Technology + Data = New Markets for Insurers

In this IIL London Market lecture Russell Higginbotham and Leigh Calton discussed how technology is advancing rapidly in the workplace, in the home and around the person and as a consequence so are the new forms of data that are available.

Many people in the insurance market see this as a threat and worry about which new entrant will come in and disrupt our business. Others see this as an opportunity, where we have the ability to combine our expert risk management knowledge with new forms of data to build stronger customer propositions. This lecture looked at the latest developments in the area of InsurTech and the implications for the industry. It will consider the strategic options facing insurers and also bring some real world examples to bring the topic to life.

This lecture was split into two main parts:

1. A strategic level view of the role of technology and data in the insurance sector. Where are we now and what changes do we see coming? How will this impact various sectors of the (re)insurance industry and what potential disruption could impact us? Importantly, how we can better use the new technology and data for better customer outcomes and how we can look to close the 'protection gap'.
2. A practical perspective on one specific aspect of technology and data, focusing on 'the connected home', where sensor technology and the Internet of Things (IoT) can provide helpful information to customers that allows them to be more efficient and also to improve risk management and to provide early warning systems, that ultimately mitigate risk and reduce the cost of insurance.

By the end of this lecture members would have gained an insight into:

• Thee strategic importance of new and emerging technology and data for insurance
• Some of the latest developments related to the Internet of Things
• The application of new technology is gaining traction in insurance propositions

Speakers Bio's:
Russell has a first class honours degree in Business from the University of Hertfordshire and an MBA from Henley Management College. He is a Fellow of the Chartered Insurance Institute and is currently serving as President of the Insurance Institute of London.

Leigh has worked in many fields of insurance including life and pensions, private healthcare and for the past 12 years general insurance, primarily personal lines. As a career marketer that includes an MBA, Leigh has held senior posts across marketing.

Chair:
David Ledger, CEO, Aon Benfield UK and Chair PPL.

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