This article was originally published in the Fall 2018 edition of INSIGHTS: A Professional Journal by the CPCU Society and is shared with permission from The Institutes CPCU Society. The Society For Chartered Property Casualty Underwriters. All rights reserved. www.CPCUSociety.org
I have been asked a number of times to provide my perspective on the insurance industry in the time of the Industrial Revolution 4.0. In this piece I’ll do so, but first, how did we get to 4.0? What preceded and led to this brave new world of what’s now called “IR4”?
Peter Banthorpe, Managing Director, UK, RGA
Patrick Schmid, Vice President, RiskBlock Alliance, The Institutes
ZURICH, Switzerland, and NEW YORK, NY, May 3, 2018 – The Geneva Association and the International Insurance Society (IIS) have announced the 2018 recipient of their collaborative insurance research program, the Shin Research Excellence Awards.
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Suzy Scanlon, SVP, Global Information Technology, RGA
Alissa Holz, Head of Business Development, ANZ, RGA
The proverb “innovate or die” has become a mantra for companies all around the world. Many financial services companies are investing in “InsurTech” and innovation hubs. The fact that these are often outsourced or facilitated through external investments, highlights an unfortunate challenge within the current structures. There appears to be either a lack of capability and/or willingness to genuinely commit to organizational innovation particularly within the life insurance industry.
Balvinder Singh Sohi, Senior Risk Consultant, Allianz Global Corporate & Specialty
Use of drones or unmanned aircraft systems (UAS) is increasing as the technology keeps evolving. A drone at the present time cannot replace a Property Risk Consultant in undertaking pre-loss property insurance surveys; however, there are some areas where they can provide some assistance. The following potential uses of drones within property risk consulting have been identified in this paper: