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Listen to an Insurtech podcast and summarize the main points

ASSIGNMENT TASKS

Part 1 : (100%) Listen to an Insurtech podcast and summarize the main points

As discussed in class, Insurtech is rapidly growing to bring new innovations to the insurance industry built atop

data analytics, decision science and AI.

Please watch these two summary videos on InsurTech:

• WhatisInsurTech[<7min]:

• InsureTech Explained [<4 min]:

In general, the industry is poised to develop alongside the increased availability of user data, blockchain digital

ledgers and in some cases real-time sensor data. While traditional insurance is based on large scale analysis of

historical data, most of it is focused on categorizing groups, finding trends within those groups and appropri-

ately calibrating insurance premiums based on those analyses. Often the actuary industry is heavily involved

in these analyses because of their focus on quantifying risk and uncertainty.

For example, young drivers are usually considered higher risk drivers due to their lack of experience, while

middle aged drivers with no history of accidents and with a history of buying cars that have high safety profiles,

enjoy lower premiums.

After you have listened to the background videos, please listen to the <1 hour FNO: Insuretech Podcast with

Verikai CEO, Jeffrey Chen:

• Episode158oftheFNO:InsureTechPodcastInterviewwithVerikaiCEOJeffreyChen

Please answer the short questions below.

Task Detail

1

§ Summarize the podcast in 300 words or less. You may also submit an audio summary that is around 60 seconds.

If you choose the audio option please make sure the file is MP3.

§ Please give 3 bullets on why you think the activity in Insurtech today might be more than a fad.

§ Credit scores are commonplace and help credit card companies and lenders understand your risk based on

historical factors, payment history, debt history and other factors. What would you think would be required

for a “life score”, if implemented to understand your risks for health and disease. You should keep your list to

bullets and fewer than 5, if possible.

§ In 3 or fewer sentences please state some of the privacy concerns you can imagine with constant data moni-

toring for insurance purposes. You can include mention of HIPPA Laws if you’d like.

§ How can you see decision making improving with these new insuretech products? Include two perspectives:

(1) decision making from the consumer perspective and (2) decision making from the company perspective.
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