At the PwC Insurance Summit, presented by the Financial Times, that occurred in Bermuda this past November, various topics on innovation in the insurance industry were discussed. The Financial Times summarized the summit as:
New market realities are emerging in the reinsurance industry as firms grapple with record catastrophes, thin rate increases, an abundance of alternative capital, and technological disruption. Client demands are shifting, and there is a need for fresh solutions and strategies – and time is of the essence.
In order to keep pace, there is an urgency to become technology-driven and re/insurers are moving quickly to harness developments in artificial intelligence, data analytics, blockchain and other solutions to drive both cost savings and growth going forward. This requires a rethink not only of how innovation leaders identify opportunities ripe for disruption, but also how to bring an entire organization up to speed as the risk landscape and reinsurance market changes.
On the agenda was one notable panel titled "Is the Insurer of the Future a Technology Company?" Watch the summit's live discussion here.
01 Nov 2018