FIAR 2019: “Insurance in a Digital World” Conference – Main statements

The use of new digital solutions by the insurance industry to improve risk assessment or damage relief, cyber-related risks and remodeling of the industry businesses are among the topics discussed at the “Insurance in a Digital World” Conference at FIAR 2019 – the International Insurance and Reinsurance Forum. Read the main statements!

Moderated by Michael THEILMEIER, renowned international re/insurance specialist, the conference brings together renowned professionals, such as: Erik BARNA, CEO, LIFE IS HARD, Tudor GALOS, Senior Consultant, TUDOR Galos Consulting, Cristian FLUERARU, GIS/Remote Sensing Scientist, TERRASIGNA, Cees WERFF, CEO, Claims Corporation Network, Mihai TECAU, President, OMNIASIG VIG, Georgi MARKOV, Deputy General Manager, EUROINS Insurance Group si Antonio SOUVANNASOUCK, President, PRBAR.

The conference is supported by LIFE IS HARD company, as Partner.

MAIN STATEMENTS:

Michael THEILMEIER,
Re/Insurance Expert

Artificial Intelligence is really working on the insurance fraud detection segment
All (pricing) algorithms should be transparent, should be checked by actuaries so that discriminatory prices are avoided
Differentiators for prices – some are forbidden: in the US, address and education are forbidden for establishing insurance prices; gender was forbidden a few years back; age will be forbidden

Oskar SOKOLINSKI,
Associate Partner, McKinsey

Insurance market in Romania and Poland are in a similar stage
Insurance is above banking in terms of digital maturity (36%), but it is far from the leader (which has a digital maturity of 61%)
In CEE, digital attackers are fighting for growth
Digitalization allows for much lower costs
Many players failed to transform their business in a digital business – if you want to make sure that your digital transformation will be successful, you need to involve people at all aspects of your company, but especially frontline employees and line managers
Analytics-powered pricing: improved pricing can bring benefits
The loyalty of the customers is becoming increasingly important
Clients are now switching between channels: sometimes they do research online and purchase offline, sometimes it’s the other way around. It is clear that people are looking for alternatives.
Now, online purchasing is more common – customers trust it more compared to 10 years ago
Productivity, customer satisfaction and growth – are the three aspects on which insurance companies must work on. They cannot work on only one aspect, they need to act on all three dimensions by implementing digital solutions…

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