Insurance Europe's 8th Annual International Insurance Conference gathered over 600 professionals

25 May 2016 — Alexandru CIUNCAN
CjSsNZ_UgAAk87LThe 8th Annual International Insurance Conference organized by Insurance Europe, brought into debate the global economy and the world of tomorrow. The theme of the event was "Serving our customer in tomorrow's world", and it provided approximately 600 delegates from around 50 countries with the chance to join the debate on several serious issues facing both the insurance industry and wider society.

The conference took place on May 25 in the city of Dublin, and the most important topics analyzed included:
  • Global & European stability
  • The global economic shift & growth markets
  • Technological advances
  • Our customer in tomorrow's world
The event was attended by high-level speakers from throughout both the insurance and regulatory world, such as Sergio BALBINOT, President, Insurance Europe & Member of the board of management, Allianz SE, Gabriel BERNARDINO, Chairman, European Insurance & Occupational Pensions Authority (EIOPA), Karel Van HULLE, Professor, KU Leuven, Belgium and Goethe University Frankfurt, Rowan DOUGLAS, CEO, capital, science & policy practice, Willis Towers Watson, Paul MAHON, President & CEO, Great-West Lifeco Inc., Julie Mix MCPEAK, Vice-president, National Association of Insurance Commissioners (NAIC), USA, Commissioner, Tennessee Department of Commerce & Insurance, USA, Craig THORBURN, Lead insurance specialist, World Bank, and Andrea KEENAN, Vice-chair, Microinsurance Network, Senior managing director, industry relations, A.M. Best.

The Conference began with a Global industry panel addressing the regulatory impact on customers and continued with four parallel sessions. The discussions were closed during the Strategy panel focusing on the customers of the future.

XPRIMM Publications' representatives also attended the 8th Annual International Insurance Conference.

Live tweets - #InsConf16:
  • Enda Kenny T.D., the Taoiseach of Ireland, welcomes delegates to #InsConf16
  • Serving the customer in tomorrow's world - main topic #InsConf16. Good to hear that clients are in the limelight
  • Bernardino: Continuing work is needed by regulators & industry to keep consumers at the heart of regulation
  • Balbinot: 1% increase in charges due to excessive capital charges, could reduce pension pay out by more than 20% over 20 years
  • Douglas: I have been struck by how far our industry has come in the last 25 years in understanding climate & catastrophe risks
  • Douglas: Insurers have so much to teach and share in terms of knowledge on risks with wider financial sector
  • Douglas: We must see insurance as a mechanism to help society meet future challenges. But we need the right regulatory framework
  • Mahon: Rules for insurance advisers need to be proportional & cannot just address "problem children" of industry
  • McGavick: Insurers and regulators have symbiotic relationship in building consumers' trust in our products
  • Rowan Douglas: "Insurance is the new big idea" for solving societal risk issues; "we should be proud"
  • Bernardino: We are happy to see that the attitude toward consumers is changing. We have been pushing
  • McGavick: If we are going to be a leading industry, not shrinking away, we need regulation to allow us to innovate
  • Burkhard Balz, MEP: Insurance sector will have a prominent role in the upcoming CMU legislation
  • Balz: Huge demographics challenges ahead of us. We need to guard our ability to provide long-term insurance & pension provision
  • Balz: Debate on #PEPP needs to address long-term investment issues, must be simple and transparent
  • Panel A: Keenan: Emerging markets have different needs for micro insurance
  • Panel A - Keenan: Micro insurance can fill some gaps in protection, but not all
  • Panel A - McMillan: Partnerships give us access to customers & political input in emerging markets
  • Panel A - McMillan: Conduct legislation in some emerging markets not yet mature & must shift emphasis to driving customer value
  • Panel D - Govenor Kempthorne: G-20 looking for non-bank capital for investment, such as #insurers
  • Panel D - Kempthorne: Whenever disaster strikes, #insurance is there to help
  • Panel D - McPeak: We should question whether regulation actually helps policyholders
  • Panel A - Thorburn: Firms entering emerging markets need to differentiate themselves from those already there
  • Panel D - Ryan: We are already looking forward to the evaluation phase of #SolvencyII
  • Panel B - Magnusson: Technology more important than ever & difference between product and distribution is disappearing
  • Panel B - Trevisani: Telematics generates value to all stakeholders: customers, #insurer, distribution network & society #InsConf16
  • Panel D - Ryan: We need to make sure that the IAIS deal with their isues in the most rigurous way #InsConf16
  • Panel C -  McIlduff: #Insurance is a long term-business. If we lose a customer, it takes 5 to 10 years to get them back #InsConf16
  • Panel B - Magnusson: Going foward, consumer interaction will change completely #InsConf16
  • Panel C - Larnaudie-Eiffel: #Digitalisation will bring customers to the centre of the game #InsConf16
  • Panel D - McPeak: We need to look at similar outcomes with different regulations #InsConf16
  • Panel A -Thorburn: Changing the prudential regime takes time and requires close communication between regulators and industry
  • Panel A - Keenan: Insurers must pay attention to customers from micro-#insurance business cases and look things in a new way
  • Panel D - McPeak: Adding capital has to have a real added value, otherwise we may prevent innovation
  • Panel B - Wendling: 3 new trends in distribution: community (peer-to-peer), automated, embedded
  • Panel D - Ryan: We can't talk about ICS implementation until it's finalised and we know what it looks like
  • Session C - Sheridan: It is key to find a balance between price, access, competition and #insurers delivering for consumers
  • Panel C - Larnaudie-Eiffel: EU best regulated place in world, but rules mustn't unnecesarily stifle
  • Maas: Technology is only a change enabler, not a driver
  • Maas: The type of language used by the public to discuss insurance is very different from that used by the industry
  • Professor Peter Maas from University of St Gallen speaking @ #InsConf16 "Our research found no evidence that consumers want more regulation"
  • Prof Maas tells audience there are 3 types of consumers: delegators, pragmatists and autonomous decision-makers.
  • "Guidelines are not legislation and are not legally binding." Ryan on the question of whether extra EU guidelines are onerous.
  • Professor Peter Maas from the University of St Gallen in Switzerland @ #InsConf16 "Research found information overload is the real danger"
  • Professor Maas @ #InsConf16 "Less than 50% of consumers wanted more #insurance regulation, in our research"
  • McPeak: Google looking at opportunities in #insurance in the future, looking at ratings issues #InsConf16
  • Kawai: We need to learn best practices from each other & then apply that to #insurance regulation
  • McPeak: Consumers need to be given transparent information & be given a better understanding of retirement products
  • Vela: Huge interest in guarantees in life #insurance; low interest rates & regs making industry unsure if this is still possible
  • Vela: We need to adjust regulation so it doesn't kill long-term life #insurance business model, & so consumers can benefit
  • Watson: #Insurers need to have positive #consumer interaction: we did this by rewarding healthy living by our customers
  • Watson: Rewarding #consumers for healthy living lets #insurers have lots of positive interaction with your customers
  • Julie McPEAK, NAIC (USA): Consumers need more information & education in planning their retirement
  • Julie McPEAK, NAIC (USA): Financial education for seniors will be a big theme for 2016 at NAIC. Innovation is another theme
  • Vela: We need to figure out a middle ground to provide sustainable guarantees to customers
  • Customers want guarantees but regulators driving higher capital and reg costs Mexico Ins pres Mario Vela tells
  • McPeak: NAIC are looking for private sector solutions to Long Term Care #InsConf16
  • AIA's Gordon Watson says rewarding customers critical in driving engagement on long term products in Asian markets
  • Mario Vela (AMIS) at #InsConf16: Mexico is a young and fast-growing country. This creates opportunities for insurance.
       


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