Parametric Insurance, AI, Cyber Risks, Hospitality claims and the future of insurance were the main topics discussed at the 2024 Insuralex Miami International Insurance Summit sponsored by Aon and advanta.
Below you can find the main takeaways:
How AI Adoption & Cyber Risks Are Transforming Insurance Claims
Takeaways:
AI integration in claims processing & underwriting: Efficiency and accuracy of claims processing allows to spend more time for the interaction with clients.
Ethical and regulatory considerations: Critical to ensure responsible use and to address concerns around privacy and decision-making transparency (discrimination, bias).
AI is here to stay – embrace and understand it!
Products relating to risks using AI: Not yet implemented – but will be get more and more important.
The Future of Insurance by Reinsurance Under 40s Group
Takeaways:
Clash of Generations: Companies need to adapt to Gen Z. They can benefit from their digital-native skills, high expectations for technological integration, and demand for transparency and purpose in their work.
Retention and Engagement Strategies: Effective retention strategies, such as flexible work arrangements, mental health support, and opportunities for professional growth, are vital for keeping young talent engaged and motivated.
Diversity and Inclusion: Promoting diversity and inclusion, particularly in leadership positions, is essential for fostering innovation and creating a more dynamic, diverse and responsive insurance industry.
Parametric Insurance global trends: An international & regulatory approach
Takeaways:
Advantages: Flexible product that provides fast payment, simple case handling by flexible payouts based on predefined triggers.
Complementing Traditional Insurance: Parametric insurance complements traditional insurance by filling coverage gaps (including micro insurance) and providing quick liquidity in the event of a disaster, enhancing overall risk management strategies.
Innovation and Adaptation: Continuous innovation in parametric insurance is crucial for adapting to emerging risks and expanding its applicability across different sectors.
Sun, Sand & Suits: Cross-Border Liability Claims in the Hospitality Industry
Takeaways:
Proactive Risk Management: Hotels and hospitality providers must proactively assess and mitigate potential liability risks through tailored insurance policies, ensuring they are prepared for any cross-border claims that may arise.
Complexities of Multijurisdictional Claims: Handling cross-border liability claims requires a thorough understanding of local laws and regulations.
Collaborative Approach: Successful management of multijurisdictional claims requires close collaboration between primary insurers, reinsurance companies, and legal counsels.
The annual Global Insurance Summit, organised by Insuralex, has been a pivotal gathering for more than two decades (London, Chicago, New York, Dublin, Los Angeles, Munich, Bermuda, etc.) with hundreds of insurance professionals (insurance and reinsurance companies, Lloyd’s syndicates, insurance and reinsurance brokers as well as captives and self-insured companies and Insuralex´s members from more than 50 jurisdictions, from Europe, North America, Latin America, Africa, Asia and the Middle East) providing its attendees access to the most knowledgeable and skilled counsel around the world.
The 2024 event took place on May 16 at the AKA Brickell in Miami, one of the most important insurance hubs in the world.
The conference featured renowned speakers, including connections from all over the world, covering diverse topics such as AI, Cyber Risks, Liability Claims in the Hospitality Industry, Parametric Insurance, among other insurance hot topics.
Speakers were:
Marcela Visbal. Head of FINEX Product Latin America at WTW
Héctor Guardado. Claims Manager at ReinasenseRe (Former Validus)
Omar Ortiz Bosch. Esq., CPCU, Are VP Claims, Central America and the Caribbean at Chubb
Javier Guardia. Head of Claims – International West Region at Liberty Specialty Markets
Daniel Reyes. Treaty Underwriter at Chaucer
María José Barona. Reinsurance Broker | Facultative at WTW
Alexandra Curtis. Terrorism Underwriter at Hiscox
Melissa Tomalin. Senior National Sales Manager at Sedgwick
Carlos Boelsterli. CEO at MiCRO
Luis Meneses. Team Lead Energy Wholesale Latin America at Swiss Re
Diego Monsalve. LACIS Head of Risk Consulting & Analytics + ART Solutions at Lockton
Yelhis Hernández. General Director | Country Manager at Lloyd´s
Maurits Filet. Director at Advanta Miami Liability Division
Giovanni Fanizza. Senior Vice President – Head of Casualty Latin America at PartnerRe
Ken Scaggs SVP – Southeast Region Leader Aon Cyber Solutions
As well as Insuralex’s insurance lawyers:
Marta Olczak-Klimek. Insuralex’s President and Exclusive Member in Poland
Bruce Marx. Insuralex’s Exclusive Member in Florida
Laura Manz. Insuralex’s Board member, European Regional Leader and Exclusive Member in Switzerland
Andrew Downs. Insuralex’s Exclusive Member in California and Washington
Stefanie Declerck. Insuralex’s Exclusive Member in Belgium.
José Luis Vega. Insuralex Latin America Regional Leader and Exclusive Member in Paraguay.
Neftalí Garro. Insuralex’s Exclusive Member in Costa Rica and Guatemala
Samantha Lemery. Board Member & Insuralex’s Exclusive Member in Georgia
Founded in 2002, Insuralex is a worldwide network with more than 50 independent law firms that specialize in insurance and reinsurance coverage, defense, litigation, regulatory and corporate matters, and related legal services. Its members work for a wide range of clients including insurance and reinsurance companies, Lloyd’s syndicates, insurance, and reinsurance brokers as well as captives and self-insured companies. Each member firm of Insuralex is a leader in its national or state jurisdiction on issues related to insurance and reinsurance.
Insuralex is particularly recognized in complex claims that require a high specialization and that have an international component that requires specialized knowledge in diverse jurisdictions. Its members are also recognized for providing legal advice to the insurance industry on corporate and regulatory matters.
With more than two decades of continuous growth, Insuralex has become the world’s leading global insurance and reinsurance network with a highly recognized recommendation from our partners and clients within the insurance and reinsurance industry.
