Porter Tun

Day 2

Wednesday June 21, 2017
12:00 – 14:30
THE

Impact of AI on Insurance


Industry Challenge

Being a heavily data driven business, insurance is ripe for AI disruption. According to Tata Consultancy Services, 85% of insurance companies surveyed use AI technologies in some capacity. Tech-based insurance companies raised $2.6bn in 2016, and the opportunities to dislodge or reinvigorate firms, business models, and mindsets through AI manifest daily. Self-driving cars and continued user demand for personalisation are just some of the ways the world is changing fast. Will traditional companies evolve fast enough?


Discussion Points

  • Insurance tech startups received over $1.6 billion in funding in 2016 across 173 separate deals with the number of deals rising over 40% in 2016 over 2015. Will this trend continue, and who will end up being the gorilla in the market?
  • What are the implications of using AI to underwrite risk? What are the concerns associated with predictive modelling?
  • Looking at examples like autonomous driving, how do you price novel risk when there is very little or no data available?
  • Can incumbents adapt fast enough? Where are the most compelling case examples — in claims, fraud, policy administration, underwriting, supply chain management, UX?
  • Is there enough — and the right kind of — collaboration between start-ups/scale-ups and incumbents to put AI-enabled change at the heart of insurer operations?
  • Are #Driverless and #RegTech break-through moments of opportunity to change consumer attitudes towards Insurance for the better — or costly ‘banana skins’?

The

Format

  • 12:00 – 12:20 Keynote 1
  • 12:20 – 12:40 Keynote 2
  • 12:40 – 13:40 Panel
  • 13:40 – 14:30 Breakout Session / Lunch Break

The

Speakers

  • Keynote: David Williams (Technical Director at AXA) – Autonomous Vehicles: A case study of insurance self-disruption
  • Keynote: Helen Crooks (Chief Data Officer at Lloyd’s of London) – How do you change a 300-year old institution?
  • Panel Chair: Shân Millie (Founder of Bright Blue Hare)
  • Panelist: Carol Geldard (Personal Lines Director at Covea Insurance)
  • Panelist: Willie Pienaar (Chief Executive Officer at NuvaLaw)
  • Panelist: Andy Thornley (Head of Corporate Affairs at British Insurance Brokers Association)
  • Panelist: Matthew O’Kane (Managing Director of Accenture Analytics)