InsurTech Reshaping the Future of Insurance
From left, from RGAx Asia: Greg Goodfliesh, Managing Director; Georgio Mosis, Head of Innovation Management; Christopher Pile, Product Lead; Raimondo Guerra, Head of Strategic Innovation.
Tech investors and outside developers have taken a keen interest in disrupting the traditional insurance model. Venture capitalists invested an estimated $740 million in insurance technology (InsurTech) in 2014. One year later, that figure jumped to $2.7 billion. More than 500 start-up companies are already crowding more established insurance providers in this space.
RGA and RGAx are leading the industry forward in developing practical InsurTech applications for today’s consumers and mapping a course to efficiently and responsibly realize InsurTech’s tremendous potential for the future. RGA’s popular Innovation Series at the Society of Actuaries Annual Meeting focused on InsurTech in 2016. Attendees learned firsthand from pioneering entrepreneurs about bringing new ideas to market and discussed the challenges of innovating within the traditional insurance industry.
From the most basic fitness tracker already in use to the most complex artificial intelligence breakthrough yet to be discovered, the most transformative ideas will be those that best connect technology to a growing societal need. RGAx is working to make those connections and to leverage InsurTech breakthroughs to help clients enter new markets and better serve existing customers.
In 2016, RGAx partnered with K4Connect, a technology company focused on empowering older adults and people living with disabilities. The partnership is exploring new ways to address the cost of long-term care by merging K4Connect’s technology with insurance-based products and services. In Asian markets in particular, where aging populations and limited resources to meet their needs are inflating the cost of care, solutions emerging from such partnerships have the potential to reshape the future of insurance.