Reinsurers must innovate to overcome pricing challenges

A new report co-authored by Professor Gary Johnson and data analyst Anne Kremer found that the insurance industry should place a greater emphasis on risk modeling, reinsurance and other technological improvements to increase its productivity and cost efficiency.

Reinsurance is an essential piece of the wider insurance system, but the worldwide reinsurance market has increased complexity and fragmentation, according to the report published recently by Professor Johnson’s Risk Consulting group at the University of Zurich. He believes the industry should be focusing on reducing unnecessary complexity, greater integration across lines of business and a focus on operational efficiencies.

On a smaller but perhaps more fascinating scale, university professor Johnson’s institute was the driving force behind The Companion, a community site connecting the insurance industry and the academic community, offering a global space for exchange and learning on the value of data in insurance.

In this segment, Professor Johnson and data analyst Anne Kremer from NYU Stern University discuss many of the key findings from the report, especially Reinsurance Industry Leadership with Innovation — A Single Market 2.0.

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