EP 222 – Jack Xia – Chief Actuary at Igloo – Using Math and Statistics to Predict and Manage Financial Risk

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Michael Waitze worked in Global Finance for more than 20 years, employed by firms like Citigroup, Morgan Stanley and Goldman Sachs, primarily in Tokyo.  Michael lived and worked in Tokyo from February 1990 until December 2011.  Michael always maintained a particular focus on how technology could be used to make businesses more efficient and to drive P/L growth. Michael is a leader in the digital media space, building one of the biggest and fastest-growing podcast listener bases in the region.  His AsiaTechPodcast.com show has listeners in more than 170 countries and his company, Michael Waitze Media produces some of Asia’s most popular podcasts.

Guest
Jack Xia

Jack is one of the few actuaries at an insurtech company within the region. He played a critical role as part of the founding team of Igloo in 2016. This startup has since evolved into the leading insurtech enterprise across the region, boasting a presence in 10 markets. In the award-winning weather index insurance, Jack collaborated with insurers, reinsurers, and distribution partners to co-develop the product and platform. This innovative solution now safeguards over 50,000 hectares of agricultural land, oWering significant protection to crops for Vietnam farmers.

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The world of InsurTech continues to rapidly evolve, driven by technological advancements, innovative products, and a push to expand insurance penetration in emerging markets. The podcast was joined by Jack Xia, the Chief Actuary at Igloo, who shed light on several critical insights into the InsurTech landscape, particularly in Southeast Asia.

Jack explored how Igloo leverages AI to transform insurance offerings, from automating policies to introducing microinsurance products that cater to the unmet needs of emerging markets.

Jack also sheds light on the challenges and successes of introducing novel products like weather index insurance for farmers in Vietnam, highlighting the importance of adapting and educating the market.

By embracing technology, focusing on education, and continuously innovating, InsurTechs are not only redefining the role of insurance in people’s lives but are also paving the way for a more inclusive and accessible insurance ecosystem globally.

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