Pandemic Podcast Special: Matthew Grant speaks to the industry experts (72)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 15 March 2020

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week we have a "pandemic podcast" special edition. A series of interviews recorded on Thursday 12 March, the day after the WHO had declared Covid-19 Coronavirus a pandemic. In this 40 minute edition Matthew Grant sets the scene for exploring the potential for new and established innovation, analytics and data to help manage the spread of the virus in the short term, and improve insurance offerings and understanding and mitigation of the risk in the future. Matthew reviews the context of the pandemic to understand how what we are hearing in the news compares to medical opinion, talking to Dr Chris Martin. Whilst there has been modelling of pandemics and research in the medical community, it's been somewhat limited for insurance purposes. Robert Muir-Wood, Chief Research Officer for RMS, the catastrophe modelling company provides an overview of the issues, the impact from an insurance perspective and how Covid-19 can be modelled and losses estimated. The impact on the insurance industry will be significant. Sam Casey from Insurance Insider, has been talking to insurers and provides an assessment of the breadth of covers affected, and some of the largest unknowns such as the potential for cancellation of the Tokyo Olympics. Nick Wildgoose, formerly responsible for supply chain at Zurich Insurance, explains some of the challenges and potential pinch points. SparkBeyond is providing AI tools to help the Italian government understand and manage the spread of the virus and Alex Easaw explains what they have been finding. Matthew released a companion article to this podcast on Saturday, available here on Linkedin. We are planning to continue to review the lessons to be learnt from Covid-19, impact on the insurance industry, data sources available and opportunities for innovation. Thanks to all our guests for taking the time to speak to us at a busy time, and Peter Roach of Visual Monkeys for the fast turnaround of this episode.

Transcript

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0:00.0	Hello, Matthew Grant here. Wherever you are in the world, I'm sure you're watching closely the unfolding news about COVID-19 coronavirus.
0:22.7	With the news this week that the WHO has classified this as a pandemic, we're bringing you a change
0:28.0	from our usual podcast interview. Late last week, I spoke to five people with expertise in
0:32.8	medicine, insurance, modelling, supply chain and analytics. And you're about to hear what the pandemic is
0:38.8	likely to mean for the insurance industry, the current state of modeling pandemics, and their
0:43.6	impact and what types of analytics are now available with new AI tools and access to data.
0:50.0	At times like this, it can be hard to get a balanced view of the risks and potential outcomes.
0:55.0	At the time of recording this, none of us of course know exactly how this is going to play out,
0:59.0	but what follows should help you understand some of the context and the variables.
1:03.0	By the time you are listening to this recording,
1:05.0	Lawyers of London will have closed for one day on Friday to test its emergency protocols
1:10.0	and told nearly 50,000 people for the first
1:12.4	time in the market's history, they can no longer agree deals face to face for that day.
1:18.2	Pandemics affect insurance in a number of different ways, from the direct costs of claims
1:22.4	from life insurance, event cancellation and travel insurance to the enormous ripples in the
1:27.1	financial equity markets,
1:28.5	drops in oil price and disruption to supply chains and movement of people.
1:33.5	Unfortunately, we are also going to find out that insurance may not offer as much protection
1:37.3	as people had expected, and this pandemic may fundamentally change the nature of the role of
1:42.8	insurance itself. But before we investigate the impact on insurance, I wanted to get an opinion on the nature of COVID-19 from a medical expert.
1:51.0	Dr. Chris Martin was a practising GP up until 2017, but he also spent four years working as part of a team on mortality modelling for the insurance, pensions and finance
2:02.0	industry. So he brings a unique perspective. I asked Chris about how COVID-19 compares to other
	...

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