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Myanmar set to approve licenses for foreign insurers

by | Jan 4, 2019 | , ,

life insurance providers will be given two options to operate. The first option allows not more than three licenses for foreign life insurers to operate as 100 percent wholly owned subsidiaries. The second allows foreign life insurers with a representative office in Myanmar to form a joint venture with a local life insurer.Two large Indian state owned insurers, The non-life insurance providers with rep offices in Myanmar will be allowed to form a JV with local non-life insurers.The New India Assurance, country’s largest non-life company and the Life Insurance Corporation(LIC), are keen to set up their operations in Myanmar. 

Global debt reaches an all-time high of $184 trillion, 225 percent of GDP in 2017

by | Jan 3, 2019 | , ,

On average, the world’s debt now exceeds $86,000 in per capita terms, which is more than 2½ times the average income per-capita.The most indebted economies in the world are also the richer ones. You can explore this more in the interactive chart below. The top three borrowers in the world—the United States, China, and Japan—account for more than half of global debt, exceeding their share of global output.

Competition in Artificial Intelligence Is like new space race: Viewpoint

by | Jan 3, 2019 | ,

Improved image-recognition has worked wonders in some fields of medicine. For example, Google has developed a system for grading prostate cancer that does it more accurately than U.S. pathologists, and a Stanford team has achieved similar success with skin cancer. Where lots of data exist and precision is valued, AI can help humans make better decisions, even though it still messes up regularly when trained on biased data sets or is intentionally tricked. Humans are less prone to misidentifying objects and are better able to correct for their biases.

“Rapid technology growth compelling pragmatic shift in India’s risk mitigation landscape”

by | Jan 3, 2019 | , ,

Insurtech has already arrived in India and is disrupting the traditional value chain of the insurance industry. The industry is fundamentally changing because of the impact of technology such as Artificial Intelligence, Internet of Things, blockchain, big data, and Robotic Process Automation. The insurtech universe can be segmented into four broad categories – Product & Distribution, Business Process Enhancement, Data & Analytics, and Claims Management.

Global gender pay gap improves slightly but will take many years to close: WEF

by | Jan 2, 2019 | , ,

A new sector for gender imbalance is emerging, according to the report. The gap in artificial intelligence is three times larger than in other industries, according to an analysis conducted by WEF and LinkedIn. Women with AI skills are more likely to be employed as data analysts and information managers, while men tend to land in more lucrative and senior positions such as engineering heads and chief executives.