RGA Shines Spotlight on Innovation for the Insurance Industry
The 2012 Society of Actuaries (SOA) Annual Meeting, held from October 14-17, 2012, hosted actuaries from around the world to attend more than 100 sessions addressing topics ranging from ERM and healthcare to emerging technologies and retirement. While the subject of innovation has not traditionally been included in the SOA’s professional sections, it was featured in a full day of RGA-sponsored presentations on innovation during this year’s Annual Meeting.
“RGA suggested the SOA consider including a series of discussions on the topic of innovation at their annual meeting. Through the Innovation Series, we hoped to launch a dialogue throughout the industry about how the life insurance industry can do business more effectively,” said Kathryn Cox, Head of Business Development, U.S. Mortality Markets, RGA Reinsurance Company. “Every new idea can seed improvements in product and process, and help us all adapt to changing market environments.”
The RGA Innovation Series featured a diverse group of business leaders, educators and product innovators in three intensive 90-minute presentations, each designed to generate discussion by SOA attendees and to lead to improvements in the way the insurance industry does business.
In the opening session, Professor Anjan Thakor of Washington University in St. Louis utilized both academic research and real-life case studies to demonstrate novel approaches to business innovation.
The second session featured representatives from leading companies in non-insurance industries, including Boeing, Walgreens and IBM. Presenters discussed their companies’ innovation processes, and shared how innovation helps companies in other sectors stay ahead of the competition.
The final session in the Innovation Series featured representatives from insurance companies recognized in the inaugural 2012 Best’s Review Innovators Showcase for their ground-breaking and innovative business concepts that have improved insurance organizations. The series can be viewed on the Society of Actuaries website in the 2012 Annual Meeting section (www.soa.org).
The entire Innovation Series was received very enthusiastically by attendees, with one attendee, Ben Wolzenski, of Actuarial Innovations LLC, describing it as “The best series of sessions that I had attended at any SOA meeting in 40 years.”
Chris Murumets, CEO of LOGIQ3, based in Toronto, stated, “I am impressed with organizations that look to do things differently, as RGA did with its Innovation Series. The cool thing is you have engaged the world in an insurance problem and the world is now trying to solve it with us.”
RGA is proud of its contribution and will continue to strive to drive innovation in the life insurance industry.
In addition to the Innovation Series, at the SOA meeting, RGA launched a nationwide Market Innovation Challenge designed to increase awareness among young Americans of the value of life insurance.
Reinsurance Group of America, Incorporated (NYSE: RGA) is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. As of September 30, 2012, the company had approximately $2.9 trillion of life reinsurance in force and assets of $39.9 billion.