POL I CY The Israeli Insurance, Pension & Finance Newspaper 41 Special edition 2022 Partnership is the way to succeed and underwriting insights that can improve actuarial models. Blockchain - as a revolutionary technology that helps in reducing risk and brings transparency in a scalable way, the blockchain technology changes the way risk is managed. From storing personal information to managing key lifecycles in trusted execution environments, blockchain can provide a powerful security solution that protects (virtual) assets. While the First Layer of Internet allows for instant transfer of information, Blockchain is creating a pathway for “values” to be exchanged and may be used in insurance for new distribution and payment models, claims prevention and claims management, fraud detection, IoT, product development and Reinsurance, but yet to be proven in terms of value add, to other technological abilities in the market. Cloud Computing - The benefits of cloud computing for the insurance industry primarily focus on two areas: decreasing costs and enhancing agility. Data analytics leverage data sets to identify new trends, draw solid conclusions from the raw data they contain, and aid in decision making. Looking back a few years, Dillip Panda, Executive Director - Industry Digital Strategy at Microsoft, wrote in 2016 about the four pillars of IT, what he calls as “ABCD of Insurance Technology”, that helps shape future of industry - A - Analytics or Architecture, B - Business/User Experience, C- Cloud, D - Data Therefore, different people may interpret the ABCD of insurance, insurance technologies, and innovation in different ways. But in the end, to ultimately improve business results, both insurers and reinsurers, should focus on the AAA - AI, Automation and Adaptation. The ability of insurance companies and reinsurers to adapt and integrate new technologies, and the ability of startups to adapt themselves into corporations - to know how to make the necessary adjustments to the product. The challenge is no longer just “insurtech versus traditional insurer” - but rather how the two can work together to create concrete value for the customer. ABOUT FINTLV FinTLV is a global insurtechfocused fund. It partners with the best insurtech and fintech companies through all phases, with a bias towards later-stage deals. Recent investments include leading or participating in investment rounds in some of the most prestigious companies in these fields, including Hippo Insurance, Next Insurance, Unqork, Corvus, Wefox, and many others. The firm works closely with management teams and leverages its broad global network of insurance, re-insurance and insurtech companies to support its portfolio companies. The fund’s limited partners include some of the world’s leading insurance companies. For more, visit https://fintlv.com/ Continued from page 30 THE FOG while building actuarial models that are able to adapt immediately to ongoing changing developments. A legal team that examines the differences between countries and makes frequent and rapid changes, tailored to the needs of customers. A BI team that examines the results at the daily level and performs fine tuning, on a live basis. Dedicated staff to work with reinsurers. And a combination of all of them together, to work in a synchronized and effective manner. Today the pandemic is already less frightening, but who knows!... The war in Europe may also have a significant impact in the near future. Although the pandemic changed the rules of the game, it taught us the importance of teamwork and the importance of responding fast. It doesn’t matter whether it is a pandemic, war or any other event - the achievements we achieved as a team, will not be taken from us. And sometimes, the changes to the “Rules of the game” may be local, and at other times global. Maneuverability and synchronized and united action shall be taken at all times. And that being said - excuses will be waiting for us wherever we go. Opportunities slip away very quickly. Continued from page 12
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