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Highlights | 2018 TAI User Group

May 31, 2018 / User Group, InsurTech

 Highlights | 2018 TAI User Group

We recently wrapped up the 29th TAI User Group. Over 200 life reinsurance professionals joined us in Chicago for an exciting line up of speakers, breakout sessions and activities that Empowered Action. This included insightful discussions from two reinsurers, an engaging InsurTech panel, educational break-out sessions, networking events and numerous opportunities to stimulate both “left” and “right” brain thinkers.

User Group brings together an incredibly engaged group of industry professionals to truly connect over shared experiences. In doing so, attendees can share knowledge, best practices and discuss how to address industry-wide challenges. The vast amount of knowledge-sharing that takes place reminds me of Benjamin Franklin’s quote “investment in knowledge pays the best interest”. So, thank you to everyone who attended User Group 2018 and made this “investment” in knowledge. Now it is time to share what I gathered from my investment.

When I began reflecting on what I learned at the 2018 meeting, I was able to draw synergies between knowledge shared this year and knowledge shared over the past few years that truly empower action as we look to the future of reinsurance administration.

Artificial Intelligence AI reinsurance infrastructure

Artificial Intelligence (AI) will be part of reinsurance infrastructure

This year, we heard about the use of Artificial Intelligence (AI) in reinsurance from Lisa Wardlaw of Munich Re and Brian Wilkinson and Brittainy Jones of LOGiQ³. Thinking back to User Group 2016, in Atlanta, the Keynote speaker, James Burris, discussed viewing the world through hard trends and using hard trends to tell the future.  My synthesis of all this knowledge is to count on AI being part of our reinsurance infrastructure in the future.

competition cooperation balance creative tension

Finding the balance between competition & cooperation

During the 2018 meeting, Brian Carteaux of Swiss Re discussed how in the reinsurance industry, we all compete and cooperate with each other in order to benefit everyone in the industry. Last year in Scottsdale, our Keynote speaker, Tim Arnold, spoke about the concept of polarity, two opposing forces that need to be balanced to yield the best outcome.  ‘Creative Tension’ is another way to think about this concept.  In the reinsurance ecosystem, the polarity is between competition and cooperation which creates ‘coopetition’.  As professionals and organizations in the industry, we need to find the appropriate balance between these two polarizing ideas to succeed. 

desire joy determination predictors success

Desire, joy, and determination are predictors of success 

Finally, our 2018 Keynote speaker, Neal Petersen, energetically shared his journey and life lessons.  The one lesson that resonated with me most was that “desire, joy, and determination are the real predictors of success for an individual”.  He noted that with these attributes in your “treasure chest” anything is possible.  The InsurTech Panel from both this year and last year reinforced Neal’s point. It was easy to see the desire, joy and determination in each panelist as they spoke about their journey and products.

The other takeaways I gained from User Group came from the educational breakout sessions which covered a variety of topics. 

Busting myths to help drive operational efficiency

TAI’s Chief Architect, Pete Murphy, led an entertaining session how to improve efficiency and operational controls by busting several myths that exist about the TAI Claims Module. In doing so, we discovered the following:

  • TAI can indeed be used to process claims on living benefits
  • TAI can be used to administer accelerated benefits and critical illness
  • New enhancements to Claims module enable you to send claims electronically which eliminates the need for paper notices
  • Clients on TAI.NET Version 3.4 already have these claim enhancements available to use
  • A full upgrade is not required to gain new claim module enhancements

data security GDPR

Data security remains a top priority

Data security has been and will remain a top priority for TAI. TAI’s Chief Information Security Officer, Andy Zitt, delivered a detailed breakout session on how TAI enforces data security to protect client data as well as current data security trends to be aware of.

The General Data Protection Regulation (GDPR) has been an important topic of conversation for many organizations around the world. It was interesting to learn about how this regulation is reshaping the way organizations approach individual data privacy. Something that I believe will continue to remain at the forefront for how any company handles client data in the future.

Artificial Intelligence might be the reason why we never have to read a treaty again

The breakout session led by Brian Wilkinson and Brittainy Jones of LOGiQ³ had us imagining a world where we never had to read a reinsurance treaty again thanks to artificial intelligence (AI) and machine learning (ML). Brian and Brittainy shared how they are currently testing the use of both AI and ML to make their current treaty review methodology more efficient, from a time and resource perspective, and find a way to structure unstructured treaty data. I was drawn to the video they shared exploring the various future possibilities that could come from having this kind of technology in place.

 Key considerations when implementing TAI Annuity

Key considerations when implementing TAI Annuity

Given the increased interest in reinsuring annuities, the breakout session on TAI Annuity provided a great overview of how to use the software to administer this business with ease. We had the chance to hear from Jacqueline Barrett of LOGiQ³ on her teams’ experience implementing TAI Annuity. Her biggest lessons learned from the experience were:

  • Have the right resources and time allocated to the project
  • Know the type of annuity products that are being reinsured
  • Identify reporting frequency
  • Consider future annuity products to minimize system modifications

Open forum for collaboration Connector or Insights

Open forum for collaboration

I mentioned above that TAI User Group attracts an engaging group of attendees which is extremely evident is during the breakout sessions. Whether the breakout topic was basic or advance training, software upgrades, Connector or Insights, attendees actively participated in sessions to ask questions or surface challenges they are currently facing. This is a great learning opportunity because it generates conversation among other session attendees who are facing the same questions or challenges.

In more than one breakout session, this resulted in an open, collaborative discussion on how to address challenges, identify solutions and determine how the TAI team can help as well. Which to me, represents the true spirit of User Group.

That’s a wrap on TAI User group 2018, I look forward to seeing you next year.

Thank you!

Thank you to everyone who joined us in Chicago for another successful User Group. To access presentations from the meeting, log in to the registration site and select 'Documents'.  Be sure to join our community of subscribers to get insightful content from our team straight to your inbox.  

 

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Written by
Tom Freitas