Follow up – Insurtech Conference 2017
Henrik Allert, Product Manager Digital Solutions at Itello was one of the participants on the international conference Insurtech wich was recently held in Vilnius, arranged by TechCity Lithuania.
After the opening speech by Gediminas Visemicius, Swedbank IT, Sigitas Mitkus from the Ministry of Finance declared that Lithuania is transferring to the tech world and the government will provide incentives. The country has great potential, but is aware of the risks and has taken measures for financial stability, anti-money laundering, consumer protection and protection of personal data.
A representative from Bank of Lithuania stated that, not surprisingly, that growth in Insurtech is much bigger than in Fintech, not to mention the data included. However, Lithuania wants to support the change, reduce the supervisory requirements to reduce the administrative barriers. The regulative tsunami that has captured us with the “big is beautiful approach”, is costing the players in the market the majority of their IT budgets. Until the “less is more” approach is reached, the participants in the market have to be smart about how to find a cost efficient way to implemented the regulatory requirements, and yet stay compliant.
Mr. Allerts presentation regarding market technology and digitalisation included an overview of the digital value chain for the Swedish Life and Pension industry, as well as the Industry’s Driving Forces of Change. Another topic addressed was an outlook of the Data Driven Business of tomorrow and how predictive analytics opens for the opportunity of preventive actions. This all leading to the battle of data ownership in the industry’s value chain and how this needs to be balanced with regards to personal integrity and ethical judgements.
He continued to describe how a modern IT-platform can allow you to be adaptive to meet up to all the opportunities and challenges that comes with digitalization and new interesting and potentially disruptive technologies. However, at the same time the IT-platform also need to support your business to effectively address and handle what seem to be an never-ending stream of new regulations and compliance requirements to make sure they can focus on creating true business value.
Mr. Allert also participated in the panel discussion where, among other things, digital underwriting, productive use of data and the change from the conservative environment to Insurtech were discussed. Other speakers in the panel included Andrius Adamonis, Tieto Lithuania, Sameer Tatye, Tieto Finland, Mihkel Mandre, Swedbank Life Insurance, Estonia, Charles Reeves, Aviva UK and Michael Dwyer, EIS Group US.