Mark McLaughlin, global insurance director, IBM, said insurers will benefit from developments in data, artificial intelligence, cloud computing and industry platforms.
Michael Barnes, assistant vice president, Willis Re, said mutual insurers' focus on policyholders likely means they would rather develop more complex solutions tailored to policyholder needs, than develop simple, limited products.
A panel of cyberrisk experts gathered by A.M. BestTV at the Meeting of Reinsurance Officials in Montreal said insurers are using data to create and price cyber products, and that clients care about much more than financial indemnity.
Greg Lockard, director of reinsurance operations, Shelter Re, said advances in technology and advancing consumer expectations are driving change throughout the insurance industry.
Insurers and industry leaders on an A.M. BestTV at the Meeting of Reinsurance Officials said nations that restrict cross-border insurance, manipulate interest rates and react to disasters with short-sighted solutions.
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