[video]
Presenter: Nektarios Konstantinou
Though the insurance industry has a conservative reputation, staying successful requires endurance, agility and innovation. A huge part of the insurance industry is at the last stage of IFRS17 implementations and facing the challenge of steering the business, including operational and strategic planning, based on profitability analysis using completely new metrics. In most geographies, some form of risk-based capital solvency regime has been deployed and practiced for some time. ICS 2.0, a consolidated group-wide capital standard for Internationally Active Insurance Groups (IAIGs) is being introduced. The worldwide validity of ICS might be also a stimulus for non-IAIGs reinsurers to adopt the ICS regime voluntarily and use ICS Coverage Ratio as a standard KPI. To face regulatory requirements, environmental and geopolitical changes, and to stay profitable, reinsurers need to carefully manage the insured portfolio. The efficient pricing process that enables thorough risk analysis, including the use of AI & ML techniques, and reduces the time to market of new models, becomes complicated. To simplify this process, siloed software products for data management, modeling, and reporting need to be replaced by a platform that supports all of those functions. In this session, we will present how SAS supports insurers facing these challenges.
