FAS Global Australia hosted the Technology & the Future of Business Interruption Insurance Seminar in Sydney, Melbourne and Brisbane earlier this month. Matthew Griffin (Partner, FAS Global Sydney) presented on range of topics including how your garden sprinkler will help cure cancer and what it means for business interruption insurance, how advances in InsurTech are shaping the insurance market and what’s in store for business insurance and more.
7th and 8th March saw FAS Global’s Matt Griffin presenting the inaugural Predictions Event to inquisitive audiences in Brisbane, Melbourne and finally Sydney. The informative sessions saw Matt highlight recent enhancements in a range of technologies and speculate as to how future developments will impact the Insurance Profession, and, the way that Business Interruption Claims will be handled in the future.
There were countless talking points contained within the sessions and these was very much evident in the many conversations taking place in each City once the talk finished.
Some of the key take-home points were:
- Technology is moving faster than people expect, including experts in the field.
- Changes in technology will cause significant impact to how BI is underwritten and how claims are adjusted
- The most successful insurers in the commercial space will be the ones that don’t just provide insurance but provide value add services using the data they receive.
To ensure that all of the 100 or so external attendees across the three presentations were fully engaged, they were invited to enter a predictions competition. All were asked to estimate a number of future values, including the Australian Dollar and Bitcoin and even the number of runs that Steve Smith will score during the current Test Series. Some great prizes are offer for the best entrants and updates and results will be provided throughout the year.
Only time will tell which road technology will take us down, however on this evidence, it looks like it will be an enthralling journey.