InsureTalk17 took place virtually on Thursday, 28 October 2021, attracting more than 1 000 delegates from across the insurance industry.
Tashia Bhogal, head of property, treaty & agriculture at Munich Re opened the speakers’ podium. She spoke on “Insurance of artificial intelligence. She gave a forward-looking viewpoint of the place of artificial intelligence in the insurance industry.
78% of people expect AI to disrupt the industry in the next 10 years,” she said. “Paradoxically, 88% do not have confidence in AI-based decisions and outputs.” Yet the US invested seven times SA’s GDP into AI in 2019. That’s a $35.6 billion commitment into an environment where people are still figuring out their trust levels.
Alexander Karvelas’s talk was entitled “Redefining the role of the pricing actuary in the age of machine learning”. Alexander is head of global consulting unit SSA at Munich Re.
He spoke of the process involved in arriving at accurate technical premium, providing a timeline of the progression of machine learning since the 1950s and delving into the concepts that underpin what we know as “Auto-ML” today.
IISA CEO Thokozile Mahlangu gave her traditional insurance industry update. At InsureTalk17 she spoke on the international exposure that IISA members gain to organisations such as the Institute of Global Insurance Education and the International Insurance Society (IIS). Thokozile shared the results of an IIS survey, prepared by Accenture, that focused on the future of chief underwriting officers.
She encouraged delegates to follow IISA on via its website and social media accounts to keep abreast with what’s happening at the institute and further membership benefits.
Craig Urbani led the entertainment, which comprised 15 minutes of foot-stomping tunes – very popular among the delegates, according to the chat stream!
Norbert Hackner, senior motor and mobility consultant at Munich Re, spoke on “Commercial mobility and automotive as key growth factors in insurance”. His talk focused on the new business models that need to be observed in order to address emerging trends in the mobility market.
He addressed issues around subscription, car sharing, ride sharing and micro-mobility, and what impact these new forms of getting around will have on the motor industry going forward.
Next on the agenda was Phetogo Mabaso, senior consultant/IFRS17 programme lead at Munich Re. Her talk, simply entitled “Financial solutions”, discussed the changing world and the need for a mind-shift in financial thinking in light of the Covid-19 pandemic.
She spoke about using reinsurance as a tool in corporate finance in the context of KPI optimisation, the regulatory environment and major events.
Last up was master storyteller Rob Caskie, sponsored by Global Choices, whose shared some fascinating stories and insights in his talk, entitled “Resounding resilience in history”. He took delegates on a fascinating journey to Greenland, with tales of adventure and life lessons thrown in.
The event was closed by MC Nonnie Mhlungu of SHA, who once again did a superb job of keeping things going throughout the event.
If you would like to watch InsureTalk17 from start to finish, click on the video link below. And don’t forget to register for InsureTalk18, which takes place on 28 November 2021.