuvneshwari Uniyal, is the Co-founder & CEO of Insurance Samadhan. Deepak is an outstanding sales professional and his success in sales is backed by his focus on an ethical approach, need based selling, prompt service and strong grievance resolution. Deepak has over 23 years of Corporate & Entrepreneurial experience and his organization is a tech based platform for resolving insurance complaints and claims. Most importantly Deepak and his team was a successful India Shark Tank participant in 2022.

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In recent years, the use of spatial data has become increasingly important for insurance companies. Spatial data, which includes geographic information about physical locations, is being used to assess risks, analyze patterns, and make more informed decisions. In this podcast interview, we will explore the ways in which spatial data is transforming the insurance industry and what it means for both insurers and policyholders.

Points of discussion:

What is spatial data, and how is it being used in the insurance industry?
How does spatial data impact risk assessment and pricing of insurance policies?
What are the current trends in the use of spatial data in insurance, and what can we expect in the future?

Speaker Bio: Rosalie van der Maas, is the Co-founder & CEO of Ellipsis Drive. She has an academic background in Earth and Environmental Sciences, Development and Innovation. Rosalie organized her own events on Big Data & Society before founding her first company at the age of 22. She got a taste of tech entrepreneurship while living in Chicago and brought that dream to life with her Co-Founders.

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Artificial Intelligence (AI) is playing an increasingly important role in connected insurance, which refers to the use of technology to collect and analyze data on policyholders in real-time. AI-powered algorithms can process large volumes of data to identify patterns, assess risk, and personalize insurance products and pricing based on individual behaviour and usage. AI-powered chatbots and virtual assistants can also improve customer service by quickly answering queries and resolving issues. Connected insurance can help insurers to mitigate risk, reduce fraud, and improve customer satisfaction, while also providing policyholders with more personalised and affordable insurance solutions. As a result, the use of AI in connected insurance is expected to continue to grow in the coming years.

Points of discussion:

In what ways can AI help insurance companies personalise their offerings to individual customers? What kind of data can be gathered from connected devices to better understand a customer's unique needs and preferences?
How can AI be used to improve customer service in the insurance industry?
With the increasing use of connected devices and the growth of the Internet of Things (IoT), there is more data available than ever before. How can AI be used to help insurers make sense of all this data, and what kind of insights can be gleaned from analysing it?

Speaker Bio: Trenholm Palmer, is the Director of Digital Insurance at Volvo Financial Services (part of Volvo Group) in the United States market. He is responsible for the operations and growth of VFS's commercial and connected insurance distribution across the heavy truck and construction equipment finance channels. Prior to VFS, he founded and ran New Light Research, which provided alternative data insights to large professional services firms with a focus on publicly traded financial institutions and re/insurance companies. He also served as an advisory resource to insurtech start-ups on formation, insurer and specialty intermediary negotiations, go-to-market strategies, and product distribution. Before this 7+ year entrepreneurial period, Trenholm spent 13 years across a variety of sales and business development leadership roles within commercial insurance brokerage and management consulting. He holds a Bachelor of Arts degree from Washington & Lee University and a Master of Business Administration degree from ISM, Paris.

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Digital transformation and customer centricity are essential factors in the insurance industry's evolution, enabling companies to address the changing needs of customers and remain competitive in a rapidly evolving market. By leveraging digital platforms and technologies, insurers can offer personalised products and services, streamline operations, and improve customer experiences. This transformation has significant implications for the insurance industry's future, with companies that embrace it expected to lead the way in innovation and growth.

Points of discussion:

How are insurers leveraging digital platform to tap new age customers and what should be insurer's strategy to build a robust digital infrastructure?
Cloud is the next big technology advancements in insurance. How do you see this technology helping insurers in accelerating their growth in next 2 years?
According to you, where do you see data playing a role in personalised customer experience? And how much accuracy matters?

Speaker Bio: Rishi Mathur, is the Chief Digital and Strategy Officer at Canara HSBC Life Insurance. Rishi brings more than 25 years of rich work experience of which close to 17 years of experience within the insurance domain. He has been with Canara HSBC Life Insurance company for 9 years now where he is currently responsible for leading the company's Digital Business Unit and also oversees the Strategy function focusing on development of future growth plans for the enterprise. He has significant experience across product development, proposition design, product portfolio management, customer analytics, market assessment, performance improvement, partnership development and digital business review. He joined Canara HSBC Life Insurance from Bharti AXA Life Insurance where he was a founder member and head of products and customer management, and has previously worked with reputed management consulting firms Arthur Andersen and Stern Stewart, leading clients engagements in India and Asia-Pacific. Besides, Rishi holds a Post Graduate Diploma in Management from IIM Calcutta and a B.Tech. from IIT Delhi.

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The future of insurance is set to be transformed by OpenAI, offering opportunities for improved risk assessment, fraud detection and prevention, and ethical use of AI. These technologies can help insurers make more informed decisions and improve their bottom line while providing a better customer experience. The integration of OpenAI and other AI and machine learning technologies has the potential to revolutionise the insurance industry in the coming years.

Note: Views shared are purely of the speaker

Points of discussion:

Can you tell us about OpenAI's role in the insurance industry? And What are some of the main opportunities that OpenAI can offer insurers?
Can you throw some light on the impact of generative AI and Language models on risk assessment and pricing models in insurance?
What are some of the biggest challenges facing insurers who want to use AI and machine learning?

Speaker Bio: Abhineet Sarkar is the Digital Innovation Leader at Tata AIA Life Insurance. Abhineet is a Bio–Fintech and Digital Innovation leader, with more than a decade experience in working across Banking, financial services and Insurance (BFSI) industry and tech consulting services. Currently he is heading Digital Innovation at Tata AIA Life Insurance. He is also an active Mentor of CII - Centre of Excellence for Innovation, Entrepreneurship and Startups (CIES) and Co-author of the AI Book. He was also featured in Fintech Times UK in 2019.

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The future of genetics and insurance is a rapidly evolving field with potential for tailored policies based on genetic information, but also raises concerns about privacy, discrimination, and health disparities. Policymakers are exploring regulatory frameworks to protect against genetic discrimination and ensure ethical use of genetic data by insurers.

Points of discussion:

With the increasing popularity of direct-to-consumer genetic testing, how do you think this will impact the future of genetics and insurance?
As personalized medicine becomes more prevalent; how do you see insurance policies changing to accommodate this? What are some challenges that may arise with this shift?
What are some potential ways that insurers can use genetic information to improve health outcomes of patients?

Speaker Bio: Efi Binder, is the Co-Founder & CEO of Futura Genetics. Futura Genetics is a digital health platform powered by genomic data and developed for life insurance issuers and their clients. The company offers life insurers effective, personalized tools designed to extend their customers' life expectancies, thereby increasing retention and decreasing claims. In addition, the company provides life insurance clients with a gamified personalized experience that uses their personal DNA to motivate them to be proactive about their health. To contact Futura Genetics, you can visit their website at www.futuragenetics.com.

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The future of insurance payments will be heavily influenced by technology, changing customer preferences, and regulatory frameworks. Insurers will need to adapt to trends such as digital payments, blockchain technology, AI and machine learning, pay-as-you-go models, and a focus on data security. These trends will enable insurers to improve the customer experience, reduce costs, enhance transparency, and personalize products and pricing.

Points of discussion:

What challenges do payments pose across the insurance value chain? How is Mastercard placed to help and what approach are you taking with the industry?
What role does data have to play in the future of insurtech and can you throw some light on the trends you see here like for example in the case of parametric insurance?
Talking about parametric, who do you think will benefit from this type of insurance? What’s next for Mastercard in this space?

Speaker Bio: Ruth Polyblank, who is the Vice President and Partnerships Lead for Insurance at Mastercard. Ruth has specific responsibility for identifying new opportunities in the global insurance market by leveraging Mastercard’s existing capabilities and assets to innovate through collaboration with the industry.

As an insurance marketing and strategy expert, Ruth holds over 20 years’ experience and has worked with traditional and insurtech businesses to design vertical propositions and growth strategies, with particular expertise in the SME sector.

Ruth previously held leadership and management roles at Chubb, CLS, EY and Fusion. As well as her professional accomplishments, Ruth is a regular speaker, author and mentor within the insurance sector, she was co-author of ‘The InsurTech book’, was named by ‘WeAreTheCity’ a Top 50 Woman in Tech 2018 and is also an Ambassador for the CII Insuring Women’s Futures programme.

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Insurtech is transforming the insurance industry by using technology to create innovative solutions for underwriting, claims processing, and customer experience. However, these technological advancements also bring new risks such as cybersecurity threats and data privacy concerns. Effective risk management is crucial to mitigate these risks, ensure financial stability, and maintain customer trust. As such, insurance companies and insurtech start-ups must find a careful balance between innovation and risk mitigation to succeed in the industry.

Points of discussion:

What are some of the biggest risks facing the insurance industry today, and how do you see insurtech helping to mitigate these risks?
With the rise of insurtech, how do you see risk management practices evolving in the insurance industry? What new risks are emerging, and how can they be managed effectively?
How do you balance the need for innovation and agility with the need for risk management in the insurtech space? What are some best practices for Insurtech's to ensure they are managing risk effectively while also pursuing innovation and growth?

Speaker bio: Matthew Queen is the Chief Risk Officer at Goldner Capital Management. Goldner, a venture capital (VC) and private equity firm, is a specialist in the post-acute care market as an owner and operator of skilled nursing portfolios across the United States. It primarily focuses on buying distressed assets where the operational team presents a value-add component to the deal.

In the new role, Matthew serves as CEO of Goldner’s captive, which provides general and professional liability coverage for the skilled nursing facilities, with plans for future expansion to additional lines.

Before Goldner, Matthew was associated with Hiscox, and prior to Hiscox, he was general counsel at Venture Captive Management, an Atlanta-based captive manager with several wholly-owned captives in Britain and the US.

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The implementation of bancassurance activity in the banking industry helps to increase customer satisfaction, the competitive environment's strength, and the creation of new insurance products. Banks' top strategic goals are to improve company protection by expanding their product offerings in response to customer demand. A potential future option that will also advance on the international market is the distribution of insurance through the bancassurance system. Bank representatives suggest that among the elements required to create this service are the diversification of insurance products sold by banks, the expansion of consumer financial education, and digitalization.

Points of discussion:

How can bancassurance providers balance the interests of their banking and insurance customers while also maintaining profitability?
What are the key regulatory challenges faced by bancassurance providers, and how can they stay compliant while still offering innovative products and services?
In a rapidly evolving market, how can bancassurance providers stay ahead of the competition and continue to offer relevant, high-quality products and services to their customers?

Speaker Bio: Sonali Verma, is the Head of Digital Bancassurance at Manulife Asia. In her current role at Manulife Financial for Asia, Sonali is responsible for creating and consolidating experience frameworks across the Bancassurance business which has a significant contribution to Manulife Asia’s business. This includes building next-in-class large insurers’ digital experience infrastructure across Asia by leveraging innovation principles, analytics and insight, and setting and driving key performance indicators. Sonali is also responsible for a Manulife joint fund, Technology and Innovation Fund.

Prior to joining Manulife, Sonali worked at Citibank Singapore for almost nine years. She launched and led a key initiative where her team embedded the ‘Client Excellence’ philosophy across Citibank Singapore. During her tenure, Citibank was ranked number one in the category in CSISG, an index compiled by the Singapore government to gauge client satisfaction scores across various industries.

Sonali has over 20 years of rich experience in digital transformation and viability, organizational operations, service excellence and technology evaluation. She has worked in leadership and senior management roles with large global organizations helping them in identifying and deploying appropriate digital solutions for improving client impacting metric.

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Globally, around 60% of insurance executives have either already implemented blockchain technology or intend to do so throughout their business units. The level of immutability, trust, and transparency that blockchain (distributed ledger technology) offers is unmatched. Blockchain provides an independently verifiable dataset, preventing insurers and customers from making judgements based on incorrect or missing data. Blockchain-based solutions are used in travel insurance cases to verify whether a flight was missed or cancelled by using external data sources. In light of this, insurers are free to choose how to handle refund requests. By precisely identifying the cause of a car accident—human or mechanical—blockchain can manage even more complicated scenarios.

