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ABI Data Conference - The bigger the better? Insurance, 'Big Data', and the digital world

09 September 2015 09:00 (registration from 08:30 am) - 16:45 (followed by networking drinks)

BFI Southbank, Belvedere Road, South Bank, London SE1 8XT

The digitisation of society touches everything the insurance industry does. In the digital world, data is increasingly a critical asset for insurers looking to offer their customers the right products, at the right prices and in the right ways.

The rise of ‘big data’ and the ‘internet of things’ are expanding the playing field significantly. But how the industry accesses, uses and protects data is only half of the story; customers’, politicians’ and regulators’ understanding and acceptance of this is just as important.

In this context, the ABI’s inaugural Data Conference is an important event for everyone involved in the insurance sector.

Keynote speakers

Christopher Graham, Information Commissioner

Christopher Graham, ICOChristopher Graham became UK Information Commissioner in June 2009, with responsibility for overseeing the Freedom of Information Act and Data Protection Act regimes – upholding information rights in the public interest, promoting openness by public bodies and data privacy for individuals. His term of office was recently extended for a further two years until 28 June 2016. Christopher was Vice Chair of the Article 29 Working Party, the network of EU data protection authorities, 2012-2014.

Christopher was Director General of the Advertising Standards Authority (ASA) from April 2000 to June 2009. From 2003-5, he was Chairman of the European Advertising Standards Alliance (EASA), the federation of advertising self-regulatory bodies across the EU Single Market.

Prior to joining the ASA, Christopher was for three years Secretary of the BBC. Christopher first joined the broadcaster as a News Trainee in 1973. He was a Current Affairs Producer for BBC radio and TV before becoming Managing Editor of News Programmes for TV and Radio.

Paul Evans, ABI Chairman and Group Chief Executive, AXA UK

Paul Evans, CEO AXA UK and Chairman, ABIPaul Evans was appointed Group Chief Executive of AXA UK plc and Ireland on 1st October 2010. Paul was previously Chief Executive of AXA Life for 8 years, leading the recent sale of part of that business to Resolution and the creation of AXA Wealth, and prior to that had been Group Finance Director of AXA UK. Paul is a member of the AXA UK Board and of the Executive Committee of AXA SA.

He joined AXA UK in January 2000 following a 13-year career with PricewaterhouseCoopers in London and Toronto, Canada, where he spent two years.

He is a member of the Institute of Chartered Accountants.

Paul Evans became Chairman of the ABI on October 1, 2014.

Plenary sessions 

1. Use of data in pricing and underwriting

‘Big data’ is increasingly allowing insurers to access new information about potential customers that can influence pricing and underwriting decisions. This is often despite that information having been created for a different purpose, or as a by-product of daily life. Examples are information on social media platforms, loyalty card information from supermarkets or information from health tracking devices.

The use of such data could be revolutionary, allowing insurers to tailor their offerings to individual customers, reduce uncertainty in pricing and appeal particularly to customers who perceive that such information about them presents them as low risk. However, it will also be controversial: in the 2013 ABI consumer survey, 71% respondents said that they would be unhappy with insurers pricing based on information from social networks. Given this, and in the context of increasing political, regulatory and media attention on whether it is appropriate for insurers to use certain existing metrics as rating factors, this is clearly an area where a degree of caution is required.

2. A new data protection landscape

Insurers’ opportunities to use ‘big data’ for their customers’ benefit will have a positive impact on the market in the coming years. However, with these opportunities come rules and responsibilities to ensure that ownership of customer data is clear and that this data is used and protected appropriately. These rules and responsibilities will largely be shaped by long-term policy and legislative development in the EU, but will also be influenced by the attitudes of the public and politicians in the UK.

Price

ABI members Price: £299.00 excl VAT

Non-members Price: £399.00 excl VAT

Breakout Sessions

Morning sessions

A: Claims in the digital world

In recent years insurers have begun to use data and technology to improve the claims experience for their customers – a vital differentiator in a competitive market. With the potential to completely transform interactions, from pre-warning customers of weather catastrophes, to virtual assistants for claims handling - what might the market look like in the coming years?

B: Use of ‘big data’ in the life and savings market

Big data’ is already radically transforming the health industry, and driving ever growing insights into people’s savings behaviour. These trends have the potential to revolutionise the life and savings market, but how do we make the most of them, and what are the key risks to manage?

C: The emergence of the cyber insurance market

The growing UK cyber insurance market is well placed to assume cyber risks both at home and around the world, but there will be technical, commercial and public policy challenges on the road ahead. How do we address these, and ensure that that the activities of individuals and businesses increasingly dependent on the internet and data are adequately covered?

Afternoon sessions

D: Executing your strategy in the digital age
Organisations need a clear strategy to take full advantage of the transformational power of both data and digital advances. Yet in PwC’s research with executives over half say their company isn't focused on execution. In this session PwC will explore five things that will help you implement a successful strategy, from navigating the regulatory environment to becoming a customer-centric organisation.

PwC guest blog: A business strategy for the digital age: how to keep one step ahead of the disruptors targeting insurance

PwC guest blog: What do you really know about your customers? The quick wins and game-changing possibilities of data

E: Distribution in the digital world

With new models and platforms for selling insurance products and ongoing customer interaction emerging every day, this breakout will explore how distribution is likely to evolve over the coming years.

F: The ‘internet of things’ and implications for insurance

The internet of things is predicted to expand massively in the coming years. Significant growth will create new opportunities for insurers to utilise this connectivity as part of their relationship with customers, new data management risks as a result of accessing and manipulating the relevant data, and new challenges to existing insurance products that touch the internet of things.

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