IORMA Webinar | Is the Insurance market ripe for disruption?
A video of this webinar appears below:
Please circulate to your contacts
Enter the disruptor who sees opportunities to seize some parts of the market. For example telematics-based insurers can offer tailor-made policies based on customers’ life style, or peer-to-peer networks, enabled by social media, encourage self-insure. View the discussion ….
Dr Julie Wall, Reader in Computer Science, University of East London
Dr.Julie Wall leads the Intelligent Systems Group of the School of Architecture, Computing, and Engineering (ACE), University of East London. Her research interest focuses on deep neural networks for speech enhancement and recognition and she maintains collaborative research and development links with industry. This has led to the successful acceptance of two Innovate UK grants with a combined total value of £2.3m. Julie is developing an XAI (Explainable Artificial Intelligence) tool to identify behavioural elements of a fraudulent claim during a telephone report of an insured loss.
Since starting her PhD in 2006, Julie has been exploring the overarching research area of designing intelligent systems for processing and modelling temporal data. This primarily involves investigating the architectures and learning algorithms of neural networks for a variety of data sources, including numerical, audio, images, video, 3D, etc.
Paul MacDonnell, Executive Director, Global Digital Foundation
Paul joined Global Digital Foundation, a thinktank specialising in public policy affecting the development and use of digital technology, having been Head of European policy at the Information Technology and Innovation Foundation in Brussels.
Paul spent 12 years at Insurance Ireland, the insurance industry trade association, in Dublin and Brussels and managed the industry’s response to policy, legislative and regulatory development. He began his career with Hill & Knowlton’s government affairs division in London where he provided advice to a number of Fortune 500 companies. In 2001 he co-founded an economic policy forum in Dublin, Open Republic, which, as well as hosting events aimed at policy-makers and politicians on such issues as pensions, taxation and the EU, was the Irish publisher of the Economic Freedom of the World Report.
Christopher Hough, Senior Portfolio Manager, Ki
A qualified actuary and part of the initial Ki team, Chris has been responsible for developing Ki and its algorithmic capabilities alongside University College London. Ki is driven by the view that the insurance sector is lagging behind other markets when it comes to innovation and disruption and has set about creating the first algorithmically driven, digital only Lloyd’s syndicate in order to revolutionise the Lloyd’s insurance market. Ki’s focus is on creating a data driven, broker-friendly experience in order to be able to transfer risk quickly and efficiently.
Seth Williams, Assistant Director, Head of Public Affairs, Association of British Insurers
Seth Williams is Head of External Affairs for the Association of British Insurers, with oversight of communications and responsible for the ABI’s political and wider stakeholder engagement in the UK.
The Association of British Insurers is the voice of the UK’s world-leading insurance and long-term savings industry, an industry that employs over 300,000 individuals in high-skilled lifelong careers, two-thirds of which are outside of London; manages investments of over £1.7 trillion and pays nearly £12bn in taxes to the Government.
Peter Evans, Senior Manager, Insights, Deloitte
Peter advises financial services companies on emerging trends and issues. He focuses on new technologies, consumer behaviour and regulation, using primary research to uncover insight. He has 14 years of experience in strategy and research, having worked in strategy roles at Lloyd’s of London and Munich Re prior to joining Deloitte. Peter has an executive MBA with distinction from Imperial College Business School, a masters in Modern History from Edinburgh University and holds the Chartered Insurance Institute Diploma.
Insurance companies need data about what they insure in order to correctly assess and price the risks they are taking on. In the case of personal insurance – for example, life, health, motor or home – these data will often be personal data. The advent of advanced data-collection techniques, data-processing technologies and the rise of big data offers insurers the potential for significant innovation, including better analysis of traditional risk categories and the identification of new markets for risk pricing.
Everyone has to connect with their insurance company at some time or another, not always happily. Has the time arrived when the industry has to take more notice of its customer?