Industry leaders, experts convene at Nat Re’s 8th Annual Technical Forum

MANILA – More than 200 insurance experts and industry leaders gathered for the 8th Annual Technical Forum hosted by the National Reinsurance Corporation of the Philippines (Nat Re) at the New World Hotel Makati, Makati City, on 13 September 2024.

The forum, which is divided into two segments: Life and Non-Life, gathered key industry leaders, regulators, business leaders, actuaries, underwriters and marketing officers from various insurance companies, as well as representatives from the Insurance Commission led by Deputy Insurance Commissioner Atty. Jayson Lopez, to discuss current development and trends in the (re)insurance industry.

Nat Re’s President and Chief Executive Officer Allan Santos opened the Non-Life segment of the forum, which was headlined by the attendance of Deputy Insurance Commissioner Atty. Lopez, who delivered the keynote message on behalf of Honorable Insurance Commissioner Atty. Reynaldo Regalado.

In his speech, Deputy Insurance Commissioner Lopez underlined that “the increasing frequency of natural disasters, lingering effects of the pandemic, economic volatilities, and emerging health hazards compel us to rethink and reinvent our approaches to risk assessment and management, pushing insurers to adopt innovative practices that enhance resilience in the face of uncertainty”.

NON-LIFE: NAVIGATING TOWARDS REINSURANCE OPPORTUNITIES
With the theme “Navigating Towards Reinsurance Opportunities,” the Non-Life sessions focused on recent developments in the Non-Life sector, and the factors affecting the reinsurance market.

Dynamics of the Current Reinsurance Market
Opening the sessions was Li Qin Yeoh, Senior Underwriter of Hannover Rueck SE Malaysian Branch, with a topic centering on the Dynamics of the Current Reinsurance Market.

In her presentation, Li Qin Yeoh discussed factors that contributed to the hardening of the reinsurance market and its impact, highlighting the key considerations in setting renewal treaty structure and terms, including the advance solutions to bridge the gap coming from the hard market.

Aviation: Trends and Opportunities

For the second session, Olivia Hobson, Senior Vice President at Guy Carpenter, presented an overview of the Aviation Insurance market globally and in the Philippines, emphasizing the current challenges being faced by the aviation insurance market in the Philippines and the entire APAC region. She also shared a review of the 2023 renewal outcomes and outlook for the coming years.

Developments in the Renewable Energy Sector
Non-Life’s last session was led by Apoorv Dabral, Senior Vice President at Guy Carpenter, who presented the current market trends in the renewable energy landscape, including the challenges and the Philippines’ planned renewables capacity by 2040.

The ASEAN Renewable Energy Pool, which will support ASEAN governments’ renewable energy policies was also discussed in the presentation.

LIFE: EMPOWERING HEALTH: BUILDING A COLLABORATIVE INSURANCE ECOSYSTEM
The Life segment of the forum, meanwhile, zeroed in on Empowering Health: Building a Collaborative Insurance Ecosystem.

Large Group Medical Insurance in the Philippines: Using Data & Analytics to Navigate Turbulent Times”
The first session for the Life Forum was headline by AON APAC Regional Director for Data & Analytics, Health Solutions, Todd Dore.

During his presentation, Dore walked the participants through some global medical trends in the Asia Pacific Region with a special focus on the Philippine situation and the HMO Industry. He also identified the cost drivers and showed participants how the use of data analytics can help
identify and design cost relevant containment measures and interventions that can help both the insurance industry and its clients take a proactive approach in mitigating risks and estimating future costs.

The Power of Total Health & Wellness: Premium Growth, UW and Data
OPTIMITY’s Chief Executive Officer and Co-founder Jane Wang, meanwhile, presented the Power of Total Health & Wellness: Premium Growth, UW and Data, focusing on the use of digital, data-driven health and wellness platforms such as Optimity’s Engagement Operating System.

According to Wang, this can help insurance companies offer value added services that result in sales growth, better client retention and engagement, better underwriting and risk assessment and in the process, empowering customers to live healthier lives.

Role of Middle Office Platforms on Creating Insurance Ecosystems
Speaker: Rajat Sharma, Chief Revenue Officer, INSUREMO
INSUREMO’s Chief Revenue Officer, Rajat Sharma, discussed how middle office platforms like InsureMo can connect insurance companies to various distribution and payment platforms to make their products and services accessible to the market.

To show some example, he demonstrated how the platform was used to link an insurance company to a bank’s benefits program, how a ride-hailing app was able to embed insurance into their offering and how a telecom company was able to bundle insurance in their customer’s transactions.

Building a Healthier Tomorrow: The Role of Preventative Solutions in Modern Insurance
Speaker: Matjaz Petrovic, Vice President – Sales, GENEPLANET
The fourth session for the Life forum underscored the Role of Preventative Solutions in Modern Insurance. Leading this presentation was Matjaz Petrovic, Vice President for Sales at GENEPLANET.

During his presentation, Petrovic highlighted the increasing popularity and openness of individuals to gene testing and how an understanding of one’s genetic predisposition and hidden health risks can help protect one’s health and well-being by taking a proactive and preventive
approach. GenePlanet’s digital platform helps promote its users’ health and well-being by providing targeted advice based on the DNA results.

Wearables in the Insurance Business – Potential, Trends and Limits
Speaker: Jörn Watzke, Senior Director, Garmin Health and B2B Sales
Meanwhile, for the last session, Jörn Watzke, Senior Director at Garmin Health and B2B Sales, walked the participants through Garmin’s health ecosystem and how Garmin’s products served as an enabler to various stakeholders in the ecosystem.

In Insurance, we saw how their solutions impact the critical areas of risk assessment & underwriting and in coming up with innovative products and value-added services that are relevant with the times and the changing market demographics.