Professional Development
 
In Focus Taking Root: Insurtech in P&C Insurance

InFocus – Toronto Marriott Eaton Centre – October 15–16, 2018

Program

Monday, October 15, 2018

7:00 – 17:30: Registration

7:30 – 8:30: Continental Breakfast

8:30 – 10:00: General Session

GS1: Insurance Disruption Case Studies – How to Innovate and Get Solutions to Market (Salon A/B)

Moderator:
Mylène Labelle, Principal, Eckler
Speakers:
Sheri Scott, Principal, Consulting Actuary, Milliman
Richard McCathron, Head of Insurance, Hippo Insurance

This general session will review what is happening in the insurtech space and case studies of innovative insurtech integration into insurance successes. Learn how insurance disrupters have met changing policyholder needs and how to create an innovative product like a disrupter. The presenters will also review how to create a product development template and roll it out across the country, seeking regulatory approval in each state/province where needed.

10:00 – 10:15 Refreshment Break

10:15 – 11:30 Concurrent Sessions

CS1: Cyber Risk Modeling: Strengths and Opportunities (Salon A/B)

Moderator:
Vinu Kuriakose, Director and Actuary, The Hartford
Speakers:
Donald Mango, Principal, Innovensure Advisory Solutions, and Adjunct Lecturer, Actuarial Science, Columbia University
Joshua Pyle, Actuarial Director, CyberCube
Eduard Alpin, Lead Cyber Actuary, Verisk Analytics
Rachel Abramovitz, Executive Vice-President, Willis Re   

This panel will discuss the state of cyber risk modeling from the view of modeling firms as well as model users. We will cover the threat landscape, data and regulation, modeling challenges, and the state of market acceptance and usage. The session will be interactive with multiple opportunities for audience engagement, including live polling.

CS2: Using Telematics More Effectively for Commercial Fleets (Salon D)

Moderator:
Roosevelt Mosley, Principal and Consulting Actuary, Pinnacle Actuarial Resources

Speakers:
Roosevelt Mosley
Chris Carver, Vice-President, ATG Risk Solutions
Yiem Sunbhanich, Co-founder and CEO, TNEDICCA

The speakers will discuss the results of research on how the combination of usage-based insurance (UBI) traffic accident and insurance loss data can lead to improvements for commercial fleets, the insurance company, and ultimately, society. The focus will be not just on identifying the safest risks, but on identifying solutions to make the entire fleet safer.

11:30 – 13:00 – Luncheon

13:00 – 14:15 Concurrent Sessions

CS3: Insurance Reimagined: How Insurance Buying Habits and Digital Disruptions are Changing the Way Insurers Do Business (Salon A/B)

Moderator:
Fiona So, Actuarial Consultant, Office of the Superintendent of Financial Institutions 
Speakers:
Kelli Broin, Vice-President, Product, CoverHound
Anita Sathe, Chief Strategy Officer, CoverHound
Koah Kalson-Ray, Manager, Deloitte
Mukul Ahuja, Financial Services Leader, Omnia, Deloitte’s Artificial Intelligence Practice, Deloitte

Buying preferences of insurance consumers are changing, and insurers are looking for new ways to grow in an increasingly competitive, cost-conscious environment. Meanwhile, traditional insurance models are being disrupted by insurtech and other digital transformations that are reshaping the consumption and delivery models and underlying risks being insured. Our presentation will provide the results of recent surveys into the buying habits and needs of US and Canadian small- and middle-market insurance customers. We will next discuss how aggregators such as CoverHound offer specialized support for consumers and business owners and support these changing buying habits for personal and commercial lines. Finally, we will discuss how insurers are taking advantage of technology and digital platforms to align themselves with these changing buying habits and needs by creating new delivery channels or interaction models, new products or coverages, and new market segments, while adding a wider array of business service options.

CS4: Innovations in Pandemic Modeling and Insurance (Salon D)

Moderator:
Donald Mango, Principal, Innovensure Advisory Solutions, and Adjunct Lecturer, Actuarial Science, Columbia University
Speakers:
Donald Mango
Nicole Stephenson, Epidemiologist, Metabiota
Christian Ryan, Managing Director, US Hospitality, Sports and Entertainment Leader, Marsh

The speakers will discuss the innovative new risk transfer product using the Metabiota Pathogen Sentiment Index. Travel and tourism businesses will be able to transfer risk associated with the perception of infectious disease risk. This is an example of practical innovation via collaboration between a modeling firm, broker, and reinsurer. Actual case studies will be discussed.

14:15 – 14:30 Networking Break

14:30 – 15:45 Concurrent Sessions

CS5: Linking Sophisticated Real-Time Pricing with Insurtech Distribution (Salon A/B)

Moderator:
Wayne Berner, Vice-President, Commercial Lines Product Management, State Auto Insurance Group
Speaker:
David Ovenden, Global Director, Pricing Product Claims and Underwriting, Willis Towers Watson

A case study-based session looking at how companies link real-time pricing sophistication (including the deployment of machine learning) into distribution-focused insurtech. The core of the session will look at the partnership between Willis Towers Watson (WTW) and Digital MGA (a full cycle app-based business). We will explore the opportunities and the capabilities required across pricing, product, and IT. Representatives from both WTW and the insurtech firm will bring color from both perspectives. Delegates will gain insights into the art of the possible, opportunities, constraints, and issues around these sorts of deployments, through slides, a demonstration of the app, and time for a practical Q&A.

CS6: AI-Assisted Data Quality Mining (Salon D)

Moderator:
Alice Yang, Assistant Vice-President, Senior Managing Actuary, American Modern Insurance Group
Speaker:
Matthew Longacre, ISO

All successful data analytics projects have one thing in common: a robust data quality assessment process. A commonly stated statistic is that the data quality review process takes up approximately 80 percent of project resources. It follows that the more data you work with, the longer this process will take. Moreover, when your data set is comprised of data from a multitude of source systems that are updated frequently, this process can be overwhelming. In this presentation, we discuss how data quality issues arise in this context, and present an artificial intelligence (AI) algorithm to assist in expediting the data quality review process.              

15:45 – 16:00 Refreshment Break

16:00 – 17:30 – General Session

GS2: General Session: Insurtech and Innovation: Why Is It Important to Your Company? (Salon A/B)

Moderator:
Véronique Grenon, Managing Director, Global Chief Innovation and Product Development Officer, Guy Carpenter
Speakers:
James Gillard, Managing Director, Criteria, Research and Analytics, A.M. Best
Véronique Grenon

A company's brand and market position is critically important to its long-term success and financial strength. This session will focus on why the use of insurtech and other new business solutions to help a company improve service in many different areas of its business are important. As opportunities and competition continue to grow, companies need to develop a culture of innovation to remain competitive in the marketplace. The speakers will review how they expect innovation to play a greater role in the assessment of a company's financial strength, and provide a perspective of the current position of companies in the insurance industry.  

17:30 – 18:30 Networking Reception


Tuesday, October 16, 2018

07:15 – 12:00 Registration

07:15 – 08:00 Continental Breakfast

8:00 – 9:15 Concurrent Sessions

CS7: Risk Modeling for Catastrophic Loss and Cyber Security Loss (Salon A/B)

Moderator:
Vinu Kuriakose, Director and Actuary, The Hartford
Speakers:
Fred Karlinsky, Shareholder, Greenberg Traurig, P.A.
Ridhima Kale, Product Manager, Cyence
Matthew Nielsen, Senior Director, Global Governmental and Regulatory Affairs, RMS

The insurance industry is ripe for innovation. Insurtech companies are testing the waters on a host of potential game changers, such as the use of artificial intelligence (AI) and machine learning to develop better pricing models that more accurately quantify risk. This panel of insurtech industry leaders will discuss the use of data analytics to quantify the impact of catastrophic loss and cybersecurity exposure, and will explain how those technologies are used to price insurance products to protect against those risks.

CS8: Using the Momentum of New Trends to Drive Changes at IFC (Salon D)

Moderator: 
Wayne Berner, Vice-President, Commercial Lines Product Management, State Auto Insurance Group
Speakers:
Jean-François Larochelle, Executive Director, Data Lab R&D, Intact Insurance

The world is changing. Customer needs are evolving and businesses must adapt to stay relevant. The sharing economy, on-demand insurance, and mobile-based consumption are all trends affecting our industry and changing how customers think about insurance and how they interact with insurance companies. These ever-changing customer expectations are driven in no small part by the proliferation of data and the increase in computing power. Intact Financial Corporation (IFC) is riding the innovation wave by leveraging these new developments to create algorithms that were not feasible a few years ago, and have already started deploying them to better serve customers. Join us to see how teams at IFC are embracing these changes to keep the company at the forefront of innovation.

09:15 – 09:30 Networking Break

9:30 – 10:45 – Concurrent Sessions

CS9: Blockchain Session – TBD (Salon A/B)

Moderator:
Alice Yang, Assistant Vice-President, Senior Managing Actuary, American Modern Insurance Group
Speaker:
Shidan Gouran, Global Blockchain Technologies

CS10: The Disrupting Force of Insurtech (Salon D)

Moderator:
Ryan Liang, Associate Actuary, QBE Reinsurance
Speaker:
Ryan Liang

We will look at a number of insurtech companies in the consumer marketplace and explore what and how they do differently compared to traditional insurance companies. The presentation will focus on insurtech companies that implement innovative technology/approaches to marketing consumer insurance products. The audience will be able to explore the possibility of incorporating the innovations in a traditional company.

10:45 – 11:00 Refreshment Break

11:00 – 12:30: General Session

GS3: The Regulatory Response to Insurtech (Salon A/B)

Moderator:
Craig Allen, Principal, Craig A. Allen, FCAS
Speakers:
Peter Kochenburger, Executive Director, Insurance Law LL.M. Program, University of Connecticut
Ted Nickel, Executive Commissioner of Insurance, State of Wisconsin

Regulation presents both a hurdle and useful input to the development and acceptance of insurance technology. The National Association of Insurance Companies (NAIC) and state regulators have put much effort into assessing a constructive regulatory response.

In this session, Peter Kochenburger, who also serves as a consumer liaison representative for the NAIC, will lead a discussion centered on four major topics: price optimization, big data in fraud detection, big data in setting claim settlement amounts, and regulator treatment of complex pricing algorithms in rate filings (where regulators may not have expertise to evaluate). 

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