Reinsurers in InsurTech - Tortoise or Hare?
Source: Asia Insurance Review | Dec 2017
The Singapore Reinsurer’s Association recently organised a half-day seminar for its members with the theme: Tortoise or Hare. With Mr James Beedle, Convenor of the SRA Education sub-committee as chair, the session kicked off with Mr George Kesselman, President of InsurTech Asia Association, giving an overview of Asia’s InsurTech eco-system. The keynote address was delivered by Mr Sopendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore. He emphasised the need for Insurance to innovate and stay engaged with the customers.
Discussions included the shift of risk transfer, where IoT and sensor technology can help to reduce property losses. While adopting these new technologies however, cyber risk was noted as the key emerging threat that must be dealt with. Both Munich Re and Swiss Re presented on some of their InsurTech initiatives and how they are actively playing a role as well.
The seminar ended with a panel discussion that explored the possibility of insurers, with their active pursuit of InsurTech solutions, surpassing reinsurance players in risk management in time to come. A