Disruptive Technologies in Insurance Conference

Business
23 November, 2017
24 November, 2017
Emperors Palace Convention Centre / Johannesburg

As the world get smaller and smaller, thanks to advancement in technology that has seen people getting interconnected in virtually all spheres of life, there has been a massive rise in innovations that have disrupted the way people previously conducted business.

In this venture, insurance as an industry has not been spared. Insurers who wish to remain current or start innovating to stay ahead should be experimenting with the many ways in which the innovations can simplify the way insurance business is done. With the reality of technology in place, there is a need for the insurance industry to claim its place in the face of this inevitable wave of worldwide disruption.

The answer, obviously, lies in insurance companies investing in technology. Wearable technologies are one example; now people can monitor their blood pressure and other health concerns by just looking at a watch on their wrist or a bracelet on their ankle. In future, a chip inserted in your skin my reveal your whole medical history. A life assurance or funeral cover organisation can take advantage of this technology and provide health monitoring devices to help clients stick to healthy habits.

There are other advantages for insurance companies to embrace the latest advancements in technology:

Use it to keep track of things, big and small
Think of ways to make the insurance technology available to people at affordable costs.
Technology (big data) brings insurers closer to their clients
Replace legacy communication channels with anywhere, any-time communication.

Besides, the data gained from such intimate engagements with clients is invaluable, and insurance companies can use it to make future decisions and plans that are based on sound research and knowledge of their client base. It also helps in predicting future disruptive technologies and making the necessary advancement measures.

Of course, there are regulatory and ethical factors to consider when adopting such innovations; but there is no question that various technologies have disrupted and will disrupt the way insurance is carried out in all its entirety – vehicle insurance, life assurance, health insurance, underwriting and all other spheres of an insurer’s life. The intricacies and eventualities of such will be discussed at the Disruptive Technologies in Insurance Conference; scheduled for the 23rd and 24th of November, 2017 at the Emperors Palace Convention Centre.

Objectives

Discuss major areas of disruption in insurance
Measure impact of disruptive technologies on insurance
Estimate the impact on the workforce
Examine the state or readiness of insurance companies in the face of disruption
Discuss the availability and accessibility of infrastructure that enables the easy adoption of latest technological advancements
Explore the future of insurance in an increasingly advanced world
Outline the regulatory framework surrounding the new technologies