Bermuda: Leading the Insurtech revolution
7th Sept 2018, London : Bermuda could spark a “ReinsurTech” revolution, which combines InsurTech with the island’s reinsurance expertise. The business environment on the island is also more accommodating to innovation than any other jurisdiction, according to panelists at an industry Roundtable of experts hosted by AdvantageGo, the commercial insurance and reinsurance software platform from NIIT Technologies.
Highlights from the roundtable include:
- Whether the InsurTech bubble could be set to burst, with some panel members arguing that this so-called innovation is filled by hype rather than commercial viability
- Where the next breakthrough will be in data analysis via robotics, artificial intelligence and Blockchain.
- Examples of how governments and regulators, such as the Bermuda Monetary Authority are encouraging InsurTech innovation and adoption
- he biggest winners from the InsurTech revolution could be the brokers if they respond to the digital revolution with inventive solutions, which harnesses their vast levels of data
The Innovation and InsurTech in Bermuda Roundtable’ panelists discussed that the island will help spearhead InsurTech innovation by creating an environment that allows the global reinsurance sector to build and test new products as quickly as technology develops.
Bermuda has a real advantage. It is not shackled by the complexities of London, and the island should be able to innovate and develop new types of products that relate closely to the technology that is now available,” said John Racher, Vice President, AdvantageGo, NIIT Technologies.
Bermuda recently passed the Insurance Amendment Act 2018 in June to allow companies to test InsurTech solutions before they invest in operational deployment. Panelists at the Roundtable all agreed that although many InsurTech start-ups are not constrained by insurance and reinsurance regulations, the smart technology firms will ensure they comply with financial regulation.
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