Speaker: John Crooks, RSA

In this session, John will share his views on some of the key challenges in the general insurance market today and in the future. He will set out his thoughts on opportunities for actuaries in light of these issues, and consider how colleagues in India can help and make the most of these opportunities.

Join us for a dynamic panel discussion on the evolution of the insurtech industry, focusing on the opportunities and challenges faced by actuaries. We will explore the latest growth trends in insurtech and how actuaries are at the forefront of driving this transformation.

The conversation will feature practical examples of insurtech in action and its future potential. With the panel’s expertise in this field, their insights will be invaluable to the discussion. This session will provide you with a deeper understanding of actuarial involvement in insurtech, the industry’s growth prospects, and the challenges ahead.

Moderator: Prerak Sethi, India Insurtech Association

Panel: Sumit Ramani, ProtectMeWell, KV Dipu, Bajaj General Insurance, and Sandip Goenka, Acko Life 

This session is designed as a panel discussion on how actuaries can develop their soft skills which is crucial to effective communication , particularly for communicating with non-technical audiences.

Speakers: Anshuman Anand, Swiss Re, Kiran Yadav, Canara HSBC Life, Swati Umre, EY India, Biju Toms, Christ University, Akash Rughani and Kartina Tahir Thomson, IfoA President

IFoA India Conference 2024

Speaker: Kartina Tahir Thomson, IFoA President

A discussion on the recent and upcoming changes in insurance regulations. The session aims to give insights on how varying international regulatory frameworks are adapting to new risks, new reporting norms, technological innovations and economic conditions.

Speakers: Akshay Dhande, Canara HSBC Life, P.K Arora, IRDAI, Prechhya Mathema, Actuarial Society of Nepal and Rajan Nirubasingham

The insurance industry is constantly evolving and with the increasing complexity of risks, there is a growing need for structured reinsurance solutions.

Traditionally, reinsurance acts as a catalyst for industry expansion by providing insurers with the necessary financial support and risk mitigation tools. Through structured reinsurance solutions, insurers can tailor their products more effectively and efficiently to ensure comprehensive protection while achieving the required financial KPIs.

There are a few solutions widely executed by insurers in Asia to enhance their new product launches and to manage their sizeable enforce portfolios efficiently. Three common structured reinsurance solutions are:

• upfront reinsurance commissions on investment linked products
• mass lapse reinsurance solution
• asset coinsurance reinsurance solution

In this session, Wilson Lai of Gallagher Re will share an overview of the solutions listed above, as well as client motivations, key considerations, and how these solutions are applicable to the L&H insurers in India, based on experience executing them.

Speaker: Wilson Lai, Gallagher Re

Periodic payment orders (PPOs) are a way of compensating an injured insured for any resulting reduction in their quality of life and covering the cost of care. They’re an alternative to lump sum settlements. While the concept primarily applies in the UK, the aim of this talk is to impart knowledge about this kind of claim settlement, its peculiarities, and the uncertainties it brings.

We will cover the dependency of PPO propensity on Ogden rates used for valuing lump sum settlements, and talk about the Annual Survey of Hours and Earnings, a key assumption in modelling PPOs. Using the annual survey results of the IFoA’s PPO Working Party, we will bring in trends in the way PPOs are awarded and valued.

We will draw parallels to how injury claims are settled in the Indian market and examine if there is a need to evaluate the feasibility of having PPOs here, discussing the pros and cons.

This will be a technical knowledge-sharing session and will be hybrid, with one working party member attending the conference in person and another online.

Speakers: Tvisha Gupta, RSA, Justin Thomas, Acorn Insurance, and Chris Francis, WTW

IFoA Middle East Conference 2024: Actuaries in the Middle East

What are the opportunities for actuaries in the Middle East? There are clear trends targeting insurance penetration related to, for example, Vision 2030, as well as potential changes to reserving approaches. But how should the actuarial profession approach this? This is a key issue for the actuarial profession in the Middle East, but also for actuarial communities around the world. 

Paul Sweeting, Senior Advisor, Hassana Investment Company and Board Member, Tawuniya 

What will it take to develop the actuarial profession in the GCC? 

Certainly, there is no shortage of demand for actuaries in the GCC nor in shortage of the supply. So, what are the problems and what should be done about it? 

Ibrahim Muhanna, Managing Director & Actuary, Muhanna & co. (Actuaries & Consultants) and Chairman of the Board of Trustees, The Muhanna Foundation

IFoA Middle East Conference 2024: CEO panel

CEO panel:

Moderator: Omer Morshed - CEO, SHMA

Mohamed Seghir, CEO, Hayah

Owais Ansari, CEO, Munich Re

Walter Jopp, CEO, Salama

Dr Abdul Zahra A Ali, CEO, National General Insurance (NGI)