Regarding your participation at the Insurance World Distribution Challenges 2016, could you please give us some ideas about your conference “Insurance Global market creating and developing new trends”?
The presentation provides a high level description of some of the main trends that are already affecting (or could affect) the insurance business in the short and mid-term, from a regulatory perspective to customer habits and preferences, including technology and disruption by new entrants, new lines of business, opportunities, etc., providing some real examples from Zurich and other market players in different geographies.
What are the main challenges, changes and opportunities that the Insurance Industry will face within in the next years?
The main challenges can be summarized in one: ‘changing everything so everything stays the same’. Changes on customer preferences, social and demographics, competitors, legal framework, technologies and more will force the insurance industry to reinvent itself if we want to grow this business in the future, and this is the main challenge for the entire sector. And it does not only refer to what to do – it’s about the pace required to implement changes in a heavily supervised industry where a conservative set of mind is prevalent too.
But there are good news for us: insurance is still somewhat perceived as a complex business when seen from the outside and there seem to be other more profitable and/or stable options when chasing opportunities within the financial sector. No doubt this will be an opportunity for us, but this will be only for a limited time, and we need to use this time wisely, to be prepared for the next round, that for sure will come.
Can you tell us three reasons not to miss the Conference Insurance World Distribution Challenges 2016?
First, because the insurance industry historically leveraged technical excellence and balance sheet strength to overtake competitors and outperform other industries, not paying so much attention to concepts that quickly became familiar in other industries like a customer-centric approach, loyalty, proposition design, etc. Concepts that now are considered as key for ensuring not only a sustainable growth but to ensure survival even, and some of these key concepts will be topics for discussion during this conference.
Second, and not only for insurance professionals, this event can be interesting for anyone curious about how a traditional industry (probably one of the most traditional ones) is facing the challenge of adapting to the new and turbulent times in the financial sector.
And finally, there are only a few true ‘global players’ in the insurance field, and people attending this conference will have the opportunity to access ideas, trends and experiences coming from some of those players. It’s true: customers, markets, supervisors and propositions are different all around the world, but you never know where inspiration can be found!