RUSSIA: The 5th forum of insurance innovations InnoIns-2021 to be held on April 27

23 April 2021 — Marina MAGNAVAL
On April 27, 2021, the 5th InnoIns-2021 Insurance Innovation Forum will take place. The event will be held in a mixed, online + offline format. Forum speakers and moderators will gather in a studio, while the rest of the participants will work online. The forum of insurance innovations InnoIns-2021 is held by MIG Insurance Today and the analytical agency BusinessDrom with the support and participation of the All-Russian Insurance Association.

Digital transformation of insurance significantly accelerated and intensified by the COVID-19 pandemic, in many insurance companies has already gone through several stages and has given certain results. Some of the concepts and technologies chosen by the insurers have proved themselves as successful and effective, the potential of others has not yet been fully disclosed, others were considered irrelevant at this stage of market development and were rejected or postponed. At the same time, it is too early to talk about removing the significant gap between insurance companies and banks - in terms of the level of technology penetration, depth of digital transformation and the demand for new products from their customers - banks are still leading by a noticeable margin.

To some extent, this can be explained by the more complex nature of the interaction between insurers and their clients and a wider range of processes and events to be digitized - moving to the digital area for insurers is much more challenging.

Crisis phenomena in the economy and in insurance, as well as the regime of various restrictions (both epidemiological and sanctions) force Russian insurers to carefully assess effectiveness and prospects of the innovations being introduced, to revise and adjust the digital development strategy.

The mission of the InnoIns Forum is the formation of a new strategic vision, assistance in the development, promotion and implementation of the most promising advanced information and business technologies in the Russian insurance market.

Goals and objectives of the InnoIns Forum:

o to acquaint Russian insurers with the progressive experience of using high technologies abroad and in our country;

o assess the impact of the epidemic and quarantine on the choice of priority areas for the development and implementation of technologies in insurance;

o discuss changes in the regulatory framework, regulatory practice and insurance supervision, which will help to introduce innovations in the insurance market and in the activities of insurance organizations;

o help suppliers of technologies and ready-made solutions to better understand the urgent problems and needs of insurers, and insurers - to assess the prospects for the development of modern innovations and technological solutions.

During the meetings of the Forum, a discussion on the urgent changes in the regulatory framework, in the practice of regulation and insurance supervision, an exchange of views with the heads of insurance unions, representatives of government authorities and foreign colleagues will take place on the following topics:

o Digital transformation of the insurance business - interim results.

o Drivers of innovation - crisis, fashion or regulator?

o Policyholder and insurer - changes in behavior, nature and ways of interaction.

o Is digitalization a way to save insurance?

o Artificial intelligence - ideas, expectations, results.

o Technology as a key factor in stress resistance.

o Marketplaces and ecosystems - is selling insurance products successful there?

o Will insurance become a service or services will become insurance?

o Digitalization of the agent channel - point of main effort or a diversionary tactic?

o Insurance application - underwriter, agent, policy, surveyor, attorney and consultant.

o Will gadgets make insurance relevant and desirable.

o Gamification - is it possible to playfully defend against risks?

o Insurance on Demand (IoD) - how it works and when it will work.

o Insurance when needed (no use - no insurance).

o Personalization of insurance rates (pay-as-drive and similar models) - the end of insurance statistics?

o Insurance as a service - de-monetization and naturalization of insurance compensation.

The heads of the Bank of Russia, the Ministry of Finance of the Russian Federation, the Ministry of Telecom and Mass Communications of the Russian Federation, the Ministry of Economic Development of Russia, deputies of the State Duma, the Association for the Development of Financial Technologies (FinTech), heads of Russian and foreign insurance organizations and associations, specialists of consulting and high-tech companies, journalists of specialized media are invited to participate in InnoIns-2021.

Date and time of the Forum: April 27, 2021 from 10:00 to 17:00 (Moscow time).

You can get additional information by writing to seminar@insur-info.ru, or find all the details on the event website https://www.insur-info.ru/InnoIns/index.html.



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