Insurance Innovation builds upon students’ prior introduction to risk analysis, risk management and insurance product offerings through discovering the state-of-the-art in insurance industry innovations. Through an investigation of insurance organisations’ social, economic and legal environment, the students will understand the contextual reasoning behind recent developments in industry product offerings and organisational advancements. AI-driven industry changes, including FinTech, InsurTech and RegTech, support the insurance industry’s innovations. Such innovations are developed to bolster emerging risk management procedures, utilise novel data collection and analysis methods (telematics), and embed (generative) artificial intelligence in the industry’s organisations. Special attention will be given to the (1) interdisciplinary nature of insurance supply and demand, (2) legal, regulatory and demographic differences between international insurance markets and (3) insurance economics.

Insurance Innovation builds upon students’ prior introduction to risk analysis, risk management and insurance product offerings through discovering the state-of-the-art in insurance industry innovations. Throughout the module special attention will be given to the (1) interdisciplinary nature of insurance supply and demand, (2) legal, regulatory and demographic differences between international insurance markets and (3) insurance economics.

On successful completion of this module, students will be able to: Develop knowledge of evolving and innovative insurance markets and organisations, together with an appreciation of risk management strategy. Critically engage with seminal and contemporary literature, concepts and methods that inform the global risk management and insurance industries. Demonstrate articulate communication and collaboration skills. Proactively engage in reflective learning and develop an appreciation for self-awareness and critical review.

On successful completion of this module, students will be able to: Recognise and analyse the societal and regulatory context in which insurance and financial institutions operate. Examine the knowledge, skills and cultural sensitivity required in an international insurance and risk management environment.

N/A

This module is taught through two lectures and one tutorial per week. Reading material is provided in advance, with class discussion of reading material taking place in tutorials. Students are encouraged to collaborate and investigate insurance innovations (case studies), drawing on research-led module material to interpret these innovations' effect on the existing insurance market.