Established carriers and new entrants alike are under intense pressure to both introduce new products and services, as well as get core (increasingly commoditized) products distributed more efficiently. Those who will find success in the next decade will need to reimagine the value proposition of insurance: Is it a service? Is it an embedded product? Is it proactive? Is it preventative? The Fourth Annual FT Insurance Innovation Summit will bring together leading executives and industry experts to discuss the best strategies to adapt and innovate in a rapidly changing ecosystem.
FT Insurance Innovation Summit 2020
Delivering a Reimagined Value Proposition
Admiral (ret.) Michael S. Rogers
Board of Directors, CyberCube
Stacey Goodman is Executive Vice President and Chief Information Officer of Prudential Financial. In this role, she oversees information technology, including cybersecurity, across Prudential’s locations worldwide to deliver added value for customers, employees and shareholders through the optimal use of data, information, and digital and technology platforms. Ms Goodman joined Prudential in 2019 with over 25 years of experience leveraging technology to create competitive advantage and business success for leading financial institutions. Previously, she served as the Chief Information Officer at Freddie Mac, responsible for the technology division, and served on the Senior Operating Committee. Prior to that, she was Executive Vice President and Chief Information and Operations Officer for CIT, where she was a member of the Executive Management Committee and led technology and operations globally. During her time at CIT, she revitalized and modernized core platforms to support business growth, productivity, mobility and regulatory goals. CIT was recognized by CIO Magazine with a Top 100 award in 2016 for the technology transformation under her leadership. Prior to CIT, she was the Divisional Chief Information Officer of Global Technology and Operations at Bank of America, where she built and led the enterprise development and operations team through transformation in response to sweeping regulatory changes, supporting both control functions and business units including risk, compliance, treasury, investments, legal and audit. She also held global leadership positions at UBS and PaineWebber and started her career at Salomon Brothers. Ms Goodman received her BA from Syracuse University and earned her Six Sigma certification in 2007. She has served on the US Treasury’s Office of Financial Research’s advisory committee.
Admiral (ret.) Michael S. Rogers
Admiral (ret.) Michael Rogers is a native of Chicago and attended Auburn University, graduating in 1981 and receiving his commission via the Naval Reserve Officers Training Corps. Originally a surface warfare officer (SWO), he was selected for re-designation to cryptology (now Information Warfare) in 1986. He assumed his duties as Commander, US Cyber Command and Director, National Security Agency/Chief, Central Security Service in March 2014.
Since becoming a flag officer in 2007, Admiral Rogers has also served as the Director for Intelligence for both the Joint Chiefs of Staff and US Pacific Command, and most recently as Commander, US Fleet Cyber Command/US 10th Fleet. Duties afloat have included service at the unit level as a SWO aboard USS Caron (DD 970); at the strike group level as the senior cryptologist on the staff of commander, Carrier Group 2/John F. Kennedy Carrier Strike Group; and at the numbered fleet level on the staff of Commander, US 6th Fleet embarked in USS Lasalle (AGF 3) as the fleet information operations (IO) officer and fleet cryptologist. He has also led cryptologic direct support missions aboard US submarines and surface units in the Arabian Gulf and Mediterranean. Ashore, Admiral Rogers commanded Naval Security Group Activity Winter Harbor, Maine (1998-2000); and, has served at Naval Security Group Department; NAVCOMSTA Rota, Spain; Naval Military Personnel Command; Commander in Chief, US Atlantic Fleet; the Bureau of Personnel as the cryptologic junior officer detailer; and, Commander, Naval Security Group Command as aide and executive assistant (EA) to the commander.
His joint service both afloat and ashore has been extensive and, prior to becoming a flag officer, he served at US Atlantic Command, CJTF 120 Operation Support Democracy (Haiti), Joint Force Maritime Component Commander, Europe, and the Joint Staff. His Joint Staff duties (2003-2007) included leadership of the J3 Computer Network Attack/Defense and IO Operations shops, EA to the J3, EA to two directors of the Joint Staff, special assistant to the Chairman of the Joint Chiefs of Staff, director of the Chairman’s Action Group, and a leader of the JCS Joint Strategic Working Group.
