The morning Session at #TIC2017 – The Insurance Conference, has provided more than just #Disrupt #Debate and #Deliver. Not only have the speakers been engaging but have also provided food for thought on a number of items.

Hot topics of the day have been #IOT or Internet Of Things and #Millennials.

Some interesting things have come out of the sessions.

First up was Oliver Bate, CEO of Allianz group, who spoke about the IOT and how Africa is at the forefront of using mobile technology in the insurance industry. He went on to explain the reason is that Europe on other established markets has the infrastructure in place and therefore the need to develop as fast is not required.

Another interesting talk was by Thomas Barenthein and Achim Klennert from Hannover Re. Their presentation was first on the impact of Millennials and the struggle the industry is facing now in bringing young talent in. Their solution to this is introducing the #JourneyRe. A model whereby they encourage youngsters to come up with ideas on how to better the industry. There are four hubs in the world; Boston, Dublin, Berlin and Joburg. Thomas went on to say that most of the good ideas are coming out of the Joburg Hub. Learn more.

Achim’s talk was on Siza and AMYTI. The first is an initiative that Hannover Re is wanting to start with the backing of other insurance companies in the country thereby providing the underprivileged with insurance. The example he used that perfectly illustrated this was the Knysa Fires recently. The estimates for the losses are between R250-R400million. With all of it insured. Whereas, the informal settlement in the area is not covered. Siza looks to provide cover using #Freemium, that’s right, Free Premium. And as we know, this can only benefit the countries involved.

AMYTI is just as interesting. In an infographic, Achim showed the audience the Instagram followers of various insurers. Top marks went to Hollard on 1500 followers. He then showed the followers of AMYTI at over 8000. This without even trading as yet. Started by 3 twenty-something year olds and with a plan to take on the big insurers in the country. They are hoping to sell their first policy before the end of the year.

If the morning session is anything to go by, the rest of #TIC2017 is going to something else!