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Insurance X Tech = "A Happily Ever After" Union?

6 July

APAC

Synopsis

Is Tech a Game Changer or Merely an Efficiency Facilitator for the Insurance Industry?

Insurtech via Distributed Ledger Technology is delivering the promise of efficiency, accuracy, speed, cost reductions and financial inclusion. Has the pandemic, the ensuing global recession and the harder reinsurance market, created the “perfect storm” encouraging an unbias adoption of insurtech or will insurance always be a “relationship business” at its core? Join us to discuss the possible future of insurance and risk management.

Speakers / Moderators

Farah Jaafar-Crossby

Farah Jaafar-Crosby

Chief Executive Officer
Labuan IBFC

Steve Tunstall

Steve Tunstall

General Secretary 
PARIMA

Jack Xia

Chief Actuary
  Igloo

George Kesselman

President
  InsurTech Asia Association

Event Summary

The panel explored why the Insuretech space hasn’t gained much traction to date with large corporates and other big buyers of insurance, despite technology revolutionising some elements of personal insurance and many other industries.

The panel talked about the traditional ways of working in the industry, which are heavily dependent on relationships and the high level of bespoke solutions required. Another challenge is the diversity & accessibility of data pools which could potentially serves as the fuel for technological change.

Drawing parallel from other industries – the platforms that are coming in to automate marketing are not necessarily going to displace the intermediaries but more likely to change their role to be more service-related.

With COVID-19 exacerbating already hardening markets, it seems likely that pressure on corporate bottom lines will drive change and lead to digitalisation in the industry? But how soon remains unclear.

More About This Event​​

Presentation Deck

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Jeffrey Toh
Jeffrey Toh

Business Risk Consultant, Asia Pacific

FM Global

Jeffrey is a member of FM Global’s Business Risk Consulting (BRC) team in the Asia Pacific region. BRC services take a strategic approach towards helping clients identify the critical processes that drive their businesses and quantify dependencies on those processes. Through Business Impact Analysis (BIA), BRC helps clients to better understand the financial exposures to their businesses, to strengthen business resilience and develop effective risk management strategies.

Jeffrey joined FM Global in September of 2018. Prior to joining FM Global, Jeffrey was a Risk & Compliance Manager in the Group Finance department of The Great Eastern Life Assurance Company Limited, where he specialised in business process improvements and developing risk strategies. Prior to Great Eastern, Jeffrey served as a Corporate Improvement Manager in a publicly listed supply chain management company. He also had experience in performing financial statement audits in a range of industries, during his stint as a Senior Assurance Associate in Deloitte.

As a member of the Business Risk Consulting Group, Jeffrey is primarily responsible for conducting Business Impact Analysis, working in partnership with FM Global clients, to fully identify and quantify the client’s financial exposures as they relate to property and business interruption loss potential. The analysis Jeffrey performs often result in the identification of significant exposures that were previously unknown or not fully understood by the client, which potentially has a material impact to risk management decisions.

Jeffrey holds a Bachelor of Accountancy degree from Nanyang Business School, Nanyang Technological University of Singapore. He is also a certified Chartered Accountant.

Guido Gavio
Guido Gavio

Asia Complex Loss Director

BELFOR Asia

Guido Gavio is the Asia Complex Loss Director for BELFOR Asia. He has more than 22 years of experience in handling restoration projects for companies suffering from losses after a disaster. He joined BELFOR Asia, then known as Relectronic – Remech as a Restoration Engineer in Australia in 1996. He rose through the ranks and was seconded to Thailand for 3 years from 1998 to 2001 before being posted to the regional Headquarters in Asia in 200

Guido studied electrical engineering at the Universidad Technologica de Buenos Aires in Argentina. Upon graduation, Guido worked at the National Institute of Industrial Technology assisting with research programs in the area of superconductors where he gained considerable hands – on experience in developing and building prototypes. Guido then migrated to Australia where he worked for Telstra in the design and construction of the cable and internet network.

Upon completion of the Telstra project, Guido joined Relectronic – Remech. BELFOR Asia has the capability to recover buildings, production lines and other property, following disaster incidents such as fire, explosion, earthquake, typhoon, wind, flooding, rain, water ingress, chemical spills etc.

The company has maintained the market leader position for disaster recovery in Asia for the past 25 years, and is now handling more than 1,600 industrial disaster incidents per year.