Admiral Rogers is a distinguished graduate of the National War College and a graduate of highest distinction from the Naval War College. He is also a Massachusetts Institute of Technology Seminar XXI Fellow; Harvard Senior Executive in National Security alum; and holds a Master of Science in National Security Strategy.
Glenn Fung is Chief Research Scientist, AI and Machine Learning Research Director at American Family Insurance. His main interests are optimization approaches to machine learning and AI, with emphasis in kernel methods. For twelve years he has worked in industry – including at Siemens, Amazon and American Family Insurance – developing and applying novel machine learning techniques to solve challenging industry-related problems. Mr Fung received a BS in Mathematics from Universidad Lisandro Alvarado in Venezuela. He then earned an MS in Applied Mathematics from Universidad Simon Bolivar, Venezuela, where later he worked as an assistant professor. He also earned an MS degree and a PhD degree in Computer Science and Statistics from the University of Wisconsin-Madison.
Joel Albarella is Senior Vice President and Head of New York Life Ventures, the corporate venture capital arm of New York Life tasked with accelerating the pace of innovation at the company. He founded and has run New York Life Ventures since its inception in 2012. He is responsible for directing all activities of the group, including the sourcing and management of strategic venture capital investments and the implementation of technology testing and partnerships to boost New York Life’s existing businesses. New York Life Ventures has produced top quartile investment returns since inception and continues to add new solutions and capabilities across the company’s business operations enhancing speed to insight, profit and digital competitiveness. In addition, the team houses a full-stack technology R&D lab and leads innovation enablement efforts company-wide. Prior to founding New York Life Ventures, Mr Albarella served as New York Life’s Director of Strategy and Mergers & Acquisitions and as the Chief of Staff to the company’s Chief Investment Officer and to the Chief Executive Officer of the company’s asset management business. Before joining New York Life, he worked at Deutsche Asset Management and Hewitt Associates in the company’s pension technology group. Mr Albarella earned a Master in Business Administration from Columbia University and a Bachelor of Arts degree from Rutgers University. He is a member of the Eagle Academy Foundation’s Board of Directors.
Chris Behling is Swiss Re’s Chief Underwriter, Life & Health Americas. He joined Swiss Re in April 2017 to lead strategy for the US Life & Health Division. Mr Behling has spent more than twenty years in the US life and health insurance industry, working with several firms including Princeton Consultants, Hooper Holmes, and AXA/Equitable. He has a diverse background and has worked in product development, underwriting and distribution functions. During his career, he founded LifeSource, one of the first point-of-sale brokerage general agencies in the industry. While at Hooper Holmes, he led their underwriting solutions business, providing outsourced underwriting services, APS summaries and quick quotes to US insurers. He also created Hooper Holmes Health & Wellness and grew it to become the largest onsite health screening company in the US. While at AXA, he led US life insurance distribution relationships, sales operations, and business development. In addition, he created and led AXA’s Specialty Markets life division which included AXA’s business in the premium financing, foreign national, professional athletes and COLI/BOLI markets. Mr Behling received his BA degree from Albion College and a Master’s degree in Theological Studies from Harvard Divinity School.
Ben Bengtson is Senior Vice President and Global Markets Head of Cognizant’s Insurance practice. In this role, he is responsible for P&L including sales, business development, consulting, and client relationship management. Under his leadership, Cognizant’s Insurance business serves nine of the top ten Life and Retirement Carriers and seven of the top ten P&C Carriers in North America. Mr Bengtson has over 35 years of experience in advising business and technology executives in the insurance, banking, and financial services segments. He has helped clients achieve significant improvements in operational effectiveness and end-to-end managed services delivery with outcome-based performance measures. He has expertise in financial services sales and distribution, agent/broker effectiveness, customer segmentation, product development, financial management, billing and collections, claims, underwriting, and pricing. Prior to Cognizant, he spent 15 years as a Partner and Consulting Practice Leader at Ernst and Young and PricewaterhouseCoopers. Mr Bengtson has also contributed to technology innovation research published by Information Week, the Economist, the MIT Business Forum, Risk and Insurance, and CIO Magazine.
