A.M. BestTV at EAIC Conference: Asian Insurers Embrace the Analytics Revolution

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OLDWICK - OCTOBER 14, 2016 02:49 PM (EDT)
In this ^A.M.BestTV episode from the East Asian Insurance Conference (EAIC) in Macau, attendees said insurers and reinsurers are rapidly expanding the use of data technology for underwriting, pricing, marketing and customer relations. Click on http://www.ambest.com/v.asp?v=eaic31016nc to view the entire program.

How insurers are coping with and hoping to take advantage of information technology, specifically data analytics, is a hot-button topic at this year’s conference.

“The insurance industry is built on having the right data and collecting it in the correct way,” said Sharon Ooi, head of property/casualty reinsurance, Southeast Asia, Swiss Reinsurance Corporation. “Having smart analytics behind the data will aid the industry in creating better products.”

Greg Solomon, managing director and head of life/health reinsurance, Willis Towers Watson, highlighted how the life/health sector is using technology to benefit its clients.

“One of the interesting areas on the life/health side is in biometrics,” said Solomon. He added that data analytics is allowing companies to look at their clients’ lives on a day-by-day basis, “which helps companies to not just underwrite policies when clients buy one, but to monitor an individual’s health.” Solomon added this would enable companies to intervene sooner if it looks like a problem exists.

Other people that appear in this episode:

• Jürgen Gräber, member of executive board, Hannover Re;


• Ronnie Ng, chairman, Hong Kong Federation of Insurers;


• Jagath Alwis, director and chief technical officer, Ceylinco Insurance PLC; and


• Yves-Daniel Cochand, deputy chief executive officer, Vietnam National Reinsurance Corp.

^A.M.BestTV will be covering the entire 2016 EAIC conference. Visit http://www.ambest.tv/eaic16 for full coverage and exclusive interviews with key executives.

Recent episodes of ^A.M.BestTV include:

• EAIC Conference: Insurers Seek Deeper, Longer Customer Relationships: At the East Asian Insurance Conference, attendees said insurers are being judged across industries and that they must create products and services that serve the evolving needs of customers or risk obsolescence: http://www.ambest.com/v.asp?v=eaic11016nc.


• Fiduciary Rule Impacting Variable Annuities, Says A.M. Best Analyst: Edward Kohlberg, associate director, A.M. Best, said that the Department of Labor’s looming fiduciary rule changes have a role in the recent shifting of annuity sales: http://www.ambest.com/v.asp?v=annuities1016 .


• London Calling: Distributors and Underwriters Pitch for U.S. Risks: Brokers and underwriters at the second annual CHART-Exchange Constitutional Convention, court one another with the goal of placing coverages—including some that traditionally have remained within North American markets—with the London market: http://www.ambest.com/v.asp?v=chartexchange1016nc.


• Small Captives Poised for Higher Limits, Greater Scrutiny: Attendees at the Delaware Captive Insurance Association’s Fall Forum said captive managers and sponsors are busy preparing for new tax rules that will allow sponsors to place more premium in 831(b) captives. However, those captives also must meet risk diversification and ownership standards: http://www.ambest.com/v.asp?v=dcia916nc.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.