Thursday, May 23, 2024

Frank Schmid Spearheads Cyber Risk, InsurTech and AI Discussions at Bermuda Risk Summit 2024


Frank Schmid to Lead Discussions on Cyber Risk, InsurTech, and AI at Bermuda Risk Summit

The Bermuda Business Development Agency (BDA), in collaboration with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, is gearing up for an engaging session featuring insurance industry veteran Frank Schmid at the Bermuda Risk Summit 2024. Schmid, who brings a wealth of knowledge from his extensive experience, will spearhead discussions on the evolution of cyber risk, the impact of InsurTech, and the transformative role of AI in the industry.

Currently serving as the Chief Technology Officer at Gen Re and a prominent member of the executive board of Gen Re AG in Cologne, Schmid has a decorated career background, including pivotal roles at AIG, the National Council of Compensation Insurance, and the Federal Reserve Bank of St. Louis. His expertise positions him as a critical voice in analyzing the intersections of technology and insurance.

In his discourse, Schmid will explore the concept of Generative Artificial Intelligence as General-Purpose Technology (GPT), emphasizing its capacity to foster a feedback loop that drives both innovation and the technology’s advancement. He suggests that the significant productivity gains for firms lie not in the mere improvement of current tasks but in the fundamental reorganization of operational processes, highlighting the imperative for organizational adaptability in achieving business success.

The stage for his presentation will be set by Sophia Yen, Principal and Insurance Strategy & Innovation Leader at EY. The final day of the Summit, hosted at the Hamilton Princess & Beach Club from March 13-15, promises a diverse array of panel discussions including topics such as cyber risk strategies, the juxtaposition of traditional practices and technological innovation in InsurTech, and the pervasive integration of AI in the evolution of insurance.

Delegates attending the Summit can look forward to a comprehensive agenda that not only covers cutting-edge topics but also offers unparalleled networking opportunities. Highlights include an opening reception and a Friday networking happy hour, alongside the invitation to leverage the BDA Connect app for scheduling direct meetings with fellow delegates.

The BDA extends its gratitude to ABIR and EY for their headline partnership and acknowledges the significant contributions of gold sponsors AM Best and SS&C Technologies, Inc., along with the silver and bronze sponsors, and supporting partners including Aon, Rein4ce, and Walkers. BermudAir, the event’s airline partner, is offering special discounts to enhance the delegate experience.

A testament to the summit’s impact, the 2023 Bermuda Risk Summit saw an impressive attendance, contributing significantly to the local economy and spurring long-term economic benefits through additional business-centric visits to Bermuda. This aligns with Bermuda’s strategic priorities of fostering business retention and attracting new investments to promote economic development.

As the Bermuda Risk Summit 2024 approaches, the anticipation builds for what promises to be an enlightening exploration of the insurance industry’s future, led by the insights of Frank Schmid and other esteemed experts.

Jordan Clark
Jordan Clark
Jordan Clark brings a dynamic and investigative approach to business reporting. Holding a degree in Business Administration and a certification in Data Analysis, Jordan has an eye for detail and a knack for uncovering the stories behind the numbers. His career began in the bustling world of Silicon Valley startups, giving him firsthand experience in tech entrepreneurship and venture capital. Jordan's reports often focus on technology's impact on business, startup culture, and emerging

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