Peter Chiang is the Vice President of Global Digital Strategy and Transformation at MetLife. In this role, he oversees major enterprise programs focused on leveraging technology, data, analytics and innovation to transform the way MetLife does business across its global portfolio. Additionally, he plays a leadership role in setting and managing the enterprise MetLife digital strategy and vision. Prior to joining MetLife, Mr Chiang spent over 10 years as a leader in A.T. Kearney’s Global Financial Services Practice. Over the course of his consulting career, he led over 30 client engagements for insurers and banks, advising on such topics as digital transformations, innovative business models, and large-scale operational improvement programs. Additionally, he has taken sabbaticals from his career to work on various pro-bono projects, including advisory services to help stand up a real estate investment fund in China. Mr Chiang graduated from University of Michigan-Ann Arbor with dual degrees in Economics and Chinese History.
Cindy Forbes is Manulife’s Interim Chief Marketing Officer. She has spent over 35 years with Manulife, developing a deep understanding of all the company’s significant product lines. She has held senior finance roles in the company’s Asian operations as well as Reinsurance, Investment and US divisions, and most recently was Chief Analytics Officer, where she built the function that yields a strong value for Manulife businesses across all markets. Ms Forbes assumed her first executive role at Manulife in 1991 as VP and CFO of the company’s US Group and Pensions business. Following that she held multiple executive roles in increasing scope until 2004 when she moved to Japan to become SVP and CFO, acting as the Chief Actuary and Chief Risk Officer for Manulife Japan. Less than two years later she assumed responsibility for the financial functions of the entire Asia region, based in Hong Kong. In 2010, she began her tenure as Manulife’s Chief Actuary until 2016 when she moved into the newly created Chief Analytics Officer position. Ms Forbes holds an Honours Bachelor of Mathematics degree from the University of Waterloo, Canada. She is a Fellow of the Society of Actuaries and a Fellow of the Canadian Institute of Actuaries, and she is the current Chairperson of the Board of Governors at University of Waterloo.
Matt Gibson leads insurance distribution efforts for behavioral-linked insurance as Head of Strategic Distribution Initiatives at John Hancock. In this role he is responsible for leading critical behavioral-based insurance distribution initiatives across the organization through business planning, experience management, sales growth, and cross-functional efforts. During his over 15-year tenure at John Hancock, he has held several roles within the organization, including managing some of John Hancock’s largest producer groups and national account relationships. He was one of the first to work on the John Hancock Life Insurance Vitality solution in advance of its launch April of 2015. From there, he helped introduce the product to the brokerage market and spent several years in the field wholesaling and providing leadership for John Hancock Vitality. Mr Gibson joined John Hancock shortly after the company’s merger with Manulife Financial in 2004, after beginning his insurance career at another Boston area insurance carrier in 2002. Mr Gibson graduated from Stonehill College in Easton, MA with a BS in Business Administration and Computer Information Systems and holds his life, health, and FINRA Series 6 and 63 licenses. He also is involved with a number of equality focused non-profits in the Boston and New England area.
Gary Plotkin is a Principal at KPMG and leads KPMG’s Management Consulting Insurance Practice. He has 27 years of Financial Services experience specializing in Business and IT transformation work. He has split his career between Advisory Services management and the roles of Chief Information Officer and Chief Technology Officer for large and small insurance carriers. He has a strong background across the full life cycle of strategy and project delivery with $100M+ program management experience including software development, implementations and transformation initiatives. Mr Plotkin’s past clients include leading entities in the financial services industry.
