A.M. BestTV at Global Insurance Forum in Singapore: To Innovate, It Pays to Think Small

OLDWICK, N.J.--()--In this A.M.BestTV episode from the annual Global Insurance Forum, organized by the International Insurance Society (IIS) in Singapore, global insurance executives said new technology and data capabilities won’t create innovation unless insurers learn to apply talent, patience and customer-centric thinking to change established systems and organizations. Click on http://www.ambest.com/v.asp?v=iis1616nc to view the entire program.

“We sort to find the best partner with the most innovation and the most government supporting infrastructure, which clearly applies to Singapore,” said Michael Morrissey, president and chief executive officer, IIS.

The hot topics at this year’s conference are digitalization and innovation.

“If you ask every company they are innovating or doing something,” said Brian Duperreault, chairman and chief executive officer, Hamilton Group. “They are trying to digitize or use data science. The real issue is the structure that is in place. It is the legacy the company has, and that legacy is not just systems, it is people and processes. It is the company’s entire story, and people are being asked to completely change that to a new way…..The culture is the biggest issue,” continued Duperreault.

Matt Mosher, Executive Vice President and Chief Operating Officer, A.M. Best Rating Services, said he sees the industry transforming most rapidly with its data usage.

“How is the industry going to evaluate risk and assess the cost of risk using that data is something that has changed very quickly over the past year or two,” said Mosher.

Other people who appear in this episode include:

  • Bill Churney, senior vice president, AIR Worldwide;
  • David Fried, chief executive officer, emerging markets, QBE Insurance Group; and
  • Stephen O’Hearn, global insurance leader, PwC.

Full-length interviews are available as well. Go to http://www.ambest.tv/iis16 to see all the interviews, which include discussions with Malcolm Steingold, chief executive officer, Asia Pacific, Aon Benfield, Jagath Alwis, director, Ceylinco Insurance and Sophia Hsu, senior manager, Taiwan Residential Earthquake Insurance Fund.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald, +1 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com