Points of discussion:

In today's world, it is necessary for businesses from various ecosystems to collaborate in order to offer goods and services if the world is going to expand into expanded ecosystems, which it will. With blockchain, how to do you see insurers innovating to make insurance for interesting and valuable to end users?
The two important factors in blockchain is trust and data, which is also true in case of insurance. Where do you see these connecting at its best to transform the ecosystem?
How is blockchain technology used in the insurance industry? And what are the important factors that an insurer must be wary of in building blockchain capability?

Speaker Bio: Marlene Dailey is the Insurance Consulting Director, at RSM US LLP and David Mamane, is the Financial Services Senior Analyst, at RSM Canada. At RSM, Marlene Dailey leads the national claims consulting practice, specializing in digital transformations and intelligent process reengineering for insurance and reinsurance clients. Prior to RSM, Marlene has successfully led multidisciplinary teams and provided program management in delivering wide-scale, end-to-end platform transformations and digital solutions, as the client and as the consultant. Additionally, Marlene is a thought leader in the industry and a published author of key pieces in industry journals. Besides, she is also a United States Air Force veteran and volunteer at Wounded Warrior and AACE events.

Our next guest, David Mamane is a key member of RSM Canada’s industry senior analysts and a partner in the firm’s consulting practice. He is well-versed in business and technology trends that shape middle market businesses in the insurance sector. As a strategic advisor to RSM’s clients, David leverages his background in actuarial science, data analytics and business strategy to provide guidance and clarity. David is regularly invited to speak at key leadership conferences on insurance strategic decision-making, capital management and leadership development.

Additionally, David is an active member of actuarial committees, an industry eminent and a frequent panelist at industry conferences. His accolades include being a recent nominee for the Casualty Actuarial Society board of directors.

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Insurtech companies are disrupting the traditional reinsurance industry by leveraging technology to streamline processes, reduce costs, improve transparency, and create new revenue streams. Some of the ways that Insurtechs are transforming reinsurance include: 1) Digitisation of processes, 2) Improved data analysis, 3) Increased transparency, 4) New revenue streams. Besides, the use of technology has enabled reinsurers to develop new products and services, such as telematics-based insurance, parametric insurance, and weather index insurance. These products have opened new revenue streams for reinsurers, allowing them to diversify their portfolios and reduce their exposure to losses.

Points of discussion:

Lot have been discussed about digital innovation in the insurance value chain. Can you give us some insights on how re-insurers are tapping into the opportunity of insurance technology?
Utilising cutting edge products and technologies to give re-insurers new value-added capabilities, is a significant step to innovate. How you see this playing for re-insurers when it comes to building capacity to evaluate claims?
Moving to some specifics, how do you see cloud and on-demand infrastructure facilities helping re-insurers in terms of market accessibility?

Speaker Bio: Mayank Joshi, is the Head of Digital Business at Munich Re. Mayank heads the Digital Business for Munich Re’s Non-Life reinsurance segment in India, SEA, Korea and Japan, where he leads efforts in developing products and solutions for Digital players. He is responsible for building key partnerships for Munich Re in the digital ecosystem and engage with Insurtechs to create value propositions. Mayank is also responsible for scouting opportunities in the above regions for Munich Re’s investment arm – Munich Re Ventures.

Prior to this, Mayank was a part of Sales Strategy group at primary insurance company, ICICI Lombard where his role was predominantly to define market strategy for corporate business. Overall he has 12 years of experience in Insurance industry.

Mayank holds a Master’s Degree in Business Administration from NMIMS Mumbai with a focus on Sales and Marketing.

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Leading EV insurance providers are rapidly developing unique, EV-specific insurance plans. The additional difficulties brought on by the charging infrastructure and the numerous technical aspects of the cars serve as justification for this development. The automotive sector, which is through an unprecedented period of upheaval, is currently grappling with the most urgent problem: the rapid growth of EVs. The insurance industry must make sure it adapts to the changing motor vehicle environment. With the global popularity of EVs growing, insurers are in a race against time to accomplish this task. Without decades of data and expertise, it is challenging to comprehend and price the risk profile of these new vehicles.

Points of discussion:

According to the India Energy Storage Alliance (IESA), the Indian EV market would grow at a CAGR of 36%. As per various data sources, with around 3.3 lakhs units sold across all categories in 2021, Uttar Pradesh had the largest percentage of EV sales, followed by Karnataka and Tamil Nadu. So, with this significant growth in EV sales, where do you see insurers fitting in here?
EV insurance is relatively costlier than insuring a normal fuel vehicle. Do you see this to be a challenge from the pricing point and how insurance is bought keeping in mind that India is a price sensitive market?
Can you explain the key points of an electric vehicle insurance policy? And what consumers should be aware of before purchasing an EV insurance policy in India?

Speaker Bio: Pranshu Diwan, is the Head of Ola Insure at Ola Group. Prior to Ola, Pranshu was the Chief Executive Officer at GoPlannr, and Head of Analytics and Data Science at Aditya Birla Health Insurance Company.

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The world is experiencing the effects of climate change all around, including increased storm intensity, drought, extreme heat waves, and sea level rise. Natural catastrophes are becoming more severe and common as a result of these effects. The average number of natural catastrophes in the United States per year between 1980 and 2021 was 6 or 9, but so far in 2022, there have already been more than 12 and these losses were caused by natural disasters like wildfires and drought. Insurance firms are struggling to survive as natural catastrophes are occurring more frequently and costing more money. This has an impact on the property market as well as the overall economy. The insurance industry will need to reform if it is to survive the coming storms.

Points of discussion:

Financial risks brought on by climate change are difficult to evaluate and price. How do you see insurers utilising alternate data sources, real-time analytics, and AI to better address climate change challenges and price such risks appropriately?
Do you see parametric model playing an important role in helping both insurers and its customers against climate related risks?
At Arbol, your team is focused on smart contracts and blockchain solutions to codify policies and help customers with a faster claims pay-out. Can you explain this in a bit detail on how you do this and what blockchain can do to address climate risk.

Speaker Bio: Siddhartha Jha is the Founder, Chairman, and CEO of Arbol, a global climate risk solutions platform focused on data-driven parametric insurance. Sid is also a co-founder of dClimate, the first decentralized climate information ecosystem. Prior to Arbol and dClimate, he had over 13 years of experience in the financial industry covering the interest rates and commodities in both quantitative research and trading roles. He launched an agriculture futures trading portfolio, managing over $100 million at a major commodity trading firm, and was the first analyst at a start-up commodity hedge fund, which grew to manage over $600 million in assets. He was previously a Vice President of Interest Rates Strategy at J.P. Morgan.

Besides, Siddhartha authored the well-received book "Interest Rate Markets" and has taught financial markets at NYU and was on the board of a non-profit working with inner city youth. Siddhartha graduated from Harvard University with a B.A. with distinction in Applied Mathematics and M.A. in Statistics as part of a 4-year combined degree program.

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Despite economic challenges, the expanding middle class in Asia maintains its optimism, which creates substantial potential for the insurance sector. The top concerns for middleclass consumers are their health, happiness, and financial security. These clients will need more risk mitigation and protection goods and services as the region's economy prospers, which will open up significant growth potential for the insurance and reinsurance industries. In order to effectively tap into this significant insurance market sector, it is essential to understand the behaviour and tastes of the expanding Asian middle class. As these consumers start to amass wealth and begin to make preparations for their retirement and children's education, they require more insurance protection.

Points of discussion:

The GDP proportion of emerging Asia has dramatically expanded, rising from 5% in 1990 to an expected 26% in 2022 (As per IMF). The expanding middle class in Asia is evidently optimistic despite economic challenges. Do you see this to be a prospect for the re/insurance sector in the region as they begin to accumulate wealth and make plans for future retirement?
Customers' preferences are forcing insurers to give digital first the priority. Consumers in the region are open to purchasing insurance from new entrants, including those from outside the sector, and this is lead primarily by the young and digitally active. What is your expectation from this?
How you see regulators playing a major role in benefitting the middle class and insurance sector to bring more stability on the table, which is still an underlying concern in most of the Asian nations.

Speaker Bio: Roopa Malhotra, is the Head of Customer & Digital - Asia Pacific at Zurich Insurance. Before joining Zurich Group, Roopa was Head of Digital for Chubb Insurance in the Asia Pacific. Over the years in the industry, she has gained well-rounded expertise in different aspects, including Natural Catastrophe risk management, digital product development, and partnership management.

Roopa started her career in India as a financial analyst with the leading hedge fund - D.E. Shaw Group, before entering the insurance industry and holding positions with AIG and MSIG.

A passionate Diversity and Inclusion champion, Roopa was also recognised as one of the rising female leaders in the region by Insurance Business Asia in 2021.

Roopa holds an MBA in Finance with certifications in design thinking for innovation, and she is currently pursuing a Postgraduate Certificate in Sustainable Business from the University of Cambridge. She also actively volunteers at organisations like ‘All Hands and Hearts’ for disaster relief and Singapore’s ‘Alzheimer's Disease Association’ and is a fitness enthusiast.

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Emerging technologies have the potential to completely transform the insurance sector, including how insurance products are sold, underwritten, and handled, as well as how the market is governed. The possibility for new, inventive goods and business models to revolutionise the industry may be even more exciting than the advantages of digitising the distribution chain. Emerging technologies offer a fertile environment for an explosion of innovation in the insurance sector, much like the expansion of applications for the internet from the two original use cases at its inception, such as sending emails and file transfers, to the almost unlimited use cases accessible now.

Points of discussion:

Insurers in Asia are exploring the digitisation opportunity of their value chain. The questions are however not the need of building a digitised ecosystem but how to build such ecosystem. Can you explain this from the context of Asian market and how you see this happening in Bangladesh?
Digital transformation in insurance value chain largely demands the need for services providers who can support with the technology stack and help building a complete go to market solution. With your expertise in the region, how do you see this happening?
What is insurance core system transformation?

Speaker Bio: Arnab Paul, is the Co-founder of Bimafy Bangladesh.

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Top executive mindsets are being changed by the rapid digitalization of our lives and the ways we work, shop, and live. Nowadays, most CEOs do not still view technology as primarily being about cost savings. Instead, they recognize that if they want to delight customers, generate value for shareholders, and outperform their rivals, digital strategy, innovation, and operations must be a core strength of their organization. But only the most knowledgeable senior leaders are aware of the business necessity when it comes to digital risk management. These leaders take advantage of the chance to transform operational requirements into competitive advantages rather than obsessing over what could go wrong. The foundation for this skill is a thorough awareness of the underlying nature of digital risk and how it can evolve.

Operational, cyber, and value-creation risks are the common three forms of digital risk in modern businesses. Assessing the digital risk landscape begins with understanding this. How do you see insurers navigating through these risk types?
Each of these risk landscapes are unique and therefore to navigate through this and understand what it takes to build resilience, what would be your advice to senior leaders in insurance?
What is the implication of digital risk in insurance and what according to you will be the next 5 years outlook for the industry?

Speaker Bio: Arun Narayanan, is the Digital Strategy and Transformation Leader - Marsh Asia.

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The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023. India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21. Premiums from India’s life insurance industry is expected to reach Rs. 24 lakh crore (US$ 317.98 billion) by FY31. In FY23 (Until October 2022), premiums from new businesses of life insurance companies in India stood at US$ 25.3 billion. In October 2022, life insurers’ new business premiums grew to Rs. 15,920.13 crores (US$ 1.94 billion), according to Life Insurance Council data. Although the growth was promising, India needs to understand the power of an efficient distribution model for life insurance that is easier for consumers to access and purchase policy without the need of any intermediaries. Consumer awareness is still in its infancy.