Mark A. Sayre is Head of Risk Solutions at Haven Life, a digital life insurance agency that's backed and wholly owned by MassMutual. He leads a team of innovators who are building new technology and cutting-edge data science techniques to transform the life insurance industry. Over the past five years at Haven Life, he and his team have collaborated with MassMutual to create the industry's first real-time underwriting solution, develop a best-in-class underwriting platform that balances algorithms with human review, and transform actuarial modeling by integrating machine-learning for greater flexibility.
Kumi Walker serves as the Chief Business Development and Strategy Officer of Columbus-based Root. Root is an insurance company founded on the belief that people who drive well are less likely to get into accidents, and that those people should pay less for insurance. Root assigns rates primarily from actual driving data from its mobile app to determine who is a safe driver and who is not. By only insuring safe drivers, Root can offer more affordable rates to all of its policyholders. Prior to Root, he held leadership roles with extensive business development experience across a number of technology-driven industries. Most recently, he was General Manager of Live Video, and Head of North America Business Development during his time at Twitter where he helped launch the premium live video business at the company, and lead go to market and strategy for Twitter's SDKs and APIs. Prior to Twitter, he was Head of Business & Corporate Development at StackMob (sold to PayPal), a mobile API creation and management platform, where he led the acquisition of Strobe HTML5 technology, and launched an API Marketplace for mobile application businesses. Mr Walker has a BA from Brown University and an MBA from the Stanford Graduate School of Business. In addition to his primary professional duties, he is on the Advisory Board for Central Ohio Transit Authority (COTA), and is a leader on the Bexley Minority Parents Alliance and has served on the Young Leaders Cancer Council for Livestrong.
Chairs and Moderators (2)
Oliver Ralph is the Insurance Correspondent at the Financial Times. Prior to this Mr Ralph was Deputy Head of Lex since 2014, specialising in banking, finance and consumer. He has also been a Lex writer and, prior to this, the FT UK Companies Editor. He joined the Financial Times in 2009, having worked at Investors Chronicle from 2000 to 2009 and Euromoney from 1998 to 2000. He graduated from the University of Edinburgh in 1996.
Robert Armstrong is US Finance Editor at the Financial Times, having previously been the FT’s Chief Editorial Writer and prior to that, Head of the FT’s Lex column, which has been dispensing pithy, pungent and analytically informed financial commentary for nearly 80 years. Before joining the FT, Robert was a columnist at Dow Jones and an analyst at Seminole Capital, a long/short hedge equity fund. He is a Chartered Financial Analyst and has a PhD in Philosophy from Columbia University.
Agenda - 23rd Apr
8:00amBreakfast and Registration
Oliver Ralph, Insurance Correspondent, Financial Times
8:35amWill the Winner Take All in Digital?
This opening keynote considers examples from other increasingly digital industries, where a dominant winner emerges to grab the lion’s share of the market, as well as the impact recent deal-making has on the competitive landscape.
Gary Plotkin, Principal, KPMG
9:00amEmbracing Ecosystems – What’s Working and Where Are We Headed?
Insurers are beginning to embed products in the various digital ecosystems that have developed around financial services, online marketplaces, social media, connected cars and the Internet of Things, among others. What does this trend mean for the future of distribution, and will there be unintended consequences? What are the implications of being an ecosystem participant, versus an ecosystem owner? Does the benefit of tapping into new markets outweigh the risk of ceding control to the platform? What about the impact on the brand? This panel shares lessons learned from those already operating in a digital ecosystem – both challenges encountered and what they hope to achieve.
Chris Behling, Chief Underwriter, Life & Health Americas, Swiss Re
9:40amCompeting on Service – What’s the ROI on Non-Core Add-Ons?
Insurers are shifting away from a product focus to service-oriented business models that emphasize education and the customer experience. This requires an investment in technology, as well as a renewed focus on the elements needed to build on-going, trust-based relationships with both new and existing customers. As core insurance products become more commoditized, what are the key capabilities that will differentiate one offering from another and provide the most value-add? Further, what is the impact to customer acquisition and retention costs as engagement increases along with customer expectations? This panel discusses the necessary tradeoffs all firms must grapple with in the never-ending quest to delight customers.
