Swiss InsurTech Hub Summit and Awards: A Celebration of Innovation
As industries adapt to a post-pandemic world, the insurance sector faces growing challenges and opportunities. The Swiss InsurTech Hub (SIH) recently hosted its third Summit and Awards, gathering industry innovators to showcase transformative initiatives that promise to elevate the sector to new heights.
At the Google auditorium in Zurich, Silvia Signoretti, President and co-founder of SIH, highlighted the summit’s goal: to grow a global community of insurance tech innovators. A diverse audience attended, including over 1,300 in-person attendees and countless virtual participants. Silvia emphasized continuous innovation and collaboration to meet the dynamic needs of customers and society. She thanked the sponsors and underscored collective efforts to advance the insurance sector.
Deep Dives into Tech and Innovation: Insights from Google Cloud
Nigel Walsh, Global Head of Insurance at Google Cloud, shared his journey and discussed Zurich’s significance to the tech giant, where Google has operated for 20 of its 26 years. He focused on AI’s role and its potential for transformative changes in insurance. Walsh and Kilian Blum of Swiss Re discussed Swiss Re’s AI strategy:
Blum noted AI’s push from executives and its traction in underwriting, measuring AI’s value through adoption, process acceleration, and error reduction.
Innovative Strategies for a Safe Digital Future
Daljitt Barn from Tokio Marine discussed the evolution of cyber insurance, emphasizing the importance of AI governance and early-stage tech investments. Daljitt, with 30 years in cyber fields and 10 in cyber insurance, explained Tokio Marine’s global governance and innovation strategies. He was interviewed by Shira Kaplan, Cyber Security Entrepreneur, Founder of Cyverse, highlighted investments in AI, cloud security, and restoration as key focus areas.
Accelerating Speed and Innovation: From Race Tracks to Data Tracks
A lively discussion featuring Stuart Bailey, Chief Infrastructure Officer of Aston Martin Formula One and Kathrin Braunwart, Chief Information Officer of AXA Switzerland, moderated by Kathrin Kind-Trüller, Director for AI & Advanced Analytics of Cognizant, delved into how rapid innovation drives both the racing and insurance worlds. Despite differing dynamics, both industries prioritize speed, security, and continuous improvement.
Empowering Customers through Strategic Partnerships in Insurance
Thomas Steiger, Head of Distribution of Zurich Insurance and Markus Koch, Chief Product Officer Insurtech of Swisscom discussed why telecom providers cooperate with insurance companies. Reasons include additional revenue streams, leveraging existing distribution channels, increasing customer loyalty, data personalization, and digital transformation. Swisscom believes that partnerships enhance customer value and interaction, driving a better future.
Safeguarding the Future: Innovative Insurance Models for the New World
Liza Engel of Deloitte and Coenraad Vroelijk of CarbonPool discussed integrating sustainability into insurance. CarbonPool offers in-kind insurance for carbon removals, addressing accidental emissions and permanence issues, rather than traditional financial compensation. The discussion highlighted the challenges and opportunities of integrating sustainability into insurance, touching on regulatory collaboration with Swiss authorities (Finma), and how to deal with carbon liabilities and assets.
Heidi Goes AI
The Heidi Goes AI project, in collaboration with the Swiss Consulate in San Francisco, aims to reimagine the cultural icon Heidi using AI and art. Peter Otto Büttner, President and Director of the Heidi Archive and Peter Polzin from Heidiseum Foundation shared their vision, which includes a Heidi Heritage Center in Zurich. Johanna Spyri’s book «Heidi», written in Zurich 140 years ago, has seen the book translated into over 70 languages and featured in various media, including the iconic 1974 anime.
Eight Startups Showcasing Innovative Solutions
Startups like Calvin Risk, Coinnect, Exploris, Ledgertech, Quantev, Riskwolf, s.360 life underwriting, and Yukka Lab presented solutions ranging from AI in medical diagnostics, Cyber Risks, enabling insurers and customers to rapidly create digital-first insurance, optimizing health insurance claims, fascilitate faster claim processing for weather insurance, automate and enhance the life insurance underwriting process and enhancing investment, risk management and compliance by detecting relevant events.
Celebrating Excellence: Awards and Recognitions
• Digital Art: Exploris
• Convergence in Decision Making: Ledgertech
• Life Underwriting Solutions: s.360 life underwriting
• Claims Excellence: Quantev
• InsurTech of the Year: Calvinrisk
Closing Remarks and Next Year’s Summit Date Announcement
Roger Peverelli, Co-Founder ITC DIA Europe and Chair of the Jury, emphasized responsible AI and the evolving potential of the insurance industry. The next summit date was set for November 11 of the following year, promising another inspiring congregation of insurance innovators. Silvia Signoretti and Brijesh Luthra, Vice President SIH, alongside their team, received heartfelt applause for orchestrating such a remarkable event.
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