TigerTech Activity: June 2017

TigerTech
TigerTech
Jul 22, 2017 · 3 min read

TigerRisk continues to be at the forefront of the InsurTech technology conversation, speaking at two events in June.

On 21st June, Boat Services in partnership with Oasis and Equinix hosted an event in Stockholm bringing together the industry’s leading cat modelling minds for their Nordic Cat Risk Modelling Conference.

Amongst speakers from Sirius International, Uppsala University and If P&C was TigerRisk’s Vlad Kostadinov who had the opportunity to speak about reinsurance pricing and portfolio management and how TigerEye clients are using our platform to quickly price and model a program structure and understand the impact that program will have on their overall portfolio.

It was a highly engaging event which focused on five key trends: Demand for new and improved models, need for increased focus on vulnerability data, a lack of existing transparency, the need to include climate change in Nordic models and barriers to collaboration. A more detailed review of the event can be found here.

Less than a week later, on 26th June, the Steelyard in London played host to more than 200 people interested in understanding how InsurTech is impacting the London Market and what incumbents are doing to respond.

Jerad Leigh from TigerRisk’s London office was amongst the speakers which also included industry executives from Lloyd’s, MS Amlin, Tokio Marine Kiln, Lockton, XL Catlin, Hiscox and Beazley. Videos of the speeches can be found here.

Each of the companies provided an overview of some of the activities they are taking part in and what they see as some of the largest trends that will impact the industry. TigerRisk was able to highlight some of the key strengths and value provide by our TigerEye portfolio modelling tool and how clients benefit from both the power of the tool as well as the flexibility of licensing a 3rd party tool rather than trying to build something in-house.

Some of the most interesting moments of the evening though were during the Q&A sessions where industry veterans could weigh in with their thoughts on numerous industry issues from the potential impact of Blockchain to the need for improved collaboration.

Common themes throughout the evening included an understanding that both brokers and insurers need to work towards improved collaboration — be it on setting industry standards for technologies like blockchain or standardised contract wordings, and the need for companies to get lean in order to thrive in an industry undergoing a rapid evolution.

Much of the technology that was being discussed at the event was around improving the operational efficiency of incumbents and with soft market conditions showing no signs of letting up, it is crucial for large players to reduce unnecessary overhead. With this theme being ever-present, it was fitting that the last question of the night was around whether industry incumbents should build or buy technology.

It was a great opportunity for TigerRisk to discuss its thoughts on why purchasing/licensing a best-in-class tool is a far more efficient solution than spending hundreds of thousands of dollars (often more) developing and maintaining a proprietary tool. When looking at a tool like TigerEye, the platform itself doesn’t provide any differentiation, rather, it is how companies adapt and use the information that it provides to make informed business decisions that enables a firm to have an advantage.

For an additional review of the event by coordinator Matthew Grant please click here.

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