We were recently asked – what 3 things do you think are affecting/will affect the reinsurance industry from a technology perspective?
With so much going on, it’s hard to keep it down to 3. Therefore, I cheated a little and instead I have 3 x 3…
As the 61st Monte Carlo Rendezvous comes to a close and the principality which the (Re)Insurance industry, for a few days claims as home, bids farewell for another year, it is an opportunity to reflect on why the Rendez-vous (RVS) after all this time is still relevant and an important event in the (re)insurance calendar.
It's customary in any discussion of Blockchain to assert that there will definitely be a change to the insurance industry. We then go on to state a number of use cases unrelated or tangential to insurance (Land Title Registry, Fine Arts Ownership and Imogen Heap are the usual suspects). But the B3i initiative and other similar ventures are, at last, giving the insurance industry real examples to consider.
Here we are now - a year has passed since the Referendum and Article 50 was triggered in March by Mrs May. It took some time but we got there eventually – a recurrent statement, used by many throughout the process, was the phrase “We have to respect the will of the people.” In this case, democracy means Brexit, and whichever side you sit on this: Patriotic or Pro EU; the show must go on!
As computers have taken over the workplace, the insurance industry, along with others, now relies upon them for the basic day to day business functions. Initially, organisations began to build new systems upon existing legacy systems as processes and software evolved, but now it seems that these legacy systems may not be up to the job.
I recently had the pleasure of joining colleagues from across the world of insurance, technology and risk capital in attending the Insider Conference on InsurTech.
It is no secret that the traditional (re)insurance firms have a reputation of reluctance to adopt and adapt to new technologies. However, here we are, in the 21st century and technology is shaping as well as transforming our whole world and fast, and it does not intend to slow down for anyone.
2016 was a challenging year for captives with much attention being placed on Solvency II, BEP’s and Employee Benefits (EB). Now 2017 is in full swing, it is clear to see that last year’s three hot topics are going to continue as trends in the market for the foreseeable future.
The OECD BEPS (Base Erosion and Profit Shifting) strategy 2015 is currently being rolled out globally. With many corporations in a preparation phase, the impact on the captive insurance market is starting to cause concern.
Two recent articles in the Guardian, both covering the post Brexit situation, got me thinking about the impact so far of the referendum vote.
One of the authors represented the view that “the FTSE has shrugged off a quick post referendum dip” and is now stronger than ever and that the drop in the value of the British pound represents an opportunity for more exports.
