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
American Family Insurance
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.
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.
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
8:35amKeynote: Will 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.
9:00amPanel Discussion: Competing 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.
9:40amPanel Discussion: Embracing 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.
10:45amDialogue: The Future of Insurance is Proactive and Preventative
Senior executives present case studies providing insight into how the shift from reactive to proactive is progressing.
11:15amPanel Discussion: Removing Roadblocks and Fast-Tracking Innovation
This panel discusses techniques, processes and procedures that have helped to hasten the path to market for new technologies, with an eye to how changes in the regulatory landscape could impact current and future initiatives.
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
1:30pmBreakout Sessions (Topics TBC)
- Opportunities in the Emerging Mobility Ecosystem
- Establishing Trust as the Cornerstone to Financial Wellness
- Digital Tools to Improve the Customer Experience
2:05pmPanel Discussion: Testing 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.
2:40pmPanel Discussion: Unleashing 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?
3:15pmKeynote: Preparing for the Future of Work Alongside Machines
This forward-looking keynote 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
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 Sponsor (1)
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.
MEDIA PARTNERS (2)
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.
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.