The insurance industry is often seen as slow to innovate. But tech investors and developers outside the industry have begun to take a keen interest in disrupting the traditional insurance model. According to CB Insights, venture capitalists invested $740 million in insurance technology (“InsureTech”) in 2014. One year later, that figure jumped to $2.7 billion.
“We know that our industry is ripe for disruption, and that the customer experience in buying life insurance is not what it could and should be,” said Tim Rozar, Chief Executive Officer of RGAX. “That is why we are working with a diverse community of partners to create and develop tools, data, products and digital platforms to scale. RGAX is excited to bring together a group of dynamic leaders at the forefront of the InsureTech revolution to share the benefit of their varied expertise with the leaders in our industry.”
The Innovation Series will investigate various forces driving InsureTech. Participants will engage in an interactive exercise exploring how unexpected forces could shift the future of the insurance industry. They will learn firsthand from pioneering, front-line entrepreneurs – including leading venture capitalists and leaders of corporate innovation centers – about bringing new InsureTech ideas to market. And they will discuss the practical challenges of fostering a culture of innovation within an industry that has long held fast to more traditional and predictable business models.
The 2016 SOA Annual Meeting and Exhibit will take place the week of October 23 in Las Vegas. More than 2,000 actuarial professionals from around the world are expected to attend the event. This is the fifth year that RGA has hosted a series dedicated entirely to innovation in the insurance industry.
RGAX was formed in 2015 as a wholly owned subsidiary of RGA, with a focus on building and accelerating transformational business in the life insurance industry. For more information, visit us at www.rgax.com.
Reinsurance Group of America, Incorporated is among the leading global providers of life reinsurance and financial solutions, with approximately $3.1 trillion of life reinsurance in force and assets of $53.9 billion as of June 30, 2016. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. For more information, visit us at www.rgare.com.