Dr Philip Conway offers the unique intersection of skills and expertise that make him perfect for the job of the Perils Pricing Manager at Insurance Australia Group Limited (IAG).
He has a background in engineering with a PhD in hydrodynamic modelling along with extensive working experience in natural disaster control as a flood engineer. Prior to joining IAG, he was Flood Engineer and Design Engineer at WMAwater and Atkins respectively. He has also written and published multiple papers on related subject areas. His research topics include Australian flood risk to climate drivers and role of exposure, capital, and infrastructure in post-disaster recovery among others.
IAG is Australia and New Zealand’s largest general insurance company. The company has been helping people recover from natural disasters, accidents, and loss since 1851. They provide insurance services under many leading brands in Australia and New Zealand. They underwrite over $11 billion of premium per annum. Extending beyond paying claims, the organisation is increasing awareness of risk and helping communities reduce and prevent risk.
At IAG, Philip leads a team for natural perils and reinsurance pricing engine development and advises c-suite executives on regulatory protection level requirements and group stress tests. He has also worked on numerous solution designs and developments related to address-level earthquake rates, benchmarking of vendor catastrophe models, deterministic volcano model, generating storm damage footprints, flood risk, and climate change.
In this episode, Dr. Philip Conway and Jason dive really deep into understanding the perils pricing, how it all works and why it matters so much for the insurance industry.
- How natural perils pricing helps in better managing the portfolio risks for insurers.
- The whole pricing analytics philosophy that works behind natural perils pricing.
- How a hybrid approach to solutions development is the ideal where internal and external parties, resources, and models collaborate as needed.
- The use of frequency and severity data of natural perils in insurance pricing.
- Conducting stress tests and risk management for being prepared as an insurer to tackle severe perils.
- Explanation of when to use external, internal, and hybrid models and solutions with examples from real use cases.
- Analytic philosophy in terms of embedding the results of analytics inherently into the business processes for the business frontlines and creating reusable end to end solutions.
- Best way of choosing models, software, and data sources from external parties
- Challenges of global warming for natural perils pricing and analytics and how to overcome them.
- Importance of XY coordinates Geographic information system (GIS) in perils pricing and how to utilise them
- Benefits and functions of perils pricing in action and how it helps IAG.
- How insurers and reinsurers mitigate and diversify risks through strategic collaboration.
For all the reasons above and much more, this is the episode you should in no way miss if you are connected with the insurance and financial industry and want to know more about the inner working of the industry.
Also, don’t forget to share this episode with friends and colleagues who might find it useful!
More links about the guest
What is one book he would gift to his younger self:
- Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future
In the News: