Thursday, November 9, 2017
1:30 p.m. - 4:30 p.m.
This year's topic is "Insurance Innovations and Regulatory Challenges".
New technologies offer the potential for huge disruptions to traditional insurance underwriting, claims, and regulation. Speakers explain how new technologies such as machine learning, drones, and new analytics programs, will change the insurance industry, and create new legal and regulatory challenges.
InsurTech is the name used to describe technology innovations applied to the insurance industry. These startups are disrupting every part of the insurance value chain including distribution, underwriting, and claims. This session will provide an overview of recent innovations in InsurTech including drones, artificial intelligence, biometrics, peer-to-peer insurance, and autonomous vehicles. This session provides some of the background of the technologies that are raising regulatory and compliance concerns in the insurance industry.
Kevin Ahlgrim is Associate Professor in Risk Management and Insurance at Illinois State University.
With the rise of big data and advances in computing power, machine learning has become more popular and impactful. Not only is machine learning transforming the world, it is also changing our perceptions. This session will give an introduction to machine learning and discuss its applications in the business world. The session will start with the basics of machine learning—what it does, how it works, and why it is important, and then use a research project to illustrate how machine learning approach can be used in insurance research and provide insights for insurance regulation.
Yayuan Ren is Associate Professor in Risk Management and Insurance at Illinois State University. Her main research areas include insurance company operations, corporate governance, and insurance market issues.
This session will discuss drone business applications to claims and underwriting, drone insurance coverages including pricing and underwriting challenges, and the current legal status of drone usage in the U.S.
Dr. Chris Johnson is in the department of Industrial Systems and Engineering at the University of Wisconsin, Madison and is Director of the university’s Flight Lab, and Program Specialist for Unmanned Aerial Systems (UAS). He is also President of the Unmanned Aircraft Systems Advocacy Network, and a certified drone pilot and flight instructor. Chris is an expert in modeling & simulation, training, automation, remote sensing, human performance and unmanned systems , aka drones. Chris works with insurance industry partners on drones and insurance.
This session will discuss some of the recent developments in technology that are increasingly finding their way into the insurance/insuretech arena. From autonomous vehicles to artificial intelligence, to big data and biometrics, from cybersecurity and privacy to drones, the insurance industry is seeing technologies that present both issues, challenges and opportunities. This session will give an overview of some of the regulatory and compliance issues raised by these emerging technologies and answer questions about how both regulators and insurers can navigate through this brave new world.
Daniel Cotter is a Partner at Butler, Rubin, Saltarelli, & Boyd LLP, where he is Chair of the Insurance Regulatory and Transactions practice group and a member of the Cyber and Privacy practice group.
The event is free for current financial regulators with a $150 suggested donation for all others. You can register online by clicking here or you can register by contacting Janet Patrick (email@example.com or 217-789-1010) at the Illinois Insurance Association.