Can you believe we just wrapped our 28th User Group?! More than 170 re/insurance professionals joined us in Arizona last week to connect, strategize, learn and soak up the sun. This year, we focused on providing attendees with the opportunity to fuel their strengths on an individual, team, organizational, and industry basis.
The action-packed week included:
- Educational breakout sessions
- A panel of InsurTech experts
- And an exciting Keynote that led a finger fencing battle! (More on that later).
#1 | Mining data internally first
Vishwa Kolla, AVP, Head of Advanced Analytics at John Hancock Insurance, kicked off User Group by discussing the data goldmine that exists internally at organizations. One statement that stuck with me from Vishwa’s presentation was:
"data is the new oil and analytics is the new combustion engine"
With organizations collecting so much data, they essentially have goldmines at their fingertips. Think about the reinsurance industry and the data warehouse that TAI has become. Your daily interactions with TAI makes you a part of the data eco-system – now it is time to leverage the goldmine.
#2 | Defining InsurTech
Prior to User Group, we discussed the rise of insurance innovation & InsurTechs as a prelude to the meeting's InsurTech panel. We were excited to host a panel on this topic at User Group to give attendees the chance to hear various perspectives. InsurTech is a prominent topic in the industry today, which is why defining it and educating attendees on the topic was a highlight for me. Before I discuss the insights shared from the panel, here is the definition of InsurTech, provided by one of our panelists, Jason Alleyne:
Insurtech is the application of modern technology to change the business model of insurance to make insurance more impactful. This has been, and will continue to be, an important part of our industry.
Now let's take a look at the various perspectives shared by our panelists.
#3 | The InsurTech landscape
Prateek Saxena, Director of Customer and Operations, Advisory Services of KPMG, opened the panel by discussing current trends and the outlook of InsurTech. One major takeaway was: data is telling us that traditional ways of distributing insurance products are not working. This is resulting in a flurry of activity around
- Investment in Technology
What does this mean for the re/insurance industry? We are at an exciting inflection point in our industry with the opportunity to take action. Our industry is, and should be, actively looking for ways to disrupt ourselves so that we can contribute to the change. This is something that we recognize, engage in and encourage across our group of companies.
#4 | What is old is new again
One of the panelists, Jason Alleyne, COO & EVP of Besurance Corporation, explained how Peer to Peer insurance leverages valuable historic practices, the most prevalent being; community. Which is at the historical root of insurance.
Today, it is making a comeback as an integral part of Peer to Peer insurance, where risk is shared across a community of people. The rise of this trend combined with technology, gives community a place in the industry once again.
#5 | On-demand insurance
Attendees also had the opportunity to hear about on-demand insurance from panelist Rainer (Rain) Takahashi, Founder of Jauntin’. His company makes the often cumbersome or confusing process of getting travel insurance, easy. You simply ‘turn on’ insurance when you need it via the Jauntin’ app.
Rain shared that a key component of the on-demand model is data. A clear demonstration of a product offering that exists from leveraging the goldmine of data in our industry.
I hope our InsurTech sessions gave attendees the opportunity to start, or continue, thinking about their role in the InsurTech eco-system. We will continue to use the TAI blog to contribute to the conversation around InsurTech and help you keep tabs on industry activity. Follow us on LinkedIn for easy access to our blog updates.
In addition to InsurTech, what else was on my list of highlights?
Find out in Part II of my recap! (Yes, so many great insights - I had to split it into two parts!)
Here's a glimpse: