Technology, society and the economy are all changing at a rapid pace. There’s been a lot of discussion within the insurance industry around market trends and technological opportunities, and the impact they will have on the future of the business. Will the current hurricane toll impact capacity? Will we see a hardening of the U.S. Property and Casualty market? Will autonomous vehicles disrupt the personal auto industry in the next 5 years? 10 years?
Dr. Robert Hartwig visited the Wisconsin School of Business to present at a management seminar, Strategy for Emerging Risk and Insurance Leaders, and invited current MBA’s studying Risk Management and Insurance to attend his presentation. Dr. Hartwig is currently an associate professor of finance and co-director of the Center for Risk and Uncertainty Management at the University of South Carolina-Darla Moore School of Business. Prior to joining Darla Moore School of Business, Dr. Hartwig was president and economist for the Insurance Information Institute in New York.
Dr. Hartwig presented on current trends, challenges and opportunities facing the U.S. Property and Casualty industry. We learned in real-time of the projected impact of hurricane Harvey, Irma, and Maria, as well as the outlook for NFIP as leaders, are currently evaluating the program. As well as the impact, current economic trends on insurers profitability and investment performance.
There has been a lot of discussions this year around autonomous vehicles and the “Internet of Things” dramatically changing the insurance industry. Dr. Hartwig addressed the many technological hurdles facing autonomous vehicles and why the hype around autonomous vehicles far exceeds the reality. He also provided insights into how the “Internet of Things” may impact on the insurance industry value chain and raised a noteworthy question: “Who owns the data? Where does It flow? Who does the analytics? Who is the capital provider?”
These are all exciting things for us to think about as we prepare to enter the industry and help lead the industry into the future.