Patrick Schmid, PhD, Economist and VP for The Institutes RiskStream Collaborative
– a blockchain insurance consortium. Oversees all departments: products, operations & technology
Publication of CIMA regulation on digital insurance (in prior discussions referred to as regulation on e-commerce and electronic insurance), expected for several years, has been delayed again because of the need to align it with planned changes to existing microinsurance regulation designed to encourage the establishment of specialist microinsurers. Draft regulation was to be discussed in the first quarter of 2020, but this was delayed due to COVID-19 and there is currently no timeline for its implementation.
Axco’s Global Risk Intelligence and Data (GRID) team monitors emerging risks around the world, particularly those which affect the strategic activities of governments, companies and individuals. Read on for highlights of Axco’s global analysis of significant geopolitical developments, and possible implications for core insurance and risk management markets.
What are you most proud of accomplishing in your career?
I am most proud of turning two ideas into reality. The first was Mid-Ocean Reinsurance in 1992 (which became XL Re) and the second is AXIS in 2002 which became the great company it is today. I am also proud of, in the process, helping make Bermuda a world center for (re)insurance.
What is the most important thing you learned from your LOT mentor?
Sungkyunkwan University is a top tier university in Korea with global ranking 100, and the Graduate School of Global Insurance and Pension is the first graduate school providing specialist programs, perceived also as one of the best quality graduate schools in SKKU.
Chris Wei, Executive Chairman, Asia & FPI and Global Chairman, Aviva Digital
Michael Morrissey, President & CEO, International Insurance Society, Inc.
Last month we presented our first report on the joint IIS and Institutes’ Global Concerns Survey of senior insurance company executives and other industry thought leaders. The objective of this annual effort is to examine “what keeps insurance CEOs up at night”. After delving into the survey’s responses on Economic Concerns in the last edition, we share results in May on Social & Environmental (S&E) Concerns.
What is the biggest challenge facing the industry in the next decade?
The ongoing technological developments – such as artificial intelligence (AI), robots, e-processing, big data and multi-cloud – represent the biggest challenge facing the industry, even though they also create opportunities. They will have far-reaching consequences for (re)insurers.