Innovation Must Be Core to Insurance,
Not Something on the Side
Speakers at the Global Insurance Forum in Miami said capitalizing on insurance opportunities means
embracing innovation as a core value, not relegating it to specialized accelerator programs.
Innovation Is in Insurance's DNA
Andrea Keenan, EVP and Chief Strategy Officer,
AM Best, expressed confidence in the sector's adaptability, citing its evolution
from horse-and-buggy to automobile coverage.
Insurance Innovation Is More Than Tech Updates
Matthew Mosher, Executive Director, AM Best,
said true innovation stems from corporate culture
rather than technological advancement alone.
Insurers Overhaul Operating Models
as Market Complexity Grows
Mark Erickson, Managing Director, BlackRock, said the insurance industry is shifting from
traditional internal asset management, to more firms adopting hybrid or fully outsourced models.
Defying Global Trends, Latin America Insurance Market Shows Unique Growth
Juan Carlos Gomez, President, BMS Re Latin America and Caribbean, said Latin America
represents 8% of the global population but accounts for 2% of insurance premiums.
Partnerships Key to Closing
'Multi-Trillion Dollar’ Protection Gap
Rob Schimek, Group CEO, Bolttech, said the insurtech firm, which operates
on four continents, emphasizes collaboration as crucial to addressing the global protection gap.
Pens History Book,
Warns Insurers of Forgotten Lessons
Marc Adee, CEO, Crum & Forster, is positioning his book as a cautionary tale
for the next generation of insurance professionals. He hopes to prevent the
cyclical pattern of learning and
forgetting industry lessons.
Private Equity Makes Inroads in
Life and Annuity Sector
Nick Potter, Partner, Debevoise & Plimpton, said life and health insurance companies
are increasingly pursuing M&A to enhance yield throug
asset allocation strategies.
$137 Trillion Retirement Gap Is a
Challenge and Opportunity
Joan Lamm-Tennant, Chair, Equitable Holdings and AllianceBernstein Holdings, and Robin Raju, CFO,
Equitable Holdings, said the United States and the world face retirement-savings challenges.
Technology is an Investment, Not an Expense
Paresh Patel, HCI Group chairman and CEO, emphasized the organization's
commitment to building internal systems from the ground up.
AI Impact Will Trigger an Overhaul of
Insurers' Risk Frameworks
Vishakha Rajesh Maheshwari, a fellow at the Harvard Advanced Leadership Initiative Program,
said the insurance industry needs to develop new risk-assessment frameworks rather than simply build upon existing models.
Broker Partners With Microsoft on
Climate Resilience Lab
Paula Pagniez, executive director, climate risk and resilience, Howden Group,
said the resilience lab is designed to process climate data for
informed decision-making.
Insurers Aim to Balance Affordability, Solvency
Michel Léonard, Chief Economist and Data Scientist, Insurance Information Institute,
acknowledged concerns about rising premiums while emphasizing insurers' responsibility to maintain solvency.
Insurance Mergers Expand Focus From
Market Share to Data Dominance
Joshua Landau, President, International Insurance Society, said data is an increasingly valuable
currency in the industry as companies seek to build larger datasets to support analytical capabilities.
Text Alerts Help Combat Rising Hail Damage
Taryn Tirrell, VP, Liberty Mutual, said a texting program showed 44% of customers taking
preventive action by moving their vehicles to safety when alerted to weather issues.
Accelerator Program Draws $1 Billion in
Capital for Insurance Innovation
Dawn Miller, Chief Commercial Officer, Lloyds, and CEO of Lloyds Americas,
said Lloyd's Lab has nurtured 130 companies over six years, with 97% still
active in the insurance industry.
Succeeding in Financial Inclusion
Means Targeting Frictional Costs
Ken Mungan, Chairman, Milliman, said it isn’t necessary for developing nations to replicate
developed-world insurance models. Instead, the focus should be on mobile-first solutions.
Uncertainty Is a Given in Climate Risk Models
Dickie Whitaker, Chief Executive, Oasis Loss Modelling Framework, said insurers should maintain
realistic expectations about model accuracy, particularly in immediate post-event scenarios.
New Index Helps Insurers Measure Coastal
Vulnerability From Reef Loss
Karen Sack, Executive Director, Ocean Risk and Resilience Action Alliance,
said the Coastal Risk Index helps stakeholders assess vulnerability
from degrading natural barriers
like mangroves and coral reefs.
Private Capital Reshapes Life Insurance Sector
Mick Moloney, Partner, Oliver Wyman, cited the growing influence of
private capital and the evolution of asset management-led
insurance models.
Tech Disruption Is an Opportunity, Not Threat
Senan O'Loughlin, EVP and Head of U.S. Life at RGA, said carriers are actively changing through
partnerships, investments, and in-house development of digital capabilities.
Beware of Data Fragmentation in
Assessing Climate Risk
Christopher McDaniel, President of The Institute's Catastrophe Resiliency Council, identified data
quality and consolidation as primary obstacles facing the insurance industry.
Regional Insurers Should Resist
Foreign Expansion, Focus on Local
Yassir Albaharna, Managing Director and Group CEO, Trust Re, said MENA and African
insurers should not be quick to expand internationally, given opportunities within local markets.
Technology Is Becoming a
Major Tool in Loss Prevention
Bob Marshall, CEO, Whisker Labs, said AI-powered sensor technology
is transforming home insurance and electrical safety monitoring.
Chief Strategist for AI and Cyber, Linux Foundation
Senior Partner, McKinsey & Company
Managing Partner, Global Board & CEO Practice, DHR
Partner, Global Head of Insurance & Asset Management, Oliver Wyman
President & CEO, The Institutes
Chairman, Protective Life Corporation
Group Managing Director, Custodian Investment Plc.
Chief Risk Officer, Cymar
Executive Vice President & Chief Client Officer, RGA
President, International Insurance Society
Group Chief Underwriting Officer, Swiss Re
Partner, Oliver Wyman
Chairman, Milliman
Global Head of Insurance, Equinix
Partner, Oliver Wyman
Chairman, Protective Life
President & CEO, AM Best Rating Services, Inc.
Chairman, Milliman
Chairman, QBE North America
