Insurtech Insights Day 1

Here is my summary of Insurtech Insights Day 1

?1.?????? Kristoffer Lundberg , CEO Insurtech Insights, started the conference by highlighting the important issue of how content and solutions are adopted. I was glad to hear that all the content is recorded and will be shared. It is impossible to watch all 400 speakers in 2 days. So well done Insurtech Insights Team!

?2.?????? The next speaker on stage was @Ericson Chan, Group CIDO Zurich, who discussed the era of hyperinnovation. Some main points:

·?????? people are not used to thinking in exponential terms but rather in linear terms. Computers can do that and so LLMs can assist

·?????? everyone wants '10x' - that worker who can perform the job 10 times better, more productive and efficient. AI can help make that happen

·?????? Zurich offers eXchange API marketplace ecosystem - simplifying documents for partnership, prototyping, generating code, etc.

·?????? Insurance 3.0 showed with?video:?Future of Insurance with AI

·?????? finally Ericsson talked about the trade-off between danger and opportunities which often come together. Just as symbols in Japaness and Chinese mean danger when read separately, become opportunity when combined. Strong metaphor for partnership

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3.?????? Pravina Ladva , Group CDTO, Swiss Re and Alex Morris Tarry, CTO Neuron, WTW continued on previous theme and addressed Balancing Opportunities and Risks of Generative AI. In short it could be summarised with pragmatic and realistic

How does AI not become a hype??

• Tech should address actual issues. Ask 'so what?' - begin as soon as possible, for fast results in creating and gaining value will assist this tech adoption

• Change management - very important in adopting any tech, including AI. Pravina firmly thinks (and I fully agree) it is about human and AI working together.
• Digital trust - Data is essential for any business and LLM can handle unstructured data well. It is crucial that business follows best practices for data governance and privacy and protects data. Data belongs to people, not tech.

?·??????? AI can reduce costs, but there is more value in focusing on other benefits. These include boosting productivity and creativity. Pravina gave an example of using Github copilot, which improved productivity by 20%, and users were very happy with it.?

·??????? Data is essential for any business and LLM can handle unstructured data well. It is crucial that business follows best practices for data governance and privacy and protects data. Data belongs to people, not tech.

·??????? It is hard to foresee the future in 3 years. Use what is available now, try new things, learn and create value for end users.

·??????? There will be obstacles, like 'how do people respond knowing you don't write your own email', 'will copilot make you think less?', etc.

·??????? While people often fear copilot will replace their jobs, in fact it will improve their job performance, giving them more room and time for personal learning or participating in those projects and activities that were not possible before, leading to more solutions and value created.

·??????? LLM becomes a 2nd line defence.

·??????? When working on 'so what' involve P&L owner as a supporter and champion, tech experts and end users. Consider them as a whole business, this is not tech & business. It is all business.

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4.?????? Panel: What does it take to be a high impact Insurtech:

? Tom Allebone-Webb - Head of Strategy and Innivation, Lloyd's

Arslan Hannani - VP, Innovation, Travelers

Elizabeth Powell , Head of Differentiated Underwriting, Aegis, Energy Syndicate 1225

Florian Graillot , Founding partner, astoryaVC

Emilio Figueroa - CEO, Indemnity Lab

?Examples and advice for startups:

·??????? Lloyd's Lab received Incubator or Accelerator of the Year award at the 2023 Go:Tech Awards. Congrats!

·??????? Successful startups start with problem to solve. Obvious not common. To be successful solve one problem, focus on it and that will create effect across organisation

·??????? Entering partnerships with incumbent, startup should understand well what each party brings

·??????? Lloyd’s collaborates with Moody's on ESG and scope 3 calculations.

·??????? How to provide insurance for new models, new data and new abilities for new risks?

·??????? Stay focused, be diligent in underwriting, pay attention to claims,

·??????? Use help of mentors

·??????? Dare to think differently.

?5.?????? Panel: Women in Leadership

?Pravina Ladva, Group CDTO, Swiss Re

Amelie Breitburd , Former CEO, Lloyd’s Europe

Marguerite Soeteman-Reijnen , Former Chairman & Global Board Member – NED, Aon – Siemens, NL

Louise Delage , Insurtech Insights

?Valuable advice from successful women in Insurance and Tech

·??????? If the population is half and half, why isn't that reflected in the workplaces?

·??????? Diversity and Inclusion is a boardroom topic - be proactive, take charge of your own fate.

·??????? Seek guidance on how to reach your objectives and that vision.

·??????? Women often outperform but then assume others will notice and appreciate it. The fact is women need to be proactive and raise hand.

·??????? Women's biological clock does not match with their career timelines

·??????? Being ambitious is positive, leadership is leading with vision and taking people from A to B

·??????? Hope has two daughters: fear and trust – choose trust - difficulty provides opportunity

·??????? Presenting your solution focus on ‘what is your purpose’ - help people understand that. How you add value to society. Understanding of 'So what?'

·??????? Research on 19 leadership skills prove women outperform on 17/19. 2 skills that can be accelerated include expertise in STEM and strategy. Accelerate female leadership in STEM is essential.

6. Garrett Droege , SVP, Dir of Innovation + Digital Risk. IMA Financial Group: Insurance + The Metaverse

·??????? Gen Z are ready for metaverse and using it already

·??????? Metaverse is real and companies are working on solutions

·??????? Example shared: XR Loss Control – aid risk engineers and offers immersive loss control guidance

To sum up Day 1 – AI remains the top topic - the discussions moved from ‘why’ to ‘how’. The content is more focused on practical and realistic use cases.

ITI Conference is a fantastic platform for a quality networking. Was glad to see many old and making new friends too. ?