Points of discussion:

Customers in India typically have their reservations and a natural mistrust towards life insurance due to the complexity and experiences having a misunderstood policy. How do you think, this can be changed through the integration of a complete digital distribution model?
Do you see a premium advantage for life insurance buyers, if the current distribution gets transformed to a digital experience?
Recently, the IRDAI has introduced something called the "Bima Sugam" scheduled to launch in January 2023, which is the online distribution portal for insurance in India that aims to transform how insurance is bought. What's your view on this? Do you think it can change the way people buys insurance in India? Any benefits and challenges you see here?

Speaker Bio: Vikas Rohtagi, is the Assistant Vice President at SBI Life Insurance. Prior to SBI Life Insurance, Vikas was associated with PNB MetLife India Insurance and Aviva India.

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The insurance industry has adopted artificial intelligence (AI). AI will affect everything, from NLP and chatbots to big data and algorithms in actuarial function. The actuary's position, however, may be the most crucial to the entire insurance industry. By understanding how AI will change the actuarial function. In so far as it has always been about developing models, which machine learning precisely automates, iterates, and optimizes the actuarial branch is particularly made for AI disruption.

Points of discussion:

Considering the rapid disruption in insurance, how do you see the future of actuary getting transformed by AI? Is there any room for human and machine interaction in actuarial science in general?
Where do you think we are right now, in terms of AI and Actuary in insurance?
The benefit of using AI in insurance is quite clear, however do you sense any challenges from the industry when it comes to acceptance of AI to transform actuary? It can be from any aspect of the business-like people, culture, cost and environment.

Speaker Bio: Halil Guvenc, is the Lead Analyst for Life Insurance Actuary at Boston Consulting Group. He is based in Munich Germany and prior to BCG, Halil was associated with Sopra Steria Next and Allianz Technology.

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All sectors are evolving due to the rise, development, and adoption of linked technology and big data. Usage-Based Insurance (UBI) is the most well-liked application of big data adaption in the insurance sector. UBI first takes the form of a straightforward unitary Pay- As-You-Drive (PAYD) scheme in which it is still unclear how to classify good and bad drivers. The Pay-How-You-Drive (PHYD) model has replaced PAYD, and it bases the cost of personal auto insurance on a post-trip analysis. The PHYD model's flaw is that it doesn't offer proactive alerts to direct the driver along the journey. The Manage-How-You-Drive (MHYD) model further develops the PHYD paradigm by giving drivers proactive engagement in the form of alerts.

Points of Discussion:

Usage based insurance is relatively a new concept in the insurance market. How do you see this evolving on the coming days?
Do you see an increase adoption of usage-based insurance globally? Are there any direct relations to pricing that can have an impact on how users see the benefit vs. cost?
The connected car has come up to be the next big thing in automobile insurance. How do you see this fitting in with the usage-based insurance ecosystem?

Speaker Bio: Aravind Ravi, is the Co-founder & CEO of Inaza, an InsurTech which caters to the needs of Underwriters, Managed General Agents and Brokers in a rapidly transforming Motor insurance industry with its Platform as a Service (PaaS) offering.

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A group of employees in the company may get group insurance. However, it does not imply that the group must follow a uniform set of guidelines that apply to everyone. Customization and personalization are now essential for creating a sense of community in the workplace. No longer does corporate insurance come with a standard playbook. Some people may wish to include their parents, while others may desire pet insurance. Today, it is believed that mental health is just as vital as physical health and should also be insured. Those who rely largely on blue-collar workers may require tailored rules to cover their last-mile staff, both on an individual and organisational level.

Points of discussion:

It has become crucial for insurance service providers to embrace the digital disruption as more and more consumers look for integrated digital experiences. And the same applies for the health segment of the insurance industry. Noting this, how do you think insurtech can make group health insurance more accessible and personalised.
Large corporations have consistently included health insurance as one of their rewards packages. However, it's not the same in smaller businesses that were previously hesitant to adopt technology into their system to streamline group health insurance. How do you see insurtech's supporting such businesses?
Can you tell us, how a tech enabled group health policy and wellness program can benefit employees?

Speaker Bio: Yogesh Agarwal, is the founder & CEO of Onsurity, which is one of India’s top 10 Innovative Fintech Start-ups recognised by The Digital Fifth and the India Insurtech Association as the Best Insurtech Debutante of the Year.

With 10+ years of experience, Yogesh is a chartered accountant and the world’s youngest Actuary – specialising in General Insurance from London and a Fellow of the Institute of Actuaries of India.

Before embarking on his entrepreneurial journey, Yogesh worked with KPMG, Universal Sompo General Insurance and Lux Actuaries and was responsible for actuarial valuation, pricing, analysing and designing insurance products for different insurance and reinsurance companies in India and outside India. He was also responsible for the overall actuarial function, financial well-being function, and risk management function of the company. Yogesh was an Employee Benefits Consultant to almost 300 companies in Asia, including top banks and insurance companies. Along with it, he was working as an Actuarial Consultant for multiple general insurance companies in India.

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Although new dimensions and innovations are reshaping the insurance industry, the fundamental reason for insurance has remained constant over time. In contrast to traditional insurance, which covers assets, parametric insurance covers parameters, commonly referred to as indices. When a specific occurrence or quantifiable condition occurs, such as a flight delay, an earthquake, a specific hurricane, or even risk associated with cryptocurrency markets, parametric insurance kicks in. Speaking of cryptocurrencies, although they are still in their infancy, they are now among the top risks in the risk portfolios of the majority of insurance companies.

Points of discussion:

Crypto market risk is a new arrival within the risk portfolios of insurance companies. Can you tell us a bit more about this type of risk and why do we need an insurance coverage to protect our wallets?
Smart contracts and parametric insurance seem to be a natural fit. How to see this type of insurance to be most relevant to suit any sort of blockchain and crypto related risks.
As blockchain and crypto is a new technology and there are many unknowns, from the opportunity side such insurance is one of the priorities in the risk portfolios of the majority of insurers. But considering the uncertainty surrounding this, how do see insurers integrating such risk within their existing practices.

Speaker Bio: Edward Ryall is a co-founder of Neptune Mutual. He is an angel investor in deep tech startups and is an Adjunct Professor of Entrepreneurship at KEDGE Business School in Paris. Edward is a Chartered Engineer and holds an MBA from SDA Bocconi, and a diploma in Corporate Governance from the Institute of Directors.

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The slow-moving insurance business faces a difficulty in figuring out how to offer protection in a quickly shifting risk environment. To assist individuals impacted in recovering their losses, insurance needs to take a fresh, innovative approach. Insurance buyers are actively looking for low-cost insurance options with quick claims processing. As a unique replacement for conventional policies, certain carriers have launched parametric insurance solutions. Traditional insurance has created a void that parametric insurance, also known as index-based insurance, has the potential to fill. Leading insurers are becoming more interested in these index-based alternative risk transfer options. Because it pays out when a predetermined "metric," such as wind reaching a specific speed or an earthquake of a specific magnitude occurring in a predetermined place, occurs, this sort of insurance is known as parametric insurance. Consequently, a parametric insurance policy doesn't cover a particular loss or physical damage. Instead, it makes a predetermined payment in response to a trigger event.

Points of discussion:

What specific benefits are provided by parametric? Can you give some examples covering claims payments, coverage and flexibility to consumer?
Why is parametric insurance so effective in the age of data and technology as compared to the traditional insurance?
There is often an information imbalance in insurance. How do you think parametric insurance solving this problem giving more power to the insurer when it comes to risk?

Speaker Bio: Piers Clark & Qasim Akbar, are the Co-Founders of Innovatrix Capital Ltd. Piers and Qasim Co-founded Innovatrix Capital in 2022– a start-up MGA bringing a bleeding edge parametric solution for clinical trial phase failure to the market, and which is currently part of the Lloyd’s Lab cohort 9.

Piers has enjoyed a career of over 30 years spanning Commercial and Investment banking to the Insurance industry originating and executing transactions for a wide range of global insurers. Initially providing debt and operational banking products, before he moved into Investment banking. There he focused on structuring and transacting mergers and acquisitions as well as capital raising for leading European insurance groups and eventually became Managing Director and Co-head of the Financial Institutions Corporate Finance team at RBS following the takeover of ABN AMRO.

He then pursued a career as a consultant to the industry working providing advice on strategy, M&A and capital raising to a range of clients including private equity firms and early-stage Fintech.

Qasim combines a unique blend of commercial and analytical acumen. He is a seasoned executive and entrepreneur, who has operated as strategic partner and advisor to SME and large multinational organisations worldwide engaging with Executives and Boards, advising across industries, particularly within the Lloyd’s and wider (re)insurance market.

With a proven track record in sales, marketing, and business production alongside P&L responsibility across broking, advisory, and business management, Qasim has extensive experience operating as a Broker, Strategy Lead, Actuary/Quant, and Risk Manager within the Life and P&C market with vast and well-developed network across the Global financial services space.

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The next wave of digital revolution is being ushered in by the metaverse, and insurers will face both obstacles and tremendous technology tools to differentiate themselves over the coming five years. The metaverse will raise standards for how carriers connect with customers, the things they create and offer, and how they run their businesses. The metaverse, which will be the next stage in the development of the Internet, will be a continuum of established and developing technologies that will collaborate to produce immersive content and experiences. These technologies include artificial intelligence (AI), augmented and virtual reality (AR/VR), blockchain, digital twins, edge technologies, cloud, digital currencies, non-fungible tokens (NFTs), social platforms, e-commerce, and digital marketplaces. The development of the metaverse will start to have an impact on every aspect of insurance in the coming years, including operations, distribution, revenue streams, and employee experiences.

Points of discussion:

The Metaverse as we know it, is set to reshape the insurance industry in the next five to ten years. Can you give us your thoughts on how this can happen in reality like in the ways of training, new revenue streams and distribution?
What according to you will be the new business opportunities that Metaverse can bring to the insurance value chain.
Insurance companies can be an early adapter of Metaverse technologies but at the same time, it can be challenging to get started when addressing a topic as vast as the Metaverse. Where do you think insurers should focus first or rather where do they start to begin their Metaverse journey?

Speaker Bio: Prashant Koorse, is the Executive Partner for Insurance at IBM. At IBM, Prashant is responsible for driving profitable growth of the multi-billion dollar global insurance P&L and is recognised as a Global thought leader on technology driven Insurance business innovations. Prashant also works with the global start-up ecosystem on applying cutting edge technology innovations in financial services. He is recently been working with one such Silicon Valley start-up to help financial services firms build platforms, automate and orchestrate niche processes using smart contract technology. Lastly, Prashant was recognized as among the 10 most promising business leaders in India in 2000. He has also co-authored a handbook on risk management and won various awards from Infosys, Wipro, Cognizant among others. He has a MBA from IIM Bangalore and BTech in Chemical Engineering from NIT Trichy.

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The global push for electric vehicles, which Asia has eagerly embraced, and changing consumer behaviour trends are driving a transition in the automotive insurance sector. The rise of connected cars, which are outfitted with improved automation capabilities and online connections to the entire transportation ecosystem through embedded systems and smartphone apps, may be the most significant trend of all. Modern vehicles are producing a lot of data about the vehicle and the driver as they start to mirror smartphones in their digital imprint. Utilising this wealth of data with analytics powered by artificial intelligence (AI) can help insurers streamline the claims process, provide fresh value-added services, and improve the customer experience overall.

Points of discussion

What is the future of auto insurance look like for a typical driver in India with the invent of data and analytics?
A developing digital environment enables insurers to use information obtained from various platforms for a more comprehensive insurance experience. Do you see this solving customer service challenges in auto insurance?
Telematics is an important development in the area of auto insurance. Do you see data and analytics helping this technological advancement get a market wide acceptance in India?

Speaker Bio: Sanjay Bharti, is a Senior Director at Acko General Insurance. Acko General Insurance is a private sector general insurance company in India. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.

