The coronavirus pandemic has affected the insurance industry in many ways. However, it may ultimately accelerate actuarial innovation and technology. In this episode of the Society of Actuaries’ (SOA) Research Insights podcast, Milliman’s Pat Renzi discusses some of the short- and long-term effects of COVID-19 on the insurance industry and its digital transformation with the SOA’s Dale Hall.
As part of a holistic digital transformation, insurance and reinsurance companies can enhance their businesses by adopting cloud services. With that scope in mind, the European Insurance and Occupational Pensions Authority (EIOPA) recently published a consultation paper providing guidelines for insurers outsourcing to cloud service providers. These guidelines will affect all outsourcing arrangements entered into or amended on or after 1 July 2020.
In the paper “EIOPA’s guidance on cloud outsourcing,” Milliman consultants explore the implications for firms and discuss some relevant information technology (IT) considerations. The paper also provides a checklist of the steps firms need to consider before, during, and after engaging in an agreement with a cloud service provider.
While the number of newly founded insurtech companies
decreased in 2018 and the early months of 2019, insurtech funding for 2018 continued
to break records by exceeding $4.5 billion and funding in 2019 is on track to
exceed $5 billion. This suggests that the industry is maturing and establishing
a strong foundation within the insurance world.
The increased funding of insurtech companies shows that the insurance industry will continue to evolve. Companies seeking new opportunities to take advantage of artificial intelligence (AI), big data, and autonomy will need to enhance existing risk management approaches to account for new risks created by innovation. In this paper, Milliman’s George Barrett explores innovation driven by insurtech within the global insurance market. He also considers the emerging risks faced by insurance companies.
Insurance customers expect personalized, agile, and on-demand delivery from carriers nowadays. Insurers must keep up with technological advances and implement them to provide solutions that address these expectations. In her Best’s Review article “Mind your ABCs,” Milliman’s Pat Renzi explores why insurance companies must center their strategic initiatives on using emerging technology like artificial intelligence (AI), blockchain, and the cloud. She also explains how partnerships that feature diverse experts will see faster, smarter, and more successful disruption.
Digital transformation is revolutionizing the way organizations conduct business. In this video, Walter Isaacson, president and CEO of the Aspen Institute, discusses how disruptive technology can present the insurance industry with new opportunities to pool risk.
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