MMC: Next generation industry leaders must "adapt or face extinction"

During Rising Professionals' Global Forum 2019, a two-day event gathering approximately 700 delegates from insurance and financial services industry, Marsh & McLennan (MMC) representatives stressed about how the next generation of industry leaders must adapt to the new challenges and opportunities.

Dan GLASER, President and CEO of Marsh & McLennan Companies, said during the event:

"The world needs the insurance industry firing on all cylinders to address the most complex challenges and opportunities of our time - to enable investment, innovation and growth. It's on us to engage and educate the best and the brightest to lead our industry forward, which is why we're committed to the Rising Professionals' Global Forum."

Victoria CARTER, Chairman of Global Capital Solutions, International, and Chairman of the Rising Professionals' Initiative, addressed the theme of Adaption or Extinction, saying:

"As a market, we have provided the financial security through our products that has facilitated the phenomenal speed of innovation and technological evolution achieved in recent years; yet we have not kept pace with that change. Digital transformation is reshaping the world we live in and fundamentally altering the way we interact with our customers. It is creating huge potential for our industry while simultaneously offering us the ability to grasp that potential."

"If we are not only to survive but to thrive in this new world (...) it is imperative that we acknowledge our customers' expectations, harness these new technologies to meet those expectations and get ahead of this fast-changing environment."

John NEAL, Chief Executive Officer of Lloyd's, said that the insurance industry is facing a talent crisis amid the increasing dominance of the tech sector:

"We are not yet seen as the desirable industry for young bright minds to want to work in, and is it any surprise when there are so many challenges in and around our marketplace? We need to ensure that inappropriate attitudes are eradicated and give everyone the chance of a rewarding career."

John NEAL thought Lloyd's had a good base upon which to launch its digital transformation if it could leverage these attributes combined with its own unique characteristics. But change needs to happen fast with some quick wins and off-the-shelf plug-and-play solutions an essential part of the strategy. NEAL acknowledged that speed and change had not always been easy bedfellows at Lloyd's:

"Our survival hasn't yet been threatened in the way it has been in some other industries, such as retail, and when the platform isn't burning, proactive change is just more difficult. (...) As a sector, our choice is to continue with business as usual and become irrelevant or change and realize an enormous opportunity in the world of risk."

"We have a once in a generation opportunity to lead the marketplace in delivering innovative services and solutions. (...) We can do that by leveraging and seizing the spirit of innovation that's always been at the center of the market and the trusted partnership and relationship between the customer, broker and insurer."

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