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In order to forecast future results, predictive analytics tries to connect different factors or traits. However, the process has long been constrained by access to incomplete data in antiquated systems or overburdened by the enormous amount of work normally required to attempt to connect a large number of variables. Predictive analytics, which rely on tools that use advanced algorithms to find patterns in massive data sets and develop links, has mostly addressed these challenges. Besides, predictive analytics can segment or prioritise claims in the context of claims management, prioritising potentially high-cost claims early on for cost control or accelerating low-cost claims for settlement. With the help of predictive analytics, what had previously been a hit-or-miss and frequently labour-intensive claims identification process may now be much more data-driven and effective.

Points of discussion:

Within the P&C underwriting sector, the predictive analytics function has witnessed noteworthy momentum and significant attention from industry leaders. Why do think P&C insurers are prioritising on predictive analytics now?
Predictive analytics are primarily used to find patterns and relationships that cannot be found just by humans. How do you see this technology to be of use by the P&C insurers specially from the underwriting viewpoint?
There are a wide variety of uses for predictive modelling in insurance. How do you see this technology providing a tangible cost savings for the industry?

Speaker Bio: Vivek Pandyarajan, is the SVP and Head of Technology & Data for P&C Solutions at Swiss Re. Prior to joining Swiss Re, Vivek served as SVP, Global Delivery Head at Intellect SEEC, a leading insurtech and data company, managing an organization of 500+ associates to oversee global product implementations & program deliveries for P&C clients. Before Intellect, Vivek worked for several Fortune 100 firms such as Chubb and JPMorgan Chase in the United States overseeing enterprise wide IT initiatives such as Digital Transformation, Robotic Automation, Policy Administration & Servicing (PAS) Replacement, Credit and Operational Risk technology programs. From the academic side, Vivek holds a Bachelor of Engineering in Computer Science from Vellore Institute of Technology, India and an MBA in Marketing from Fairleigh Dickinson University, USA. Besides, he also enjoys reading motivational and personal development books in his leisure times.

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The IRDAI has released guidelines to insurers on how to structure cyber insurance for individuals and gaps that need to be filled, which may enable those who transact online sleep more soundly. The guidelines state that cyber insurance should include protection from financial and identity theft, unauthorised online transactions, and email spoofing, among other things. The rise in digital frauds and cyber theft during the pandemic has been underlined by the Insurance Regulatory and Development Authority of India (IRDAI) to highlight the necessity for the aforementioned. Also, since professionals have been working from home owing to the COVID-19 epidemic, according to the national cyber security organisation Computer Emergency Response Team of India (CERT-In), there has been an upsurge in the frequency of cyberattacks on routers and personal computer networks.

Points of discussion

India's cyber security insurance has seen many developments in the recent times. Can you highlight some important changes that has been brought by the IRDAI recently?
How has cyber insurance changed in terms of claims settlement and how is the regulator responding to this?
What do you see as the future of cyber law and its execution in India as we move to a more digitally driven society?

Speaker Bio: Vivek Ramji Iyer, is the Partner for Risk Advisory Practices at Grant Thornton India LLP. Vivek has over 18 years of experience with specialization in the domains of banking, NBFC, capital markets, insurance and fintech and he works very closely with the regulators on matters of industry importance. He is a regular speaker at various external events and has authored multiple thought leaderships within the financial services domain.

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The digital distribution of insurance is increasingly focusing on embedded insurance. Customers can simply add insurance cover that suits their needs and budget as part of a customer journey connected to a known demand by making insurance available in conjunction with other items on established online services. Meanwhile, insurers offer more convenience and associate insurance cover with well-known and dependable brands. The possibility to considerably increase the reach of insurance, inform customers, and guarantee universal financial security is embedded insurance's most significant opportunity.

Point of discussion:

1.How embedded insurance can help close the missing opportunities to deliver the products that customers wants?

In Embedded insurance concept, the main aim is to offer insurance products through seamless digital customer journeys, bundled as an add-on to a third-party product or service. Do you see this solving the customer onboarding challenges in insurance? If so, how?
The future of insurance is going to be embedded and having said that, how do you see insurance companies becoming a part of embedded ecosystem? Can you also touch upon the key stakeholders in an embedded insurance channel? Any examples?

Speaker Bio: Paul Prendergast is the CEO & Co-founder of Kayna Innovation. Paul is a serial entrepreneur and former winner of the Deloitte Fast 50 for the fastest growing technology company in Ireland. He co-founded Kayna with Peter Bermingham in October 2021. Their previous venture, Blink, founded in 2016 and acquired by CPP Group (AIM CPP) in March 2017 delivered the world’s first real-time resolution flight cancellation insurance product and was the only Insurtech as part of the first cohort of the FCA’s sandbox ‘safeplace to innovate’ programme. Paul led the company to make TheINSURTECH100 for 2019 & 2020, an annual list of the worlds’ most innovative Insurtech companies and was selected for the fifth cohort of the prestigious Lloyd’s Lab innovation accelerator programme in 2020 focusing on parametric Business Interruption insurance solutions.

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The insurance industry in Asia-Pacific is not one-dimensional. There is no one-size-fits-all strategy for insurers operating across the area because each country has distinct characteristics. Asia-Pacific general insurance markets can be broadly divided into four groups: burgeoning giants (like India), vibrant growing markets (especially in Southeast Asia), established markets (like Japan, South Korea, and Australia), and hybrid markets (Hong Kong and Singapore). Differences abound even within each group, so an approach that succeeds in Indonesia might not necessarily work in Malaysia. Besides, there are numerous opportunities for insurers operating in Asia-Pacific. Households are building wealth and the middle class is fast growing in India, and some regions of Southeast Asia. By 2023, regional household wealth is expected to surpass that of North America, according to predictions made by Credit Suisse. According to Euromonitor, there would be 83 million middle-class families in India within the same period.

Points of discussion:

Southeast Asia's personal lines P&C insurance market is anticipated to expand quickly through digital means according to various sources. How do see this happening?
Asian nations India, Thailand, and Indonesia are the countries with the largest proportions of consumers who are willing to buy insurance online. Malaysian consumers, on the other hand, are more traditional. What's your observation for other emerging economies in Southeast Asia.
What are some of the key drivers changing the personal line insurance landscape in the Southeast Asian region? Do see this to be promising?

Speaker Bio: – Jyothish Parameswaran Mohini - is the Chief Operating Officer at Young Insurance, Myanmar. Jyothish is a seasoned entrepreneur and an insurance executive with over two decades of experience in distribution, sales, strategy, business development, M&A and digital transformation in Asia. He is recognized for results driven style that is always focused on problem solving. Prior to Young Insurance, Jyothish was with Aviva, ING Bank, Ageas India, Fortis and ICICI-Kinfra Ltd.

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Insurance agents needs a way to maintain its competitive edge in the fiercely competitive insurance business. When agents are trying to grow, they need to seize and develop each prospect. Effective communication is the key to achieving that, which agents can only do if they have access to the best CRM tool that can streamline the way they manage their work process. Every day, insurance brokers and agents deal with a variety of clients and jobs. They have a lot on the plate, from calling prospects to completing agreements and setting up appointments. Therefore, an agent could overlook crucial duties in the absence of a streamlined task management process. It's necessary to choose an insurance CRM that is intuitive and adds value to the business.

Points of discussion:

What in the insurance context is CRM and how best are CRM tools beneficial for insurers and agents?
Insurance agents deal with a variety of challenges while working with clients in this cutthroat industry. An insurance agent must deal with a number of concerns on a daily basis, including intense competition, fragmented data problems, ineffective processes, difficult lead generation, and more. How do you see a CRM management solving these challenges for the agents?
From the revenue side, how do you see a CRM system helping insurance to improve on its ROI?

Speaker Bio: Raution Jaiswal, is the Co-founder and CEO of Insuredmine, a fast-growing software company based in Plano, Texas. Raution worked in management roles at large financial institutions before moving to Dallas in 2015 to become a Director of M&A for CBRE, a leading commercial real estate services company. He discovered a problem experienced by small insurance agencies and worked to evaluate the opportunity before leaving CBRE to start InsuredMine in 2018.

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In the fiscal year of 2021, nearly 514 million people across India were covered under health insurance schemes. Of these, the highest number of people were insured under government-sponsored health insurance schemes, while individual insurance plans had the lowest number of people. Overall, the penetration of health insurance in India stood at just around 35% in financial year 2018. India has a decentralised approach to health care and that allows health insurance to be optional. Technically, all citizens are eligible for free healthcare at government facilities and individual states are responsible for organizing these services. However, the country’s health system is severely underfunded in terms of staff as well as supply shortages. A vast number of people seek care from private providers. Over 64 percent of the total healthcare expenditure in the country was from out-of-pocket expenses in fiscal year 2016.

Points of discussion

How do you see health insurance in India transforming to benefit the missing middle. Is there any significant trend that tells the story towards this transformation.
Indian insurance distribution market is complicated. How do you see health insurers preparing for the next distribution model to reduce the gap between insurance and customers.
Agents are the oldest channel of health insurance sales in India. The physical accessibility of the person gives added credibility and ease of communication. Do to see this changing with the invent of digital in Insurance.

Speaker Bio: Ruchir Kanakia, is the Co-founder and CEO of OneAssure. Prior to OneAssure, Ruchir Co-Founded GoPlannr. From the academic side, he has graduated from Sardar Patel Institute of Technology, University of Mumbai.

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Some insurers have adopted an alternative distribution strategy based model, concentrating on drivers such as banks, corporate agents, and insurance brokers to fuel their business growth, while some have concentrated on the traditional direct channel model comprising of individual agents, direct mail, company websites (internet based selling) and every such activity that involves the insurer directly. Besides, no insurer can afford to be adamant in its distribution strategy, and stick to a few chosen channels, and that the need of the hour is to be competitive, by adopting a multi-channel distribution strategy; while being flexible in adopting the modern tools of technology and the internet in widening the boundaries of the distribution box. In short, innovative ideas of distribution may be the new mantra and insurers need to align their business strategy in line with changing consumer tastes and preferences.

Points of discussion

Clearly, the insurance sector has to continue embracing digital solutions where they make sense and advance the process of digital transformation. But beyond digital transformation, we still have work to do to increase the efficiency of agents and brokers. How you see the Indian insurance distribution changing with a mix of core and digital solutions.
The agent and insurer relationship always appears to be complicated especially when it comes to sharing data and capitalising on growth opportunities. Do you think, emerging technology like open APIs, cloud and data standards can revamp this relationship going forward.
From an Indian context, what are the potential opportunities of transforming insurance distribution in the country. Any particular model in mind that you think can be the future like peer2peer or embedded insurance.

Speaker Bio: Rahul Mishra, is the Co-founder and Director of Policyensure. With almost three decades of experience (mainly in insurance), Rahul saw the winds of change ahead of times with how conventional insurance model needed a version upgrade through digital in order to simplify the insurance buying process for everyone in India while also ensuring grass-root level reach by having a local representative as digital business owner under PhyDigital model. Besides, Rahul is an MBA in international marketing with impressive tenures with big wigs of insurers like Reliance General Insurance, Bajaj Allianz, Cholamandalam and IFFCO-TOKIO.

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Customers for insurance don't have many complex requirements. They wish to have access to a wide range of plans at affordable pricing. They desire easy, hassle-free interactions as well as clear, transparent information. They anticipate their insurers to assist in reducing their stress rather than escalating it when they are filing a claim following an accident, theft, or injury, which is frequently a moment of high worry. More and more, insurance customers want their insurers to offer extra services like roadside help and lifestyle guidance.

Points of discussion

It is clear that insurers perceptions are often unequal to the realities of consumers. There seems to be a huge gap in what consumers wants and what insurers think their consumers want. How to do you see this changing in the coming days.
Instead of delivering excellent after-sale customer support, the industry traditionally, placed more emphasis on selling the coverage. The fact that insurers knew far more about risks, insurance was ideally sold rather than bought. How do to see technology changing this to bring consumer experience forward to drive better purchase decisions.
Consumer sentiment, is an essential parameter in insurance. And you being in the data science field, how do see data helping insurers to understand consumer sentiments? Also, can you quote an example from your organization like the Sentimeter product that you have developed for insurers.

