Our inaugural Tomorrow’s CFO for the insurance industry was hosted in partnership with Genpact and focused on how blockchain and AI will transform the finance function. We’ve outlined below our key takeaways for the finance professional.
The impact of Blockchain – speaker Richard Phipps, Swiss Re
– In enabling a secure shared version of the truth for contract terms and resulting financials, blockchain technology standardises the administrative process, without standardising the product offering.
– The technical hurdles of implementing the distributive ledger technology are fewer and lower than many envisaged.
– Beta production in reinsurance is well underway with production going live in 2018, for example Prop Cat XL contracts. Further uses throughout the insurance industry will not be far behind.
View Richard’s presentation below:
The application of advanced analytics techniques – speaker Xavier Fernandes, Metapraxis
– The insurance finance function is significantly behind the underwriting and claims functions in the use of advanced analytic modelling techniques.
– However, we are starting to see pockets of utilisation of new analytics techniques, including AI, to help the finance function generate predictive and prescriptive insights for the executive teams.
– Greater data literacy, especially in understanding modern algorithmic techniques, is essential for the finance professional to remain a custodian of trusted analysis.
Brought to you by Metapraxis and the Chartered Institute of Management Accountants (CIMA), and now in its fifth year, the Tomorrow’s CFO® Seminar series is designed to bring innovation to the finance profession, to discuss the most pressing issues and opportunities, share best practice, and hear from those who have achieved exceptional success. Previous speakers at Tomorrow’s CFO® Seminars have included senior finance professionals from companies such as WPP, Thomson Reuters and WSP.
View Xavier’s presentation below:
Video highlights of the event coming soon.