The Next Big Things: Insuring 2030

Christopher Frankland, Resource Pro, LLCHank Watkins, Lloyd’s America, Inc.Rosalie Donlon, American Lawyer MediaRichard K. Traub, Traub Lieberman

2019 2022 2025 2028 2030New Tech @ Lloyd’s

Climate Change

AI, Data, Privacy

WHAT’S SHAKIN’ AT LLOYD’S

• New Technology• Impact on Claims• Future Focus• Capital Markets• Expanding Access

CLIMATE CHANGE

• How has the insurance industry used technology to manage risk resulting from rising oceans, changing wind patterns, drought?

• Should the insurance industry take the lead as they have with fire protection and earthquake engineering?

AI, DATA COLLECTION, PRIVACY AND IOT

• Balancing increasingly restrictive rules on privacy with collection of data

• How will carriers avoid “implicit bias” in collecting data?• Should they avoid bias? After all, insurance is all about

evaluating risk.• Alexa is spying on me. Is my refrigerator?

AI

• Ethical Guidelines from AI HLEG (High-Level Expert Group) from The European Commission

• 7 key requirements for AI to be trustworthy– Human agency and oversight– Technical robustness and safety– Privacy and data governance– Transparency– Diversity, non-discrimination and fairness– Societal and environmental well-being– Accountability

DISGRACE INSURANCE

• What is it?• Using AI to Analyze media• Cost of Public Response

ROBOTICS

• Robot Process Animation• Who do you sue when a

robot causes harm?• Civil Law Rules for Robots

SaaS v. SaaP

• Software as a Service• Software as a Product• What is the difference?• Who cares?

5G

• Goal – transfer data faster• 100 x faster than 4G• Will make info and computing power instantly

available• Unlock full capability of self driving cars, drones,

virtual reality and tele-medicine• Paradigm shift – much like typewriter to computer• Will support ‘everything is connected’ era

MARY JANE

• Every line of insurance impacted• Tech question of determining level of

impairment• Federal Prohibition and impact on

coverage

MANAGING EXPECTATIONS

• Will clients understand it will help:– Pay claims– Determine loss – Determine scope of coverage needed

• Can all this even be properly modeled?

Cat Modeling