Speaker Bo: Dr. Nilesh Karnik, is the Chief Data Scientist at Aureus Analytics. Dr. Nilesh is responsible for development of algorithms and mathematical models that power Aureus platform and products and help large organizations with advanced analytics solutions. From the academic side, Dr. Nilesh’s PhD made a substantial contribution to the theory of Type-2 Fuzzy Logic Systems and his work is widely referenced in the industry. While busy developing the next big statistical model, Dr. Nilesh can be found looking for interesting audio books on life and related things.

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Digital transformation is on the agenda of nearly every company. Financial services organizations have embraced big data and machine learning in order to expand the scope of their services but the insurance business model has endured intact despite disruptive technologies in every other sector. From the cultural side, traditionally, insurance cultures are heavily structured and compartmentalized. They have a clear hierarchy where everyone understands their role and place within their department. These models emphasize claims and underwriting functions and produce deeply specialized individuals. In and of themselves, these are positive elements to have in a business. However, for insurance companies struggling with the modern state of the market, they limit success. This is one of the significant roadblock to effectiveness and success in the digital age.

Points of discussion

Culture is a mentality; it’s how every employee interacts within the company, represents the brand, and connects with customers. As digitalization continues to sweep across the insurance sector, how do you see technology and culture coming together to shape the industry for the future?
Can you list some of the possible / potential cultural obstacles that is making insurance companies slow to evolve digitally?
What's your advice to new age insurers on developing the modern insurance culture specially to bridge the gap between industries, services, and products.

Speaker Bio: Matt Connolly, is the founder and CEO of Sønr. Matt has worked across innovation for the past 15+ years and in his early 20s he founded an innovation agency which worked with household brands around the world. It ultimately grew to become the UK's #1 digital agency. He subsequently went on to build, and invest in, a number of tech start-ups and recognising the need to help insurers better adapt and innovate, Matt founded Sønr - a leading Insurtech Scouting and Open Innovation business. Sønr’s intelligence is used by leading insurance companies around the world including RGAX, Allianz, Generali, Vitality, Munich Re and Tokio Marine, to identify opportunities and succeed in today’s changing world. Matt is a regular public speaker and enjoys meeting people who share his passion for new and ground-breaking ideas.

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Many businesses' foundational legacy systems prevent them from utilising new digital technologies and generating novel experiences for their stakeholders. In order to develop an IT strategy that supports the speedy adoption of emerging technologies, many find it challenging to modernise or expand their old systems. Besides, these organisations connect new systems to their legacy databases and software using point-to-point integration when they do attempt to modernise their legacy systems. This creates tight dependencies between systems and results in an infrastructure that is fragile, expensive, and difficult to maintain. Organisations must adopt an API-based integration strategy, or "API-led connection," in place of point-to-point integration for a better legacy modernisation plan.

Points of discussion

Adopting an API-first strategy means that every aspect of your products or services will be used or accessed via various platforms, channels, and devices. This also means that it is important to create functionalities that can be exposed as a reliable, reusable, and consistent API. Noting all these, can you tell us how an API first model can create an impact on the digital customer journey.
Talking about API, and Bimaplan being one of the pioneers in building an API platform for embedded insurance in India, do you see an opportunity in digital insurance products through the use of shared data, open APIs, and open-source technologies in India.
Implementing an embedded insurance strategy requires more than just software development expertise. To properly set it up, one need to be able to use the underlying technologies and tools. What according to you are the important factors to consider in order to build a successful API-based architecture in insurance.

Speaker Bio: Vikul Goyal, is the founder and CEO of Bimaplan, an insurtech startup which is driving insurance adoption through technology. Vikul's previous startup, Carcrew, an online marketplace for automobile spares and services, was acquired by TVS, a large auto conglomerate based in India. Previously, he worked as an Investment Professional at Bessemer Venture Partners and GSF Accelerator. He is an active angel investor and has invested in startups across fintech and consumer internet sectors. Vikul has a Bachelor of Technology in Mechanical Engineering from IIT Guwahati and has an MBA from Harvard Business School.

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The insurance industry is being transformed by technology and digitisation, making it more important than ever for insurers to focus on providing digital client service while also adding a human touch to gain their trust. Companies are implementing chat bots and investing in AI/ML to optimize client support digitally as they transition to a "digital-first" strategy. The way insurers operate is fundamentally altering as digitalisation sets a new bar for commercial success. According to SMA study, only four years ago, fewer than 40% of insurers identified as digital insurers; today, more than 90% do. Leading insurers are increasingly enhancing the sales and service experience for agencies and policyholders while decreasing losses and boosting ease-of-use. They do this by utilising digital tools, developing technology, as well as external and internal data. However, being fully digital requires more than just employing technology.

Points of discussion

A digital first strategy essentially includes a large component of digital products and tools. How do you see this development coming across among insurers in the Asia Pacific? As a following questions, can you demonstrate the process of digital product development to our listeners.
Every digitisation effort comes with its own share of challenges and from the product development side, what challenges do you see specially from the sustainability and innovation point and how do you overcome these roadblocks.
What trends do you see in the digital products innovation side in insurance that has the potential to fuel growth in Asia Pacific.

Speaker Bio: Anupam Dey, is the Head of Digital Products for APAC at Zurich Insurance and he is based in Singapore. He has a strong track record of building and leading multi-million dollar digital businesses. Prior to joining Zurich, he was at Acko General Insurance, India’s first digital Non-life Insurance unicorn where he was an early employee and Senior Vice President. He comes with rich experience in product and P&L management and in scaling Insurtech businesses. He has an MBA from MIT Sloan School of Management and has previously worked with global banks such as Standard Chartered, Barclays and DBS.

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Today, with fierce competition in the insurance industry, it is imperative for insurance companies to up their game in customer experience. Faster policy issuance, faster customer grievances resolution and faster claims closures help insurance companies attract more customers to them. At the same time, the companies must mitigate their risks of customer churn and early or fraudulent claims. With advancement in technology insurance companies today have huge amounts of data in a variety of formats such as videos, images, audios, text. With the advances in AI and Artificial Neural Networks, this data can be fully leveraged to support the companies in making quick informed decisions.

Points of discussion:

Dealing with unstructured data is one of the difficulties data scientists encounter. How do you think Artificial Neural Networks can solve this problem for insurers. Following question: And how Artificial Neural Networks outperform the traditional models? Any example from the insurance sector?
How do you think, Artificial Neural Networks can help Insurance companies to improve persistency and predictability.
What are the current developments happening in the world of Artificial Neural Networks that can help the insurance industry?

Speaker Bio: Neeraja Vaidya, is a Machine Learning Specialist at Aureus Analytics and she is associated with the company for the past 8 years. At Aureus, she works heavily with Deep Learning and Text Analytics. From the academic side, Neeraja is a post-graduate in Economics, and later studied business analytics and intelligence at Indian Institute of Management Bangalore.

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Software can be swiftly developed using low-code platforms with little proprietary coding. These platforms offer basic code and connectors so that businesses can create applications without having to create intricate infrastructure. Customizable workflows and features are made possible by low-code software, which also reduces the development period to a few days or hours. To build things, nevertheless, takes solid programming abilities. Insurance companies can work together with the core system to maximise their innovation, even if low-code/no-code platforms are frequently praised for their simplicity of use and capacity to increase productivity. Insurance companies may develop really innovative products and first-rate client services by utilising a low-code/no-code platform to create digital frontend experiences and an insurance core platform to provide strong backend capabilities.

Points of discussion

Platforms for low-code development enable users to create unique applications without having to be familiar with languages like Python or Java. Can you brief us on what this low-code platforms are built and how it enables innovation in insurance?
What distinguishes core insurance platforms from low-code/no-code development platforms? Any examples from CoverStack?
In insurance what matters the most is creating great experiences for customers. How do you think, low-code/no-code platforms can improve the end-to-end experiences of customers when combined with the insurance core system.

Speaker Bio: John Mayne, a senior professional with over 25 years of experience across Insurance, Banking and Micro finance. He is currently the Executive Director of Coverfox Group which includes subsidiaries (Coverfox Insurance, Coverstack Technologies, Coverdrive). Prior to Coverfox, John co-founded and led Future First and Anjali Micro Finance. Besides, he has also successfully ran large profit centres and SBUs across various business lines in India and abroad.

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According to industry survey, Embedded Insurance industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. The embedded insurance industry is expected to grow steadily over the next 7-8 years, recording a CAGR of 20.7% during 2022-2029. The Asia Pacific is considered to be the largest embedded insurance market. The region is home to one-third of the world's population and one of the world's fastest-growing economies. This is primarily due to a large uninsured population and the strong growth of the fintech industry. Insurers and insurtech firms are widely experimenting with new insurance offerings, distribution models, and technological advancements resulting in innovations.

Key discussion areas:

In insurance, the most important part is to build your customer acquisition and retention strategies well. How do you see, embedded insurance shaping this in the days ahead?
Embedded insurance aims to bring coverage before a customer knows they are at risk. Essentially the industry is moving from selling insurance to buying insurance concept. Do you see any roadblocks in the process of achieving this in the near term?
Insurance claims is one most significant element of the insurance value chain. Do you think, embedded claims is essential to the success of embedded insurance?

Speaker Bio: Arijit Chakraborty, is the Managing Director – Asia Pacific at Cover Genius, one of the fastest growing insurtechs globally. In his role, Arijit is responsible for spearheading the insurtech’s insurance and commercial partnerships and leading the regional teams in Singapore, India, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines. Prior to Cover Genius, Arijit held senior leadership roles with leading global insurers including Manulife, Zurich and Tokio Marine. He is actively involved in the start-up ecosystem and for the past few years has been an active contributor to the growth of some of the region's most well-known insurtech businesses. Arijit holds a Master of Laws from the National University of Singapore.

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The auto Insurance industry participates in various processes that are characterized by data exchange, which is modified or updated by many parties. Hence, the auto insurance industry can benefit from the adoption of blockchain technology. However, there is a lack of understanding of the technology, the legal implications and the issues in implementing the technology. The session today aims at finding potential opportunities for the auto insurance sector on the implementation of blockchain technology. It also discusses issues and concerns for automakers wanting to adopt blockchain technologies with real life examples and solutions from KoineArth.

Key discussion areas:

Being in the blockchain field for years now and your recent entry in the auto insurance domain, how you think car insurance companies can best benefit through blockchain specially in a time when regulatory norms are defining the future of insurance.
In India, we have seen how IRDAI have recently announced the usage-based insurance model approval and your organization has a significant contribution in this regard. Can you explain, how your blockchain led solutions aim to monetize data and help reduce cost for the end user.
Lastly, you broadly spoke about enterprise NFT’s and how it can solve auto insurance problems in various media for the end customer. Can you explain how this benefits insurtech players and insurance players specially from the context of data sharing.

Speaker Bio: Dr. Praphul Chandra, who is the Founder of KoineArth which is a blockchain company that offers supply chain solutions for invoice financing, contract enforcement, and inventory visibility. With over 2 decades of experience in the software industry, Dr. Praphul worked with Hewlett Packard for 10 years and held various positions such as Senior Research Scientist, Research Manager and Principal Research Scientist. He also worked as a Software Engineer at Tachion Networks, USA, as a Design Engineer at Texas Instruments, USA and as a Software Developer at Infosys. In July 2017, he started Koinearth to explore how the emerging technology of blockchains can leverage Game Theory and be combined with AI/ML to provide solutions to some of today's challenges. In 2015, Dr. Praphul was featured as one of “The Top 10 Data Scientists” in India.

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Data today is the most valued asset and it is the most dispersed across several platforms specially in life insurance that has been sitting on a rich trove of big data which is mostly untapped. Artificial intelligence-based data management technologies for the life insurance industry are being used much more quickly now. Particularly, artificial intelligence in life insurance has grown in prominence within the areas of risk assessment, fraud detection, and efficient underwriting. Besides, the advantages of AI/ML applications in life insurance, particularly natural language processing, has started to get greatly appreciated by businesses. It became simpler to calculate the exposure within insurance portfolios for unforeseen events by being able to standardise previously unstructured documents.

