The SCOR Innovation Podcast channel sheds light on evolving consumer needs in Life & Health and Property & Casualty (re)insurance and connects them to global ecosystems.
Nat Cat series Part 2: modeling climate change & impact on agriculture
Agriculture is one of the most vulnerable economic activities to climate change.
Atmospheric variables most relevant for agriculture include temperature and precipitation. Even moderate weather anomalies such as reduced sunshine, can lead to significant crop yield loss
High temperatures are a problem because they accelerate plant development. When this happens there is less time for growth and therefore less yield. Moreover, extreme heat itself decreases crop yield.
Climate change does not only affect temperature, but all atmospheric variables, including precipitation. More erratic precipitation will also decrease crop yields. The impact of climate change is not uniform across crops and geographies.
Uncertainties about climate change are high, but it is about the resilience of our society, economy, and pragmatically speaking of our industry. This is the most material call for action since the establishment of NatCat modelling in late 80s early 90s.
SCOR does and sponsor research in the space of climate chanfe, thanks to PhD programs focusing just on this. SCOR also designed and implemented a 5-step framework that allows our leadership to predict how the risk will mutate in time and space.
A Modern Solution: From Generational Poverty to Financial Wellbeing
Manisha Dias, Vice President, Strategic Partnerships for SCOR in the U.S., hosts this episode of SCOR’s Innovation Podcast, interviewing Felix Ortiz, CEO and co-founder of Onuu. Onuu is the first of its kind, an all-in-one banking and insurance solution, built by and for Americans of modest means. Join us to hear how Ortiz's personal childhood experiences led him to harness the power of machine learning and digital technology to design an innovative solution for a long-standing problem: helping lower middle market consumers understand financial services and improve their financial wellbeing. • Felix W. Ortiz III is the CEO and co-founder of Onuu, the first-of-its-kind, all-in-one banking and insurance solution, built by and for Americans of modest means. Founded in late 2021 and inspired by Felix’s grandmother, Candi, Onuu merges financial and insurance products, empowering lower middle market consumers to understand and improve their financial wellbeing. Felix designed Onuu to be powered by machine learning, using Candi as a guide to ensure that each human being achieves financial security. Felix currently serves as an Advisor at Neowork Ventures alongside his duties on the Intersectionality, Culture & Diversity Advisory Council at Twitter and the Rework America Task Force. Previously, he has founded several successful, high-growth startups including EmPath. Ortiz was a member of the U.S. Army 18th Airborne Corps, JAG Corps and attended St. John's University. • Manisha Dias¸ FSA, FCIA, SPLP, Vice President, Strategic Partnerships, is responsible for leading the charge and oversight of proprietary product development opportunities and new ecosystem partnerships. She also oversees the business, operations and underwriting functions of the Strategic Partnerships group. Manisha joined the SCOR Canada Business Development team in 2017. She was promoted and transitioned to the U.S. Strategic Partnerships team at its inception in 2019 and was promoted again in 2021 to her current role. Prior to SCOR, she served in different actuarial roles within John Hancock and Manulife globally. Manisha earned an Honors bachelor’s degree in Actuarial Science with Finance from the University of Waterloo. She is also a Fellow of the Society of Actuaries, Fellow of the Canadian Institute of Actuaries and a Strategic Partner Leadership Professional.
Nat Cat series Part 1: North Atlantic Hurricane season review
It seems that every time a natural catastrophe happens it is unique, and something new is learned from each incident by the insurance industry. Newer thoughts on Wet-Hurricanes started to surface after Hurricane Harvey ran aground in 2017, modelling difficult frequency perils became more and more evident with the increasing losses year over year from Severe convective storms, and climate and its effect on individual perils like what happened with Winter Storm Uri in Texas in February of 2021 will also be explored.
Our first episode is a review of the 2021 North Atlantic Hurricane season and its unique characteristics, effects of climate change, challenges, and projected impacts.
Based on the most recent 30-year data from NOAA, the average number of named storms in a year is about 14. For the 2021 hurricane season, NOAA predicted that up to 20 named storms would form, with up to 10 hurricanes (compared to an average of 7), and up to 5 major hurricanes (compared to an average of 3).This discussion between three SCOR experts explores the lessons learned from it and how these lessons may lead to new ways of looking at this peril in the future.
- Derek is SVP Natural Catastrophe Manager of The Americas, he is specialized in Catastrophe Modeling - RMS, AIR, Statistical Analysis, databases, software development, networks.
He arrived in SCOR eight years ago. Prior to this, he spent 5 years at Ascot Group as VP Exposure Management. Derek has a Master degree in Management Information Systems from the Northern Illinois University, and is still based in Chicago.
- Ken has over 40 years of Insurance/Reinsurance experience having begun his career in the claims dept of the Aviation and General Ins Co in 1978. He entered the world of Reinsurance in 1986 gaining independent Underwriting authority for a globally exposed Property Catastrophe Excess of Loss book in 1991. Ken primarily specialized on the US region and in 2003, after a number of years operating as a Catastrophe Underwriter in the London Market he took up a position outside Chicago, Illinois as the US Catastrophe Product lead for GE Insurance Solutions. GE Insurance Solutions was acquired by Swiss Re in 2005 and Ken was retained as a Catastrophe specialist within their US Product team until 2016 when he joined SCOR US, also in Chicago. Ken remains focused on the US Catastrophe arena and has also authored a number of published articles appertaining to US Catastrophe risk and participated in numerous industry events as a panel speaker.
