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Insurtech Story Podcast
Mar 1, 2021
Insurtech: Envisioning the future of insurance
Play • 37 min
Insurtech: Envisioning the future of Insurance (Deluxe Edition)
Track duration: 00:37:24
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19 hours ago
How technology is changing climate risk insurance
The world is experiencing the effects of climate change all around, including increased storm intensity, drought, extreme heat waves, and sea level rise. Natural catastrophes are becoming more severe and common as a result of these effects. The average number of natural catastrophes in the United States per year between 1980 and 2021 was 6 or 9, but so far in 2022, there have already been more than 12 and these losses were caused by natural disasters like wildfires and drought. Insurance firms are struggling to survive as natural catastrophes are occurring more frequently and costing more money. This has an impact on the property market as well as the overall economy. The insurance industry will need to reform if it is to survive the coming storms. Points of discussion: 1. Financial risks brought on by climate change are difficult to evaluate and price. How do you see insurers utilising alternate data sources, real-time analytics, and AI to better address climate change challenges and price such risks appropriately? 2. Do you see parametric model playing an important role in helping both insurers and its customers against climate related risks? 3. At Arbol, your team is focused on smart contracts and blockchain solutions to codify policies and help customers with a faster claims pay-out. Can you explain this in a bit detail on how you do this and what blockchain can do to address climate risk. Speaker Bio: Siddhartha Jha is the Founder, Chairman, and CEO of Arbol, a global climate risk solutions platform focused on data-driven parametric insurance. Sid is also a co-founder of dClimate, the first decentralized climate information ecosystem. Prior to Arbol and dClimate, he had over 13 years of experience in the financial industry covering the interest rates and commodities in both quantitative research and trading roles. He launched an agriculture futures trading portfolio, managing over $100 million at a major commodity trading firm, and was the first analyst at a start-up commodity hedge fund, which grew to manage over $600 million in assets. He was previously a Vice President of Interest Rates Strategy at J.P. Morgan. Besides, Siddhartha authored the well-received book "Interest Rate Markets" and has taught financial markets at NYU and was on the board of a non-profit working with inner city youth. Siddhartha graduated from Harvard University with a B.A. with distinction in Applied Mathematics and M.A. in Statistics as part of a 4-year combined degree program.
1 day ago
How Asia's growing middle class can drive growth in insurance
Despite economic challenges, the expanding middle class in Asia maintains its optimism, which creates substantial potential for the insurance sector. The top concerns for middleclass consumers are their health, happiness, and financial security. These clients will need more risk mitigation and protection goods and services as the region's economy prospers, which will open up significant growth potential for the insurance and reinsurance industries. In order to effectively tap into this significant insurance market sector, it is essential to understand the behaviour and tastes of the expanding Asian middle class. As these consumers start to amass wealth and begin to make preparations for their retirement and children's education, they require more insurance protection. Points of discussion: 1. The GDP proportion of emerging Asia has dramatically expanded, rising from 5% in 1990 to an expected 26% in 2022 (As per IMF). The expanding middle class in Asia is evidently optimistic despite economic challenges. Do you see this to be a prospect for the re/insurance sector in the region as they begin to accumulate wealth and make plans for future retirement? 2. Customers' preferences are forcing insurers to give digital first the priority. Consumers in the region are open to purchasing insurance from new entrants, including those from outside the sector, and this is lead primarily by the young and digitally active. What is your expectation from this? 3. How you see regulators playing a major role in benefitting the middle class and insurance sector to bring more stability on the table, which is still an underlying concern in most of the Asian nations. Speaker Bio: Roopa Malhotra, is the Head of Customer & Digital - Asia Pacific at Zurich Insurance. Before joining Zurich Group, Roopa was Head of Digital for Chubb Insurance in the Asia Pacific. Over the years in the industry, she has gained well-rounded expertise in different aspects, including Natural Catastrophe risk management, digital product development, and partnership management. Roopa started her career in India as a financial analyst with the leading hedge fund - D.E. Shaw Group, before entering the insurance industry and holding positions with AIG and MSIG. A passionate Diversity and Inclusion champion, Roopa was also recognised as one of the rising female leaders in the region by Insurance Business Asia in 2021. Roopa holds an MBA in Finance with certifications in design thinking for innovation, and she is currently pursuing a Postgraduate Certificate in Sustainable Business from the University of Cambridge. She also actively volunteers at organisations like ‘All Hands and Hearts’ for disaster relief and Singapore’s ‘Alzheimer's Disease Association’ and is a fitness enthusiast.
3 days ago
Digital transformation of Insurance Value Chain in Bangladesh
Emerging technologies have the potential to completely transform the insurance sector, including how insurance products are sold, underwritten, and handled, as well as how the market is governed. The possibility for new, inventive goods and business models to revolutionise the industry may be even more exciting than the advantages of digitising the distribution chain. Emerging technologies offer a fertile environment for an explosion of innovation in the insurance sector, much like the expansion of applications for the internet from the two original use cases at its inception, such as sending emails and file transfers, to the almost unlimited use cases accessible now. Points of discussion: 1. Insurers in Asia are exploring the digitisation opportunity of their value chain. The questions are however not the need of building a digitised ecosystem but how to build such ecosystem. Can you explain this from the context of Asian market and how you see this happening in Bangladesh? 2. Digital transformation in insurance value chain largely demands the need for services providers who can support with the technology stack and help building a complete go to market solution. With your expertise in the region, how do you see this happening? 3. What is insurance core system transformation? Speaker Bio: Arnab Paul, is the Co-founder of Bimafy Bangladesh.