Points of discussion

The global AI market is projected to grow at a CAGR of 42.2% to $733.7 billion by 2027 and AIML use in life insurance is only bound to grow. Based on current trends, how you think AIML can fast track its adoption within the life insurance industry.
In the insurance industry, data and analytics are crucial to the underwriting process. Underwriting is a crucial step not just in life but in other areas of the insurance process since it involves risk analysis and pricing. Considering this, what would be your take on some of the industry best practices for AI in life insurance underwriting.
Artivatic is known for its AI integration support in the Indian insurance market and you guys have showcased some great products for the sector like AUSIS for the life insurance underwriting. Can you please brief our listeners a bit more on this and how it aims to transform the life insurance business.

Speaker Bio: S. Mahesh, who is the Vice President – Products at Artivatic.ai which is a global risk & decision-making platform that automates human decisions in insurance & healthcare to provide efficiency, transparency, risk assessment, personalisation and digitisation in the entire lifecycle of operations. In his role with Artivatic.ai, he is responsible for ongoing development of smart technology driven underwriting platform embedded with AI / ML based risk management models and rule engines.

Mahesh is a senior leader with over 29 years of experience in the BFSI sector specifically with the Life Insurance sector in areas of Operations, Technology and Administration. In his past experience, Mahesh has worked in senior leadership positions with companies such as Future Generali Life, Tata AIA Life and HDFC Bank. He is a domain expert in life insurance and his expertise is in running large scale operations and implementing cutting edge customer-centric solutions and processes.

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Key discussion areas:

How you think the future of technology will shape the benefits industry?
Moving to some specifics, the employee benefits industry is changing with varied scope of offerings. The World Health Organization suggested that by 2030 depression will be the world’s most widespread disease. So it is clear that there will no “one size fits all” theory, flexibility will be the key. So how do you see technology supporting this to benefit both insured and the insurer / employer?
To look at the digital side, there is a rising focus on digital tools. However as per a study by EY, 28% of middlemen like brokers are less satisfied with tools offered by insurance companies. What’s your experience in this and how you see the future changing?
According to you, what will influence the future of benefits design?

Speaker Bio: Michael Levin, is the Co-founder and CEO of Vericred, a company that connects InsurTech companies and insurance carriers through a suite of APIs that transform the speed, reliability and efficiency of delivering health insurance and employee benefits to consumers everywhere.

Based in New York and backed by leading investors, Vericred offers robust solutions for the employer market, as well as the under 65 individual, Medicaid and Medicare markets. Levin identified the problem that Vericred was founded to solve while he served as Chief Operating Officer for Affiliates Risk Management Services (ARMS), an insurance, risk management and e-learning services provider for healthcare professionals. Prior to ARMS, Levin disrupted the color printer supply business with the first company he founded, Media Sciences. After a decade of growing the company to a peak NASDAQ market cap of $80 million the company was split in two and sold to Xerox and Katun. Levin received his Bachelor of Science in Mechanical Engineering (BSME) degree from Lehigh University. He and his wife Nancy have four sons and live in New Jersey.

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Like many sectors of the economy, the insurance industry is affected by increasing technological innovation and disruption in the digital era. Technology in insurance, or Insurtech, is experiencing rapid growth, increasing investment and enabling technology to greater influence, and in some cases transform, the insurance industry.

Now moving the shift a bit to APAC, this region is particularly experiencing massive technological advancement in the insurance industry. The extremely high expectations of consumers in the region for seamless and personalized digital experiences inspire a great deal of innovation. Firms in mainland China and other markets are experimenting widely and delivering impressive results with new products, new distribution models, and new technology. The top performers are both capitalizing on near-term opportunities and establishing a strong foundation for long-term success. The performance is primarily driven by China and some positive performance in South Korea. However, some mature market in the region such as Japan is struggling due to their rising population age and consumer expectation shift. The penetration rate in China increased from 1.4% in 2013 to 1.9% in 2018. Non-life insurance is showing rapid growth compared to life insurance in the Asia-Pacific region. The Gross Written Premium (GWP) for life insurance increased by CAGR 4% whereas, the non-life insurance for the Asia-pacific region increased by 7.5% for the same period.

With this, we moved on to discuss the following:

Views on opportunities of Insurtech in the insurance industry.
Insurtech is a steadily growing sector within the larger tech, start-up and fintech spheres when Covid-19 made landfall, catalysed cross-industrial digitisation and accelerated the boom. This growth has been marked by the rise of many insurtech giants with some crossing a valuations above $1 billions. Basis this, the speaker gave his views on the evolving insurance ecosystem.
Insurtech industry is thriving through ground-breaking innovations that is increasingly focusing to solve some real problems from motor insurance to climate change to sustainability issues. Now looking at leaders like Allianz partners, the company has been working many such initiatives one of which is the partnership with Irish Insurtech BlinK and the introduction of the Automotive Innovation Centre that focuses on future mobility including telematics and engineering. With this, the speaker shared some of key initiatives of Allianz Partners in the Insurtech Space.
Asia-Pacific is one of the diverse markets for insurers. It is a newly emerging and attractive market for insurance products as it is home to nearly one-third of the world population, few of the fastest-growing economies in the world such as China and India which is expecting to be the world's largest economy by 2030, and multiple countries with rapidly expanding middle-class population. Considering this, the session touched upon Allianz Partners unique positioning of insurance with respect to service, technology & practices specially in APAC.

Speaker Bio: Vinay Surana - is the Asia Pacific - Chief Executive Officer at Allianz Partners. Vinay is based in Sydney, Australia and he leads the Asia Pacific business with responsibility for Australasia, China, Japan, India and South East Asia. Vinay brings over 20 years of global experience in the financial services industry to his current role. Prior to joining Allianz, Vinay held the position of Senior Vice President, Head of Individual Personal Insurance for Asia Pacific within AIG, where he spent more than 13 years in various senior executive positions across numerous markets within Asia, the United States and Australasia. His expertise ranges from insurance and underwriting, strategic planning, reinsurance, risk management, partnership development and digital enablement as well as Insurtech to name a few.

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Insurance is the fourth most disrupted industry and the one inclined to the most disruptions in the coming years. Much of the transformations are a result of the growing adoption of mobile technology, AI, ML, cloud and data technologies to name a few. So essentially, these technologies are redefining how insurance products and applications for services like claims processing, fraud detection, underwriting and risk management are distributed and managed. And, in other words, these new digital trends in insurance have given rise to a tide of technology driven insurance companies – which we know today as the Insurtechs.

With this, we moved on to discuss the following:

Insurtechs are fast-moving, digitally enabled enterprises that are identifying and capitalizing on the weakness of traditional insurers in fields like auto insurance, P&C insurance, liability and home insurance with highly valuable offerings for customers. As a result, the entire industry is re–examining its solutions and delivery models that are weak and exploring opportunities for innovation with disruptive new technologies. Considering this, the speaker gave her views on how key trends like Customer Engagement and Digital Data Management can get disrupted by emerging technologies that can have a profound impact on the industry.
As a following question to the previous, we discussed on other opportunities with new-age technologies that can impact the commercial insurance sector.
Insurers are adopting emerging technologies to digitally transform their services and drive themselves forward in the digital world. However, insurers must be farsighted and strategic about the technologies they adopt and consult with experts on the best approach to going digital. With this, the speaker gave her valuable advice to insurers to help them avoid being blindsided by disruption in insurance. In other words, the speaker addressed how better strategies and vision can help insurers deal with such technology disruptions.
Moving towards the current market scenario, changing risk landscapes and worsening loss ratios are shifting the role of commercial insurance companies from risk mitigation to risk prevention. Additionally, the pandemic has put new pressures on business models as well which are increasingly making digital transformation a top priority for insurance carriers. Some of the main themes that are coming out of this are behavioural economics, IoT, and telematics. With this, the speaker gave her views on telematics and real-time monitoring technologies that can offer more flexible and usage-based insurance (UBI) products in the coming days that are beneficial for both the provider and the customer.

Speaker Bio: Parul Kaul-Green, is the Chief of Staff, APAC and Europe at AXA XL. Prior to this, Parul was the Head of AXA NEXT Labs Europe at AXA UK Group.

Parul is also a board member of UK Insurtech board at Tech Nation, which aims to promote UK’s position as Global Insurance leader. She was recognised as Top 17 Powerful women in Insurtech in 2020 and features on the Women in Fintech Power list for Global Fintech Industry. She is a mentor at Pitch@Palace & Mayor of London’s International Business Partnering and Business Growth Programme. Besides, she is also an advisor to Insurance Times on Technology and Innovation. Lastly, Parul is one of the key contributor / author to “The AI Book”.

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The insurance sector, in riding the wave of the FinTech phenomenon, has been rapidly expanding, with a slew of firms having emerged to provide ‘Insurtech’ services. These services incorporate concepts such as blockchain, artificial intelligence, digitalisation, and the sharing economy to various aspects of the insurance industry. This profusion of technology brings with it the promise of various benefits in increasing efficiency and lowering costs for not only insurers and intermediaries, but also businesses or consumers as end users of insurance. However, if we dive deeper, the development of Insurtech comes with corresponding risks and regulatory concerns not currently accounted for by the traditional regulatory model.

With this, we moved on to discuss the following:

Insurtech has been a growing force around the world, as evidenced by increasing Insurtech investment funding from 2011 until Q2 2021. How can we expect this scenario moving forward? Will there be more inclination towards mergers and acquisition or will there be a massive sum of venture capital still flowing into multiple new start-ups looking to tackle different niches in the vast insurance sector.
Insurtechs are increasingly looking to find applications throughout the life cycle of an insurance product, like from product development, underwriting and distribution to administration and claims processing. With this, how can we expect technology getting leveraged to benefit insurers as well as customers in each of these phases of the life cycle.
The insurance industry consists of potential prejudice and discriminations particularly when they collect and apply data. For example, the question of whether it would be fair for an insurer to use personal data from social media or networks to evaluate a customer’s risk profile does not admit of any easy answer and such prejudice may manifest as higher insurance costs. Considering this, the speaker gave his views on - how insurtech can best tackle such situations.
Can we better promote innovation in insurance? If we see from the compliance side, regulators should adopt a more liberal attitude towards the rise of Insurtech. In-fact, regulators should consider how to create the proper environment to foster innovation. Listen in to know Steve's view on this pressing global challenge.

Speaker Bio: Steve Tunstall, is the CEO & Co-founder of Inzsure. Inzsure is your digital partner throughout the entire insurance cycle from procurement to claims and renewals. So don’t forget to check out inzsure.com to learn more. At Inzsure, Steve is responsible for managing all aspects of the business, including strategy, finance, sales and marketing.

Prior to Inzsure, Steve has 30 years of experience and has managed five companies in four countries including two previous start-ups. Based in Asia for most of his career with experience in dozens of countries globally, Steve brings a broad-based approach to the management of both risk and opportunities. To name some, his previous roles included: Head of Compliance, Insurance, Legal and Risk at Cathay Pacific and risk advisor to the rest of the Swire Group, Vice President of Risk for Genting Singapore & Resorts World Sentosa (RWS) and Managing Director for Jardine Pacific, Schindler Lifts Singapore. Steve also holds the following positions: General Secretary at the Pan Asian Risk & Insurance Management Association (PARIMA) and Asia Ambassador at the International Insurance Society.

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Small businesses are the number one target for cyber criminals, with 60% of them closing within six months after an attack. Since February 2020, there has been a 600% increase in phishing. 67% of businesses have experienced an IoT security incident. In Canada, nearly a quarter of all small businesses have fallen victim to a cyber-attack since the pandemic began.

Now more than ever before, the small business sector is beginning to prioritize cybersecurity and cyber liability insurance to mitigate potential crippling financial risk, which is setting the stage for a major trend moving forward: the merging of cybersecurity technology and insurance to mitigate insurer’s risk and provide the best overall coverage for small businesses.

