Insurtech: A Practical Introduction for Managers Training Course

Course Code

digitalinsurancemanagers

Duration

14 hours (usually 2 days including breaks)

Requirements

  • Knowledge of the insurance sector, its systems and processes
  • An interest in learning how Insurtech is shaping the competitive landscape in the insurance sector
  • An interest in learning how to adopt new technologies and methodologies in step-by-step fashion

Overview

Insurtech (a.k.a Digital Insurance) refers to the convergence of insurance + new technologies. In the field of Insurtech "digital insurers" apply technology innovations to their business and operating models in order to reduce costs, improve the customer experience and enhance the agility of their operations.

In this instructor-led training, participants will gain an understanding of the technologies, methods and mindset needed to bring about a digital transformation within their organizations and in the industry at large. The training is aimed at managers who need to gain a big picture understanding, break down the hype and jargon, and take the first steps in establishing an Insurtech strategy.

By the end of this training, participants will be able to:

  • Discuss Insurtech and all its component parts intelligently and systematically
  • Identify and demystify the role of each key technology within Insurtech.
  • Draft a general strategy for implementing Insurtech within their organization

Audience

  • Insurers
  • Technologists within the insurance industry
  • Insurance stakeholders
  • Consultants and business analysts

Format of the course

  • Part lecture, part discussion, exercises and case study group activities

Course Outline

Introduction to Insurtech

  • Impact on the industry
  • Winners and losers

Assessing the current state of your company

Technical innovations applied to the insurance sector

  • Big Data, Blockchain, AI, Robotics, IoT, JIT, Security

Mapping your company's current state and determining where you should be six months from now

Case study and exercise:

  • Carrying out a readiness assessment

Big Data: putting your biggest asset to work

  • Basic concepts and applications
  • Implementing a Big Data strategy
    • Building the team
    • Leveraging your assets and building from there

Blockchain: putting the digital ledger to work for your organization

  • Demystifying the Blockchain
  • Lessons from the financial sector
  • Implementing a Blockchain strategy
    • Building the team
    • Mapping your transactions to the blockchain

AI: Introduction to artificial intelligence

  • Machine learning, natural language processing (text and speech), computer vision and robotics
  • The role of corporate and open source contributions to AI research and development
  • Tapping into available resources

Robotics and automation: hiring robots to work for you

  • Automation vs Robotic Process Automation (RPA)
  • Implementing an RPA strategy
    • Outsourcing vs building

IoT: Creating new business models based on IoT-enabled platforms and ecosystems

  • Five ways IoT will transform the insurance industry
  • Remodeling insurance policies to reflect the health and state of people and things
    • Building the team

JIT: Putting Just-In-Time marketing to work in insurance

  • JIT lessons from the manufacturing to creative services sector
  • Implementing the processes and tools for JIT
    • Building the team

Online security: security for insurance

  • Revisiting traditional definitions of cyber-security
  • Implementing a compliance plan and training the business leaders
    • Building the team

Bringing it all together

  • No "one-size-fits-all" and no "all-or-nothing"
  • Taking the first step

Communicating hard things

  • Conversations with managers and leaders
  • Conversations with techies and data crunchers

Closing remarks

Testimonials

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