Matthew Gibson, Head of Strategic Distribution Initiatives, John Hancock
Stephanie Lloyd, Head of New Ventures, Farmers Insurance and President, Toggle
Over the past year, the innovation journey has continued to mature: Insurers have begun making bigger bets on a smaller number of partners, taking a harder look at financial costs, and addressing the opportunity cost of getting mired in legal and compliance or bureaucratic concerns. This panel explores the evolving relationship between insurtechs and incumbents and discusses strategies for removing roadblocks and fast-tracking approval for high-priority investments.
Joel Albarella, SVP and Head of New York Life Ventures, New York Life
Peter Chiang, VP, Global Digital Strategy and Transformation, MetLife
Stéphane Guinet, CEO and Founder, Kamet Ventures
11:20amBuilding the Business Infrastructure of the Future
As firms invest in new technology to position for the future, steering “the ship” towards the next frontier is often a daunting process. Prudential’s CIO discusses the opportunities and outcomes that have been unlocked thanks to AI, data, and more.
Stacey Goodman, EVP and Chief Information Officer, Prudential Financial
In conversation with: TBD, Financial Times
11:40amTackling Trust Issues – Here’s What Consumers Really Think About Data and Privacy
1:00pmBreakout Sessions (Topics TBC)
- What’s Next for Commercial Insurtech?
- Exploring Biological Age for Annuities
- Utilizing Third-Party Platforms to Combine Multiple Data Sources
- Opportunities in the Emerging Mobility Ecosystem
- Establishing Trust as the Cornerstone to Financial Wellness
- Digital Tools to Improve the Customer Experience
1:35pmHow Cyber Might Change the Nature of Risk
This keynote considers how technology is shaping society and the resulting implications for the insurance industry.
Admiral (ret.) Michael S. Rogers, Former Director of the NSA and Commander of US Cyber Command and Member, Board of Directors, CyberCube
2:00pmTesting the Limits of Data-Driven Innovation
As the Internet of Things, connected cars, and digital and social platforms all collect more granular data about consumers, how are both insurers and regulators deciding what data may be appropriate to use in refining risk models or improving the customer experience? How much of an impact has the introduction of non-traditional data sources had on outcomes? How do consumers really feel about data and privacy? How are insurers mitigating data security and quality concerns? This panel explores the many ways firms are thriving amidst this uncertainty, and shares practical lessons learned about operating in a faster-paced, data-rich environment that is continually evolving.
Ben Bengtson, SVP, Global Leader Insurance Industry, Cognizant
Kumi Walker, Chief Business Development and Strategy Officer, Root
2:40pmUnleashing the Power of AI and Machine Learning
There’s no denying the insurance industry is embracing artificial intelligence and machine learning technologies more meaningfully across the value chain, and this panel of early adopters will discuss the functional areas where insurers are seeing tangible results, including claims, underwriting, and the back office. But challenges still remain, and the discussion will also address how insurers are testing the reliability of performance, measuring cost effectiveness, as well as taking into account the growing scrutiny over the use of AI/ML in making decisions that may not be easily explained or unwrapped. As firms reimagine a future powered by AI/ML, what capabilities are worth investing in, and where is the industry headed?
Wendy Callaghan, Chief Innovation Legal Officer, AIG
Cindy Forbes, Chief Marketing Officer, Manulife
Glenn Fung, Data Science Research Director, American Family Insurance
Mark Sayre, Head of Risk Solutions, Haven Life
Moderated by: Oliver Ralph, Insurance Correspondent, Financial Times
3:15pmPreparing for the Future of Work Alongside Machines
This forward-looking panel considers the steps insurers must take to enable their workforce to effectively adapt to, train and manage the artificial intelligence and automation technologies that will eventually take over repetitive and straightforward tasks across the organization. Where is the human touch still vital, and what are the new skillsets that will drive business results and better outcomes?