Also to add here, as the risk and financial impact of cyberattacks continue to rise, every small business owner can take proactive steps to understand the potential threats and to protect company data and assets. Cyber risk is not just a problem for the IT department; it must be regarded as one of the most destructive sources of risk for a small and medium size enterprises.

With this, we moved on to discuss the following:

In line with the podcast topic, what is meant by Cyber Protection, and why is it important for Small and Micro-sized Enterprises ("SME")?
Penning down some of the key Cyber Protection challenges faced by small and micro sized businesses.
From the solution front, what are some of the traditional insurance solutions that SME’s use to protect themselves against Cyber and how is technology improving these traditional solutions?
There is no magic formula towards countering Cyber Threats, and with this our speaker Sam Kramer has some advice for the industry people on how best they can protect their small businesses from possible Cyber attacks leveraging the benefit of technology.

Speaker Bio: Sam Kramer, is the Vice President of Reinsurance at Corvus Insurance. Corvus is reimagining commercial insurance for a digital world by making insurance smarter and policyholders safer. Corvus was Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries.

Sam's focus at Corvus is on the cyber protection solution targeted towards small and micro-sized businesses.

Prior to joining Corvus, Sam spent most of his career in the insurance industry, including at insurers, reinsurers and various insurance-focused financial services and advisory roles.

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Emerging consumers present a promising market for insurance, and creative insurance companies have been developing promising models to reach this market for years. Since the 1990s, the micro-insurance movement has demonstrated the benefits of insurance for low-income people, as well as exploring new business models to serve these customers profitably in frontier and emerging markets.

Micro-insurance pioneers, as well as social insurance programs, targeted customers in the informal economy who were underserved by mainstream commercial insurance. Micro-insurance models matched their premiums and benefits to the needs of these groups. Today, inclusive insurance expands this market and product-development work to all those who have not been served by traditional insurance, including the lower middle class, while retaining a particular emphasis on vulnerable and low-income populations.

With this, we moved on to discuss the following:

In reference to the speaker's (Susan Holliday) article - How Insurtech can close the protection gap in emerging markets, Susan explained on what Inclusive Insurance would mean, and why it matters in today’s world.
The insurance industry as compared to the traditional way of functioning, is responding to the market opportunity today in a very significant way. According to the Insurance Information Institute, in 2005, only seven of the major insurance players were involved in micro-insurance; in 2011, there were thirty-three. By 2016, sixty major insurers, including AIG, Allianz, AXA, MetLife, and Zurich, were active in micro-insurance. Considering this, how the industry would move towards this new equilibrium.
In reference to the speaker's article, she (Susan Holliday) have categorically spoken about the opportunities in developing countries and to quote from there - “the penetration of insurance in developing countries is generally much lower than in advanced economies. Typically, the insurance industry takes off when GDP per capita reaches $5,000”. Noting these observations, how insurance and insurtech will play a major role in the economic development and prosperity of the world.
The pandemic have significantly widened the protection gap in emerging Asia where the prevalence of under-insurance and non-insurance exists across various different risks, from property to health and mortality, variously also extending to include longevity and liability. Basis this, the speaker expressed her views on how the emergence of insurtech and large VC funding’s for innovative insurtech start-ups can deal with the low insurance penetration specially when we see it from the viewpoint of lack of accessibility, affordability and awareness.

Speaker Bio: Susan Holliday, is an advisor to the International Finance Corporation (IFC) and the World Bank where she focuses on insurtech and insurance for SMEs and women. She has served on insurance sector boards in UK, Brazil and India and is currently a board member of Tribal Planet, a Silicon Valley tech company, and an advisor to Eos Venture Fund and to several start-ups. She has worked across life, health, property and casualty insurance and reinsurance at both global and regional levels and led strategy for emerging markets and fintech. Prior to joining IFC, she was a managing director at Swiss Re, serving as head of strategy for Swiss Re’s global reinsurance business and before this CFO of Reinsurance Client Markets and Group head of investor relations. Before Swiss Re, she was in equity research and equity sales covering the insurance industry at UBS, JP Morgan and Paribas. Ms. Holliday is also a member of the Chartered Institute for Securities & Investment in the U.K. She graduated from Magdalen College, Oxford, with a degree in Modern History and completed Harvard Business School’s Advanced Management and Women on Boards programs.

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Underwriters have long been essential in traditional insurance contracts, dating back to the 17th century ‘Lloyd’s of London’s’ marine market. Underwriters were subject matter experts and had to supplement scarce historical data with large amounts of personal intuition and experience.

Over time, more advanced techniques were adopted. These techniques include event probability curves, accumulation limits and hazard rating. These only represent decision-support tools – in many cases underwriters still applied large amounts of judgement into the ‘art’ into the risk selection process, particularly in large, complex risks and special insurance. This not only encompasses technical risks, but the commercial realities of the insurance market.

With this, we moved to discuss:

1. How insurer can best utilise its underwriting operation to leverage the benefit of big data for a better decision making process.

2. Where data will play a major role in modern underwriting from a digital context.

3. Currently, underwriters are working hard to select and price policies appropriately to maintain organisational profitability and remain competitive in the market. In this scenario, how automation of the underwriting process can get into the mainstream of the insurance value chain.

4. The internet has rapidly become a normal part of life and people are well equipped with technology. Today’s customers want online platforms to be straightforward and transparent, and they shop for products that meet their needs. Digital ecosystems and platforms are paving the path for direct sales in the insurance industry. Considering this, how direct sales can get impacted by automated underwriting.

Speaker Bio: Michael Robinson, who is the Vice President for Insurance Transformation & Digital at Genpact for Europe. He works with a number of global carriers to transform their operations into digital and lean operating models, that move to pro-active insurance risk management instead of post event loss compensation, making insurers a partner for risk.

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Cloud computing is having a huge impact on the insurance industry, with benefits for internal processes, new customer acquisition, and policyholder loyalty. Cloud Computing has had a huge impact on all sectors, in terms of business processes, production dynamics, and in the relationship with customers, users, employees, and suppliers.

According to a 2018 Gartner Study, cloud users will double by 2021, while the market around this technology will increase from $153 billion in 2017 to an estimated $302 billion by 2021.

With this, we moved on to discuss:

3 main advantages of Cloud Computing in the Insurance industry.
Cost savings is something that insurers are deeply concerned with and to tackle this challenge, there is an increasing interest in cloud shown by the industry. So how will this be shaping-up in the days ahead.
Some insurers fear that the use of cloud technology may not necessarily help them know where their data is, and so insurers don’t really understand whether it is secure and without being able to touch and feel the servers in the data centre, this is adding up to the existing security concerns particularly when it is governed by third-party relationships. So how will this be changing in the coming days.
Now coming to one of the major area of focus with respect to market relevance, that is, we live in an era where technology-led digital transformations are redefining industries and insurance is one of them. Majority of the core insurance systems are decades old. Proprietary platforms and legacy technology may limit insurers ability to change and innovate. With all these, what can we expect from the incumbent insurers journey towards a successful cloud migration.

Speaker Bio:

Anshul Srivastav, is a leader with major operating tenets as driving technology transformation through thought leadership, design thinking, innovation, analytics & delivering value to stakeholders. Anshul is a global technology leader and change practitioner who has been instrumental in driving technology transformations for businesses in the range of multi Billion dollar as revenues. His experience has been around taking up strategic technology initiatives, architecting, delivering and managing it at an enterprise level. Anshul has several notable career accomplishments, wherein he has led, created and launched the key Artificial Intelligence, Blockchain, Cloud, ecommerce, mobile and business intelligence initiatives for various Financial Institutions across the world. He is a transformational leader and Senior Management IT professional, with more than two decades of experience spreading across multiple geographies (US, Europe, South East Asia and Middle East). Anshul has built & led local, regional, and global teams across 3 continents.

Anshul is currently the Co Founder and Chief Technology Officer at Proton Insurance and he has over 22 years of experience in Insurance, Banking and financial services. Anshul is also an ex-Chief Information Officer of Union Insurance Dubai and he has mentored and advised over 160 startups since 2010 across domains.

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Physical sales forces and intermediaries are responsible for the majority of insurance distribution across geographies and line of business. While the share of business conducted via these channels has been shifting during the past decade as some customers migrate online, they remain the primary channels across life, commercial, and personal lines property and casualty.

But continued physical distancing is having dramatic and immediate impacts on insurance distribution.

With this, we moved on to discuss:

The changingtrends of insurance distribution towards a self-service driven model where client demands for self-service in the current environment is only getting accelerated which is eventually giving way to digital.
Will a shift towards self-service driven model, support a better customer service and agent satisfaction.
The changing distribution strategy for insurers in the near term, specifically from the Indian consumer context.
From a distribution standpoint, consumer behaviour is changing along with technology, and new emerging business models are disrupting the insurance industry. Considering this, what the future holds for the modern insurers and their distribution model.

Highlights: Our speaker made very interesting points on collaboration and coming together of different stakeholders on regular basis for betterment of the industry and addressing key industry issues.

Speaker Bio: Yashesh Sampat, is the Senior Vice President of Affinity and Association Business at Edelweiss Gallagher and he has more than 18 years of experience in the insurance profession.

Yashesh is a Fellow of the Insurance Institute of India, a Chartered Insurance Broker and ACII holder with the Chartered Insurance Institute. He has played extensive role in mentoring young professionals in pursuing education as well as advancement of their career. He is a well-known face in the insurance industry in India.

Yashesh is a regular speaker at various business forums in India as well as overseas and also teaches at various Education Institutions. His initiatives at work have influenced many people to get various insurance solutions and he continues to do the same.

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There is a wide range of innovations being explored in this industry. In 2018, 30% of insurance companies were already using or considering using robotic process automation (RPA) to review claims. However, no insurers were already using RPA for underwriting processes. Underwriting automation means that the process of evaluating the risk of insuring a client will be performed by a computer, rather than a person. There is still plenty of room for growth, because very few insurers have mastered how to integrate this innovation into their business models.

The auto insurance industry has already begun integrating technology into its policies, for example with the introduction of usage-based insurance (UBI). In the United States, the most valued UBI feature in 2017 was the automated emergency call. Unsurprisingly, Millennials were shown to be the generation most likely to be willing to share recent driving data in return for personalized insurance quotes.

The health insurance industry is another area which has begun to utilize Insurtech. In a 2017, in a Statista survey, 72% of respondents said that they either already shared data with their health insurer or would consider it in exchange for benefits. So with there are opportunities in the areas of growth through partnerships, affinity models and M&A’s.

With this, we moved on to discuss:

How insurance innovation is taking off through digital and affinity partnerships particularly from an APAC perspective.
Innovation through new technologies is a key driver of change in the insurance sector and this has led to immeasurable efficiency gains, even though these changes can initially be accompanied by uncertainty and doubt, so considering this, our speaker gave his views on how technology capabilities can foster insurance innovation in the coming days.
How insurance innovation is shaping the health insurance industry - the views were broadly shared across byte size insurance products along with some interesting innovations offered by Tune Protect Group in Malaysia.
Targeting the digital consumers by simplifying insurance experience is one of the major driver towards a successful digital journey and in the digital age, consumers have more power than ever before. With this, how simplification can shape the insurance outcome – is it through higher engagement, personalisation or just a better understanding of needs.

Speaker Bio: Rohit Chandrasekharan Nambiar, is the Group Chief Executive Officer of Tune Protect Group Malaysia. In his role as the Group Chief Executive Officer, Rohit is responsible for steering Tune Protect on its journey of digital transformation aimed at positioning the Group as the lifestyle insurer that everyone loves within ASEAN and the Middle East. Rohit is also a Director of Tune Protect Malaysia.

Prior to this, Rohit was the CEO of AXA Affinity Life Insurance. Rohit began his career as an Analyst with AXA in India. He has experience working across various departments and has held senior positions in both local and regional capacities within Malaysia, Singapore, Hong Kong, and India. With his track record of success spanning 18 years in the Insurance Industry, Rohit is passionate about fintech, innovation and making insurance simple for all.

