A lecture by Prof. Dr. Wolfgang Rohrbach, academician of the European Academy of Sciences and Arts in Salzburg
The development of the insurance industry is closely related to five industrial revolutions. These revolutions are related to production processes through the emergence of steam engines, assembly lines, IT automation, in the etworking of machines and information technologies, and AI-controlled robotization in cooperation with humans. During these changes, the production process saw changes in the reduction of human labor due to the use of machines, in the speed of execution of production operations, increase in productivity, standardization of work that becomes connected to other production processes, and finally the replacement of human labor by robots that participate in production with the help of artificial intelligence.
Property and personal insurance products have been adapted to these changes and the needs arising from them. Thus, insurance has become an effective economic factor indispensable in business and people’s everyday life. In these circumstances, health insurance, life insurance, accident insurance, loan insurance, catastrophe insurance, equity insurance, and digital cybercrime insurance have become increasingly important. Due to the pandemic, health insurance, as well as insurance against climate change, war disasters, terrorism, and bankruptcy due to geopolitical and geoeconomic disasters, are more relevant than ever before.
In addition to industrial and technological changes, at the beginning of the 21st century, the insurance industry is exposed to new, complex challenges caused by the impact of four mega shock waves. Those waves are demographic, ecological, technological and economic and they are important indicators when finding new solutions in insurance. The insurance industry is obliged to innovate its operations following these waves. Insurance is a link between power and responsibility and should facilitate the passage through crises of both countries and individuals. Only through the joint approaches of all official institutions, state and pension funds, and insurance companies can changes be harmonized with insurance practice.
Keywords: insurance industry, IT transformation, five industrial revolutions, mega shockwaves, personal insurance
University professor Dr. Phil. dr. habil. Rer. father Dr.h.c. Wolfgang Rohrbach was born in Vienna, has three doctorates and is a distinguished scientist and expert in economics, especially personal insurance. He taught at many universities in Europe. He has published a large number of publications, scientific papers, and books in the field of insurance and health economics. He is the editor of all 17 encyclopedia History of Austrian Insurance volumes. Dr. Rohrbach is a regular member of the European Academy of Sciences and Arts in Salzburg, president of Europa Nostra, Austria – an Austrian initiative for the protection of European cultural heritage and vice president of the Austrian-Serbian Society in Vienna. He has won numerous awards in Austria.
Welcome speech
- Dr. Goran Bašić, Director of the Institute of Social Sciences, Belgrade
- Dr. Ivan Nikolić, Director of the Center for Economic Research
Introductory speech and Moderator
- Marijana Maksimović, Ph.D., senior scientific associate of the IDN