3:40pmCEO Fireside Chat
Robert Armstrong, US Finance Editor, Financial Times
- Understand applications for new and innovative technologies coming down the pipeline that will impact the way insurers do business in the future.
- Gain insights from experts on how to better identify and capitalize on future technology and consumer trends.
- Learn from the leading innovators in the industry what areas for investment currently offer the most compelling new business opportunities.
- Hear from regulatory authorities about their views on innovation and guidance for the road ahead.
- Network with senior executives from leading regional and nationwide insurance companies, as well as technology and industry experts.
The FT Insurance Innovation Summit will bring together CEOs, CFOs, CIOs, Chief Customer Officers, Chief Technology Officers, Heads of Business Strategy, Heads of Research & Development, VP Marketing & Sales, Heads & VP Business Development, CMOs, etc. and other senior-level executives in the following sectors:
- Property & Casualty Insurance
- Life Insurance
- Non- Life Reinsurance
- Credit Rating Companies
- Technology Consultants
- Technology and Research Providers
BOOK YOUR STAY
Strategic Partner (1)
At KPMG, we come to work every day because we are passionate about solving the business challenges that keep you up at night. The 35,000 partners and professionals in our U.S. member firm—part of the global KPMG network that is approximately 200,000—have a rich understanding of the realities of your industry, because they have been there themselves. Some of the best and brightest in their fields, our people work directly alongside companies of various shapes and sizes, in all 50 states, to pinpoint and deliver practical, customized business services that drive real results.
That is why in times of both opportunity and uncertainty, the biggest names in business trust KPMG to provide the clear direction they need to deliver against today’s demands while anticipating the vast possibilities of tomorrow.
Associate Sponsors (2)
Cognizant is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps many of the best-known organizations in every industry and geography envision, build and run more innovative and efficient businesses.
Accelerating the shift to digital with Cognizant's offerings makes the path clear and the process systematic. We integrate digital solutions that allow enterprises to run differently. We enable operational excellence with a cohesive digital strategy. We help clients implement digital transformation by unifying business and technology architectures to enable competitive advantage and top-line growth.
Cognizant is ranked #195 on the Fortune 500 and is consistently listed among the most admired companies in the world.
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multidisciplinary analytics, the company’s software-as-a-Service platform helps insurance companies make better decisions when underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on over one thousand single points of technology failure.
The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital and HSCM Bermuda. For more information, please visit www.cybcube.com or email email@example.com.
MEDIA PARTNERS (4)
P&C Specialist is a business intelligence service covering the personal lines businesses of P&C insurers. Our goal is to be a one-stop source that personal line executives can rely on for efficient aggregation of industry news and original reporting. Coverage includes auto insurance, homeowners/renters insurance, distribution, product development, c-level professionals, and more. To sign up for a trial, visit www.pandcspecialist.com/trial.
Life Annuity Specialist is focused on providing actionable business intelligence to executives at life insurance carriers and annuity providers. It delivers thorough coverage of all firms that manufacture and sell variable, fixed and indexed annuities, term and permanent life insurance, as well as other insurance solutions of the life and health market. To sign up for a trial, visit www.lifeannuityspecialist.com/trial.
Fintech Finance works with prominent executives in the industry to provide key decision-makers globally within the foremost financial services organizations with consistent and accurate intelligence on emerging trends, breakthrough technologies and stimulating developments, helping them to make informed decisions. At Fintech Finance, we produce monthly video episodes looking at range of topics within financial services, as well as attending some of the most prominent events within the sector.
Business Insurance is the authoritative news and information source for executives concerned about risk and the impact on their business. With information for risk managers, insurers, brokers and other providers of insurance products and services, Business Insurance delivers in-depth analysis on new and emerging risks, case studies of successful programs, market intelligence on trends, and guidance on how to capitalize on opportunities and overcome challenges. Delivered in a multi-media mix, including a monthly print magazine, and daily online and mobile news, Business Insurance helps readers do their jobs better.
PRESENTED BY (1)
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.