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As insurers grapple with managing the growing number of digital-related risks, it should be emphasized that getting onto the front foot in terms of cybersecurity does not just mean layering IT systems on top of legacy solutions. Rather, an approach that involves a mix of people, processes, and technology is required to drive a cyber-resilient enterprise. Cybersecurity has always been viewed as a technology risk rather than a business risk.

This misconception extends to business resilience, which is usually thought of as disaster recovery among insurance CISOs and security executives. In the meantime, insurance carriers and their associates are gearing up for the stringent regulatory scrutiny that will accompany GDPR, which came into effect in May 2018. They are aware of their overall accountability to recognize cyber threats in advance, reduce an organization’s exposure to malicious attack and, most importantly, react quickly. In practical terms this requires insurers to put in place and follow through on a watertight cybersecurity strategy.

With this, the discussion touched upon the below:

In today’s digital world the boundaries of insurance have extended beyond the enterprise, as insurers increasingly co-operate in new ecosystems built around managing newly digitised assets. These include connected cars, healthcare monitoring, and connected homes. And with all these there is an increasing cyber risk that is coming along. So how traditional models in insurance can help the industry cope with such challenging demands now placed upon them?
Insurance carriers are fully aware that their security posture must be responsive and agile to counter the growing cyber threat. Equally they feel that the effectiveness of their defences is constrained by a range of factors, such as IT legacy systems. Considering this, how can we manage the use of legacy systems that may pose a greater security risk to the insurance industry.
Emerging needs in the market are shifting cyber insurance to solutions, and how this can help companies / start-ups grow.
How cybersecurity technologies will evolve at speed in the coming days especially when seen to address the intensifying threat on our digital consumers and where insurance has a key role to play.

Speaker Bio: Arunachalam has over 30 years of senior management experience in the insurance industry in both Direct and Reinsurance space with India's respected professional insurance firms.

From the cyber insurance front, he has been engaged with consulting for clients on Cyber risk including risk assessment, cyber insurance design, negotiation of terms, placement of risk with carriers, claims management and so on and so forth. Sectors handled by him, includes Banking and Financial institutions, Technology firms, Services sector, Engineering Goods manufacturing, new generation start-up companies like the payment wallet industry. His latest expansion in Cyber Insurance is in the area of advisory on GDPR related coverage under Cyber Liability insurance, which is a new exposure to companies with European exposure.

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In India, the overall market size of the insurance sector is expected to US$ 280 billion in 2020.

The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023. India’s insurance penetration was pegged at 3.76% in FY20, with life insurance penetration at 2.82% and non-life insurance penetration at 0.94%. In terms of insurance density, India’s overall density stood at US$ 78 in FY20.

The market share of private sector companies in the general and health insurance market increased from 47.97% in FY19 to 48.03% in FY20. In the life insurance segment, private players held a market share of 33.78% in premium underwritten services in FY20.

In FY21 (until March 2021), premium from new business of life insurance companies in India stood at US$ 31.9 billion.

In India, gross premiums written of non-life insurers reached US$ 26.52 billion in FY21 (between April 2020 and March 2021), from US$ 26.49 billion in FY20 (between April 2019 and March 2020), driven by strong growth from general insurance companies.

In March 2021, health insurance companies in the non-life insurance sector increased by 41%, driven by rising demand for health insurance products amid COVID-19 surge.

With this, the discussion touched upon the below:

The changing face of the Indian insurance industry in this decade, primarily from the angle of rise of digital, the customer archetypes, business model development and the evolving value chain.
India is a vast country with varied cultures and choices for products and services. And from a customer’s perspective, the key reasons for insurance purchase in India are tax incentives and compliance mandates. So how can this be addressed with the evolution of technology in the days to come.
Can we say “Embracing technology is as an enabler rather than a disruptor, especially when seen from the context of the new age Indian buyers of insurance products.
How the insurance regulator can ease the Indian insurance buying bahaviour.

Speaker Bio: KV Dipu is the President & Head of Operations and Customer Service at Bajaj Allianz General Insurance Company.

He spearheads the digital transformation drive at Bajaj Allianz GIC, leveraging start-ups from fintech/insurtech globally, while leading a team of more than 1000 people in 220 locations. He is a management graduate from the Indian Institute of Management Lucknow (IIM Lucknow), and he joined Bajaj Allianz GIC in 2016 after a stellar career of nearly 20 years with GE Capital.

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The world is changing, digitally. We are moving towards an era of lessened humanintervention. Rapidly evolving technologies have brought huge disruptions to their digital platforms. We are seeing autonomous cars, contact less payments, and chatbots that advise people on how to manage their wealth and investments.

Netflix, Uber, Amazon, and many other ideas have transformed their industry segments forever with seemingly effective and yet simple ideas. The insurance industry is embracing digital transformation in various ways to mitigate complex challenges it is facing from consumers, regulatory and digital landscapes.

Global Insurance industry leaders are working on developing digital enterprise portals that are built for future needs. They encompass meeting future demands with predictive analytics, report on the financial performance of products, and plans to provide a bird’s eye view of all the micro and macro indicators of the insurance business.

With this, we touched upon the following:

Insurance companies were initially slow to embrace digitalisation but have finally realised that it is vital if they want to stay competitive with insurtech disruptors. So how can the industry get the right start and perhaps the right momentum for this journey towards digital transformation.
Benefits that digital transformation can bring to insurance companies.
Key ingredients to achieving digital transformation.
The phases of digital transformation for Insurance Sector.

Speaker Bio: Mark McDonald, who is the Head of Insurtech Strategy at Altus Ltd. Mark has over 10 years of experience working in Financial Services and he joined Altus in 2018 with a focus on General Insurance. With a background in technology and significant experience across a variety of retail FS verticals, Mark works with clients on shaping business transformation and strategy development.

Mark’s main interests are around the use of emerging technology to enhance customer experience and improve operational efficiency, particularly where there are opportunities to prevent claims, as well as keeping a close eye on the Insurtech industry.

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Asia-Pacific's private insurance technology landscape may be dotted with several unconventional startups seeking to unseat incumbents, but venture capitalists will gravitate toward less disruptive and more collaborative technology startups.

S&P Global Market Intelligence data shows at least 335 private insurtechs operating in Asia-Pacific, with about 122 of them disclosing $3.66 billion in aggregate capital raised via private placement deals.

China and India are collectively home to nearly half of private insurtech companies in the APAC region. The two markets will continue to corner the lion's share of investor interest, thanks to their large and fast-growing insurance markets.

Discussion points:

The APAC region, with most of its insurtechs complementing existing carriers, presents a contrast to the U.S., where private capital is skewed toward full-stack companies looking to disrupt the incumbents.

Insurers in APAC – which is the world’s largest life insurance market and the second-largest general insurance market – have much to do, particularly when it comes to using technology to improve product design, product delivery and customer service. So what insurers in the APAC are doing to build technology leadership through it products and processes. This also demonstrates examples from Singlife Philippines.

Are insurers understanding the shift in consumer demands better than the west? And can a better use of data facilitate the change in the insurance industry in APAC.

Speaker Bio: Zayd Tolentino. He is the Chief Technology Officer at Singlife Philippines. Zayd is a Technology Evangelist specializing in Cloud, API, Big Data Analytics, and FinTech. As Chief Technology Officer of Singlife Philippines, he leads a team of experts in the successful integration of insurance technologies to offer customers meaningful protection products in a fully digital environment.

Prior to joining Singlife, Zayd has worked with several companies including Globe Telecom and QuadX as a senior leader for systems engineering, digital innovations, and data protection, among others. He is also an entrepreneur involved in several startup initiatives focused on emerging technologies.

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Among other financial sectors, the insurance sector remains orthodox. Insurance companies have been slow when it comes to indulging the technology in daily business routines. Blockchain technology can perfectly benefit the insurance industry by enhancing the efficiency, improving the customer experience, reducing costs, and reforming data collection, quality and analysis. According to Bramblet (Managing Director, North America P&C Insurance and Digital Leader), in the current time, 46% of insurance companies are anticipated to implement blockchain technology in their systems. In addition, 84% of insurance companies have pinpointed blockchain and smart contracts as a revolutionary technology aiming at improving their approach when engaging with new users.

Blockchain technology could be implemented in the insurance sector to improve two aspects. The first aspect is to enhance insurance processes as salaries, paying expenses, premiums and claims. The second aspect is through supporting new insurance practices. This involves operating insurance activities through smart contracts and decentralized applications. Blockchain in the insurance sector is another evolution which is capable of expanding the insurance capacity to the growing infrastructure.

In this Episode, we discussed with Chaim Finizola on How blockchain and smart contracts will disrupt insurance claims. Chaim Finizola, who is the ClaimShare director at IntellectEU and he has been involved in multiple enterprise blockchain projects in the capital market, banking, and insurance space. In 2020 Chaim and his team won the global Insurtech challenge by R3 and B3i with the ClaimShare fraud detection platform.

Whats ClaimShare? - ClaimShare: ClaimShare is the first platform that allows the detection and prevention of double-dipping fraud in the insurance industry.

About IntellectEU: IntellectEU is an international technology company focused on digital finance and emerging technologies. Since 2006 we have been focused on financial messaging and integration, being a SWIFT service partner. Building on our rich experience in financial services and technology, we founded our DLT and blockchain tribe in 2014. Always pioneering to serve our clients best, we became a founding member of Linux Foundation's Hyperledger in 2016. Today, we are working with all leading blockchain providers (R3 Corda, DAML, Hyperledger, VMWare) in the banking, insurance, capital markets, and telco space. Apart from Blockchain and DLT, we're also venturing into Artificial Intelligence and Quantum computing by educating our clients and building products with them.

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Insurers are increasingly tapping into the power of APIs to drive digital innovation and meet the demand for exceptional digital experiences. APIs allow insurers to create connectivity and facilitate interactions among applications and devices by providing a standard way (protocol) to access data, whether on cloud or in-house from any app or device. Such API-led connectivity helps insurance firms turn repetitive but complex processes into highly reusable ones that drive productivity.

So what in store? The modern vision of insurance IT relies on API-led connectivity. For insurers looking to achieve the speed, agility and enhanced digital capabilities necessary for optimising customer experiences, API integrations are a must. As the digital ecosystem further shapes up, the leading carriers of tomorrow will be the ones who leverage (open) APIs for insurance to partner or orchestrate in a larger network to deliver a full suite of best-in-class solutions and services.

Some of the greta use cases of API's can be found in Easy Claims Processing, Customised Product Offerings and Better Risk Evaluation.

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AI has only scratched the surface of the insurance industry. There are dozens of processes that could be greatly improved using AI, with the potential for more insurance providers to implement the technology across their businesses over time. Some of the applications that can benefit most from AI include pricing, claims handling and fraud detection.

In the recent years, the insurance industry has started to implement AI and related tools into business practices. However, insurance companies have been much slower to adopt new technologies compared to some of the industries we mentioned above. But because the insurance industry is so multi-faceted, the possibilities of AI and machine learning are nearly endless.

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We are witnessing a sharp rise of insurtech in recent times - Over the past few years, insurtech have emerged in the insurance space. Investments have grown by leaps and bounds—whereas $140 million was invested annually in 2011, investment climbed to $270 million in 2013, and $2.7 billion in 2015. Over this same period, the most successful insurtech ventures moved beyond the seed and venture-capital rounds of financing to advanced funding rounds. The average investment per insurtech has risen fivefold, from $5 million in 2011 to $22 million in 2015.

An analysis from Panorama Insurtech database - shows that despite the US has been the pioneering market for insurtech, now only 46% of the companies are headquartered in the region with another 40% based in EMEA. After the US, the UK and then Germany are the homes of most insurtech companies. Asia-Pacific region accounts for only 14% of the insurtech but is expected to be the fastest growing region in the coming years. Insurtechs are active in all major insurance products and business lines, with concentrations in the P&C business and in the marketing and distribution areas of the value chain.

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The insurer of the future - a digital strategy viewpoint

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Insurance technology trends that will shape the industry in 2020 and beyond (Deluxe Edition)

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Insurtech: Envisioning the future of Insurance (Deluxe Edition)

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