Moving forward essential for survival, BMA

BMA managing director Craig Swan gave a packed conference room full of delegates food for thought on how Bermuda should approach innovation and insurtech.

Speaking ahead of the ‘supervision and regulation panel’ at the Global Reinsurance Innovation & InsurTech Bermuda, Swan stressed: “The saying goes, ‘if you’re not moving forward, you must be moving backward.’”

Swan outlined the “tremendous success” that the BMA has experienced on both sides of the Atlantic, and also pointed to the role it played in the island taking the lion’s share of ILS opportunity: “In July of 2008, Bermuda introduced ILS legislation. But in the decade that has passed between then and now it has grown to 76% and is still climbing.”

He went on to highlight that currently Singapore and London are expressing intentions to explore ILS and stood to take a slice of Bermuda’s ILS pie. According to Swan, relying on old successes, especially I the face of outside interest, would be the fastest way to become obsolete.

“For us to achieve sustained success we must proactively position ourselves to become and remain relevant,” Swan added. “We might not be able to control the winds, but we can angle the sails so as to reach the desired destination.”

Swan believes that those native to the current “instant age” crave a new customer experience and are paving the way for insurtech.

Swan added that “with the insurtech tsunami at our door step” the BMA has set up initiatives with innovators and would-be startups, to ensure that these new systems entering the frame will be in line with regtech solutions.

Swan expressed: “Our focus will be on the inputs, the governance and controls, and the outputs.”