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Technology to transform life insurance in 10 years: FSC/Deloitte Future Leaders Award winning paper


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27 November 2012: The Financial Services Council/Deloitte Future Leader Award winner for 2012 is Kim Cohen, an actuary in life insurance pricing at BT Financial Group. Her chosen topic was to consider transforming underwriting and claims management in life insurance.

“In a well-researched paper, Kim Cohen outlined how advances in medicine, technologies, distribution and data analysis will radically transform the life insurance industry over the next 10 years,” said Sarah Woodhouse, Wealth Management leader at Deloitte.

This theme of advances in technologies defined the Future Leaders Awards in Sydney on Tuesday 27 November. The ABC Managing Director, Mark Scott AO, who is acknowledged for leading a major expansion into digital and on-line technology at the ABC, said the changing nature of consumer demand and the power of new technologies would also disrupt the wealth industry .

“An aim of the Financial Services Council Deloitte Award is to give the industry’s future leaders the opportunity to research, challenge and innovate around the potential disruptions – the hot topics - of the wealth industry,” Ms Woodhouse said. “Award winner Kim Cohen placed the customer at the centre of her research and proposed a process to leverage predictive modelling, electronic claims submission, early detection and education to transform the life insurance industry,” explained Ms Woodhouse.

“Kim wins a round the world airfare and meetings with Deloitte global leaders,” she said.   

John Brogden, CEO of the Financial Services Council said: “It is vitally important that our $1.8 trillion industry continues to grow, and through such initiatives as our Financial Services Council, Deloitte Future Leaders Award, which is now in its seventh successful year, we will assist the young professionals in our industry mature into future leaders.

“By combining the new thinking of our youth with the experience and wisdom of our senior executives and mentors, we will enrich and grow the industry,” Mr Brogden said.

The five FSC/Deloitte Future Leader Award finalists 2012 were:

  1. Luke Riboldi, BT Financial Group - ways the Government’s FoFA reforms will ‘underpin trust and confidence in the financial planning industry’
  2. Edward Fletcher, BT Financial Group - reducing barriers to the Australian financial services industry accessing international markets
  3. Kim Cohen, BT Financial Group - transforming underwriting and claims management practices
  4. Stephen Martin, Challenger Limited - how Australia should address longevity risk
  5. Joshua Manning, MLC - how MySuper will affect superannuation investment.

2012 Future Leaders participants Honour Roll:

Matthew Allen, Perpetual Limited; Vanessa Back, CommInsure; Julia Bartolo, AMP Financial Services; Todd Boland, MLC; Shomik Bose, BT Financial Group; Lana Casey, NAB Private Wealth; Matthew Chan, Schroder Investment Management; Jessica Yang Han Chen, TAL; Kim Cohen, BT Financial Group; Christopher Dobbs, ASIC; Tynan Eldridge, Colonial First State; Edward Fletcher, BT Financial Group; Luke Hansen, MLC/JBWere; Natalie Hogan, State Super Financial Services; Josh Manning, MLC; Stephen Martin, Challenger Limited; Michelle O'Connor, Suncorp Life; Kirri Preo, AMP Financial Services; Susan Quan, Challenger Limited; Luke Riboldi, BT Financial Group; Jake Smith, State Super Financial Services; Lindsay Stark, Munich Re; Vanessa Stephens, AMP Financial Services; Stephen Taylor, BT Financial Group; Aaron Tran, The Trust Company; Elle Wenban, MLC; Jarrad Wilson, Asteron Life; Daniel Yip, APRA.

Criteria

The Award program is open to current employees of Financial Services Council Full Member companies, APRA, ASIC and AUSTRAC. Participants must be under 30 as at 1 January 2012 and permanent residents of Australia. All participants were supported by their CEO and a senior mentor from within their organisation. They were asked to submit a 2500-4000 word paper on one of the five ‘hot topics’ in the Industry.

Judging took place throughout September and October 2012.  

Members of the judging panel for 2012 included:

Pauline Blight-Johnston, Managing Director, RGA Reinsurance Company of Australia Limited;
Greg Cooper, Chief Executive Officer, Schroder Investment Management Australia; Andrew Cummins, Head of Strategy, Projects and Operations, Colonial First State Global Asset Management; Lachlan Davis, Head of Active Quant Funds, Australia Equities, AMP Capital Investors; David Clark, Executive Manager, Product Suncorp Life; Rick Di Cristoforo, Managing Director, Matrix Planning Solutions; David Dixon, Global Chief Investment Officer, Colonial First State Asset Management; Linda Elkins, General Manager, Marketing & Distribution, Colonial First State Investments Limited; Grahame Evans, Principal, Mente Pty Ltd; Phil Hay, Head of Life Insurance, BT Financial Group; Ben Heap, Managing Director, Head of Australia & NZ, UBS Global Asset Management Australia Pty Ltd; Steve Helmich, Director of Financial Planning, Advice & Services, AMP Financial Services; David Knox, Senior Partner, Mercer (Australia) Pty Ltd; Marc Lieberman, Chief Executive Officer, Metlife Insurance Limited; Trevor McMahon, Director – Products, Swiss Re Life & Health Australia Limited; Terry Reid, General Manager, Financial Planning, State Super Financial Services; Bernard Reilly, Senior Managing Director & Head of Asia Pacific, State Street Global Advisors; Geoff Weir, Director, Australian Financial Centre Task Force.

NB: See our media releases and research at www.deloitte.com.au or www.fsc.org.au  

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