IASA’s Mid-Atlantic & Metro New York/New Jersey Chapters Fall Meeting Recap

By Joseph Nguyen

The insurance industry came together last month at the Insurance Accounting and Systems Association’s (IASA’s) 2022 Mid-Atlantic & Metro New York/New Jersey Chapters Fall Meeting. The conference addressed a wide array of topics within the insurance industry including:

• Fraud and governance;
• Climate change and the impact of hurricanes;
• Insurance accounting;
• Key digital transformation trends, challenges and opportunities;
• Enterprise investment risk management;
• ESG;
• Tax; and
• Building trust and connections in a digital world.

Key digital transformation trends, challenges, and opportunities for risk governance at insurers were discussed on a panel featuring Daniel Yan, senior manager, EisnerAmper Digital and Martin West, director, EisnerAmper Digital. The top five trends in the insurance industry include:

• Cloud adoption/migration is on the rise, and this trend has been accelerated since COVID-19;
• The continued rise of policyholder data and digital data collection;
• The growth of insurance telematics;
• The rise of predictive analysis and algorithmic risk assessment; and
• Streamlining operational efficiencies with intelligent automation.

“Out of all recent trends, we believe that the cloud migration of data and processes is the most essential, yet most transformative of all. It is an imminent game ,” said EisnerAmper.