CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 03, 2018 10:14 AM (EDT)
A.M. Best Managing Director James Gillard will participate in a panel discussion on insurtech and innovation at the 2018 InFocus Seminar, an event geared toward professional development for actuaries that takes place Oct. 15-16, 2018 at the Toronto Marriott Eaton Centre, Canada.
The InFocus event is jointly sponsored by the Canadian Institute of Actuaries (CIA) and the Casualty Actuarial Society (CAS) and will bring together actuaries and insurance industry executives from across Canada. The panel discussion featuring Gillard, titled “Insurtech and Innovation: Why Is It Important to Your Company?” will review how innovation is expected to play a greater role in the assessment of a company’s financial strength moving forward. The innovation discussion featuring Gillard is scheduled for Oct. 15, 2018, at 4 p.m. (EDT).
A.M. Best recently issued an extensive report on the topic of innovation, which was based in part on survey responses from more than 450 insurance companies. A.M. Best believes innovation is needed as the insurance industry rapidly changes and new risks emerge that require up-to-date service processes and coverages emerge. Nearly nine out of 10 respondents from more than 450 insurance companies globally said that innovation was moderately to extremely critical to their organization’s success.
“Insurers realize that they need to innovate to attract and retain customers and to gain a competitive advantage,” Gillard said. “No insurance segment or market will be immune to these shifts being brought on by technology, and all will need to innovate and adapt to maintain relevance.”
In addition to heading up A.M. Best’s Credit Rating Criteria, Gillard also oversees the rating agency’s research and analytics department. He also is the chair of A.M. Best’s corporate rating policy committee, which is responsible for the establishment, maintenance and appropriateness of all A.M. Best rating definitions, methodologies and the policies and procedures related to the rating process.
The CIA was established by an act of parliament in 1965 and currently has approximately 3,900 member Fellows. The CAS is a leading international organization for credentialing and professional education. Founded in 1914, the CAS is the world’s only actuarial organization focused exclusively on property and casualty risks and serves over 8,000 members worldwide.
To learn more about the InFocus event, please view the official agenda.
To access the full copy of A.M. Best’s special report on innovation, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=278448 .
A.M. Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry.