Dr. Robert Hartwig JIF

World Risk and Insurance News was on-site for the annual Joint Industry Forum, hosted by the Insurance Information Institute.  Here, Dr. Bob Hartwig, President of the Insurance Information Institute, shares his thoughts on the new Congress, the debate over capital standards, technology, and more.

Technology is a disruptive force in many industries, and insurance is no different. It can be disruptive in ways that appear ‘destructive’ or ways that can appear beneficial. More data is good from an insurance industry perspective.”  Data helps better assess risk, price risk, provide more insurance to risk, and make better use of capital.

At the same time, technology is creating opportunities for other entities, such as Googles efforts to open an auto insurance exchange.

At the Joint Industry Forum, leaders discussed the impact of technology on reducing risk, “Whether we are talking about vehicles, the workplace…the world is becoming safer.”  In fact, analyst V.J. Dowling predicted that in the coming decades, the homeowner insurance industry would eventually be larger than the auto insurance industry, due in large part to fewer, less severe automobile accidents.

The full interview can be found here.  For more information on the Joint Industry Forum, visit the WRIN.tv On Demand Library or the Insurance Information Institute website.

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