8th Annual Insurance Regulators Education Foundation Symposium
Friday, November 15, 2019
8:00 am - 12:00 pm Noon
Katten, Muchin, Rosenman LLP525 West Monroe Street Chicago, IL 60661
Insurance Regulators Education Foundation Symposium Flyer
Technology continues to impact the insurance industry at an accelerating pace. Two huge issues disrupting insurance markets are the growth in insurtech firms, and the prospect of cyber risks affecting insurers and their customers. The vast majority of insurtech firms partner with traditional insurers in enhancing their distribution and claims operations. Parametric insurance products have become a significant part of insurtech offerings. The regulatory and public policy implications of insurtech and parametric insurance products impact the entire insurance industry. The Katie School of Insurance and Risk Management along with the Institutes Griffith Insurance Education Foundation are pleased to collaborate with IREF to bring you this special, non-partisan, non-advocative, thought-provoking morning of presentations and discussions on these two rapidly evolving topics of import to insurance practitioners and regulators.
To learn more about Griffith click here.
WELCOME AND OPENING REMARKS
- Jim Schacht- Insurance Regulator Education Foundation Chair
- Jim Jones- Executive Director, Katie School of Insurance and Risk Management, Illinois State University
SESSION ONE - 8:00 - 10:45 am | InsurTech Its Application and Regulatory Challenges
1. InsurTech Primer | This segment will offer an overview of: the InsurTech space; its potential; and current questions and concerns of note. Featured Speaker: Kevin Ahlgrim, PhD. Associate Professor of Risk Management and Insurance, Illinois State University. Dr. Kevin Algrim's Insurtech Presentation
2. Parametric Insurance and InsurTech Use Cases | Presentation on real world use of parametric insurance, the value it has for consumers, the challenges it faces from the market, regulators, and relationship with traditional insurance. Featured Speakers:
- Dr. Jean Kwon, CPCU, is the Edwin A.G. Manton Chair, Professor in International Insurance and Risk Management at St. John’s University. He is also Academic Director of the Center for the Study of Insurance Regulation.
Dr. Kwon will discuss his 2019 International Study sponsored by Lloyd’s of London. He will share the various innovations in parametric insurance from around the world, their benefits and opportunities to provide lower cost protection, the way they can be used alongside indemnity insurance, and the various regulatory approaches and responses to parametric protection. Dr. Jean Kwon's Presentation
- Kate Stillwell, Founder and CEO, Jumpstart Insurance Company
Kate will provide a real-world view of a startup insurtech firm using a parametric trigger to pay earthquake claims. Kate will share her personal stories on the product development process, her observations on the ways that insurtech firms fail, and how she helped her company navigate the regulatory hurdles and considerations with this new type of insurance protection product. Kate Stillwell's Presentation
3. Regulatory Responses to Insurtech and Industry Innovation
- CJ Metcalf, Deputy Director of Innovation and Market Analysis, Illinois Dept of Insurance
CJ will discuss the ways that insurance departments can balance the goals of encouraging innovation while protecting consumers. He will discuss the ways in which regulators can create “regulatory sandboxes” that help promote low risk innovations in insurance. CJ Metcalf's Presentation
4. Question and Answer with three Session One Presenters moderated by Kevin Ahlgrim, PhD.
SESSION TWO - 11:00 am -12:00 pm |Cybersecurity Risk Management and Cyber Risk Insurance: A Primer for Public Policymakers
Basic cybersecurity literacy is becoming increasingly vital for public policymakers. Cyber attackers, ranging from hactivists to organized crime networks and even nation states, are targeting vulnerable networks and are too often successful in stealing funds as well as valuable intellectual property. There is a growing call to put in place proactive cybersecurity best practices to better manage the multifaceted cyber threat facing the public and private sectors. However, it is not always clear what those practices should be, or how to implement them in a dynamic, global regulatory environment. This non-partisan, non-advocative session will:
- Discuss the basics of cybersecurity risk management;
- Examine cyber risk insurance; and
- Consider some public policy questions surrounding this topic.
The thought provoking discussion features Dr. Scott Shackelford, Cybersecurity Program Chair and Director of the Ostrom Workshop Program on Cybersecurity in Internet Governance, at Indiana University. Dr. Scott Shackelford's Presentation
The event is free for current financial regulators and students, with a $150 suggested donation for all others. You can register online by clicking here or you can register by contacting Janet Patrick (jpatrick@illinoisinsurance.org or 217-789-1010) at the Illinois Insurance Association.