- Kelly is an Assistant Vice President on the Natural Catastrophe Pricing team at SCOR. She provides catastrophe expertise and risk quantification, including operational support for the pricing and accumulation of treaty business for North America. She joined SCOR in 2018 in the Chicago office and is now based in Toronto. Prior to joining SCOR, Kelly worked as a Catastrophe Risk Analyst for Aon. She is a graduate of Northwestern University with a Bachelor’s degree in Statistics and holds the CPCU and ARe designations. Kelly also serves on the committee for CatIQ, Canada’s insured loss and exposure indices provider.
Disruptive healthcare technologies: ClearSky Medical Diagnostics
Today’s episode explores disruptive healthcare technologies in neurodegenerative diseases hosted by David Ferguson, Underwriting Development Manager in one of SCOR’s Innovation Teams. Our guest is Professor Stephen Smith, co-founder and director of ClearSky Medical Diagnostics and Professor of Electronic Engineering in the Department of Electronics at University of York. 1 in 4 people get a misdiagnosis in Parkinson’s disease which can lead to an overtreatment. Professor Smith highlights the importance of an accurate diagnosis in neurodegenerative diseases. ClearSky MD provides the PD-Monitor assisting specialists by measuring and identifying symptoms of Parkinson’s disease. Finding a tolerable balance between unpleasant side effects of the medication and its benefits is another focus. The LID-Monitor (Levodopa-induced dyskinesia) offers a safe and simple way of monitoring dyskinesia in the patient’s own home. ClearSky MD’s solutions empower patients to have the tools track their own conditions remotely with clear implications for how life & health insurance products are sold and monitored.
Digitalization in Insurance: Perspective from a pioneer
In our latest episode Dr. Torsten Hefer, Head of SCOR’s German Life & Health Market and Business Development Department, speaks on innovation with Dr. Stefan Knoll, co-founder and CEO of DFV Deutsche Familienversicherung. In the insurance industry Stefan Knoll is considered a pioneer in terms of digitalization. Both explore “how to digitalize” in insurtech companies from a pioneer’s point of view. They also touch-base on combining financial targets with ESG and CSR ambitions in the insurtech industry.
Will Hydrogen change your future? Part 3: (Re)insurance implications, Risks & Opportunities
This is the final podcast in a 3-part series on Hydrogen. Today, Michel Krenzer continues the discussion and looks at what hydrogen means for insurers and how insurance will play a key role in the energy transition. In this episode, Michel will interview three SCOR experts of Energy & Construction (re)insurance: David Cosserat, Eric Lenoir & Kevin Lumiste.
In episode 1 we explained the basics of hydrogen. In episode 2, we looked at innovative future hydrogen applications. If you are interested, you can find the previous episodes on our channel.
David is a chemical engineer with 20 years’ experience in risk management, including 15 years in reinsurance. David started his career as a safety engineer providing safety design reviews of heavy industry and oil and gas facilities. He joined the reinsurance industry via a major broking firm where he was a risk engineer and a client executive for oil and gas and power clients. He joined SCOR in Singapore in 2009 as APAC Energy Underwriter before relocating to Sydney to head up the P&C office, focusing on Pacific Treaties. Since August 2018, David has taken the role of Global Head of Energy within SCOR Business Solutions, based in Paris.
Eric is a chemical engineer with 35 years’ experience in the insurance sector. He also holds an Associate in Risk management degree. He started his career with Industrial Risk Insurers in Cleveland, Ohio, USA. He performed loss prevention surveys for large oil & chemical companies in the EMEA region. In 1989, he was transferred to Hartford, CT, USA and oversaw oil & chemical training and guidelines writing. He joined AIG in 1994 in Brussels as a senior chemical engineer and became the worldwide Energy engineering manager overseeing a team of 130 engineers specialized in oil & chemical, power generation, mining and construction. He joined SCOR in early 2015 as risk control practice leader for the Energy entity.
Kevin is a Senior Construction Underwriter based in London and has over 30 years of experience in Engineering Insurance, including CAR, EAR and Operational Power. He has particular experience in EAR, with a focus on Energy and Power construction. Prior to joining SCOR he has worked at Starstone, Zurich, CV Starr, ACE and RSA. Kevin is an experienced market leader of energy construction project policies. He is an active member and contributor to the London Engineering Group, previously having acted as Chairman and Executive Committee member.
Michel Krenzer has over 25 years’ experience in the insurance sector. After working for Foster Wheeler in Paris as a Chemical Engineer, he joined UAP Large Corporate Risks as a Loss Prevention Engineer. He then moved to Oil & Gas underwriting at Sorema in 1995. He moved to London in 1999 to start up a facultative branch office for Sorema before joining SCOR in 2001. He started at SCOR UK as Senior Energy Underwriter and has had various managerial positions within the Large Corporate Risks division of SCOR Global P&C. He was appointed Onshore Energy Manager for Paris and London offices in 2009 and was appointed Global Leader - Onshore Energy in 2018.