Solvency II first lessons under debate in Ljubljana

6 September 2016 —
s2-lessons-learned-micNine months after Solvency II had officially come into force within the EU, the conference "SII Lessons Learned", organized in Ljubljana, on September 6th, by the Insurance Supervision Agency of Slovenia under the honorary patronage of the President of Slovenia, Borut PAHOR, explores the first lessons learned from regulatory change of a very significant magnitude. XPRIMM Publications support the event as Media Partners.

s2-lessons-learned1-micTogether with the tightening competition and the technological progress, regulatory changes have considerably changed the European market landscape in insurance. The insurers are striving to maintain their position in an extremely competitive environment whilst maintaining an appropriate level of quality of services for their consumers. Technology, especially the fast developing digital means, adds to the other competition challenges the need to permanently adapt to the new technologies available, in order to cope with the newly developed expectations of the young consumers. 

For the supervising authorities, protection of the insurance consumers' rights remains the main task, in many aspects challenged by the Solvency II requirements and the market conditions.
All the above aspects will be touched by the exquisite speakers' panels of the conference. Among them, there are top representatives of EIOPA, as well as of the national supervising authorities, as well as of the industry itself:
  • Manuela ZWEIMUELLER, Head of Regulations, EIOPA
  • Sergej SIMONITI, Director of AZN
  • Thomas SCHMITZ LIPPERT, Executive Director, International Policy, Financial Stability and Regulation, BaFin
  • Gregor PILGRAM, Chief Financial Officer, Generali CEE Holding B.V., Czech Republic
  • Qasim AKBAR, Senior Manager, Mazars LLP, London
  • Dr. Christian DAHMEN, Chief Risk Officer Health at Munich Group, Muncih Re
  • Jean-Francois DIET, CEO Europ Assistance, France
  • Matija SENK, Member of the Management Board Adriatic Slovenica, Slovenia
  • Andre Van VARENBERG, Chairman of BIPAR Broker's Standing Committee, Belgium
  • Raz PELEG, Regional Sales Director MOBILEYE Vision Technologies, Israel
  • Alexandru D. CIUNCAN, Member of EIOPA's IRSG & OPSG, Managing Partner XPRIMM
  • Primoz DAMJANOVIC, Deputy director, Securities Market Agency of Slovenia
  • Lorenzo FATTIBENE, Executive Director in the Financial Services - Advisory Services practice, EY Italy
  • Tadej COROLI, Member of the Management Board, Zavarovalnica Triglav d.d., Slovenia
Click here to see the detailed conference's program.

Live text:
  • Sergej SIMONITI, Director of Insurance Supervision Agency of Slovenia
    - The Slovenian insurance market entered the Solvency II environment in a very good shape
    - The ultimate goal of Solvency II is consumer protection
    - Strategy is the key in the Solvency II regime

  • Manuela ZWEIMUELLER, Head of Regulations, EIOPA
    - I congratulate AZN & its Head, Sergej SIMONITI, for setting up this conference for exchanging ideas on the implementation of Solvency II after the successful first edition last year
    - We will now enter into the next journey - which is supervisory convergence. This will take time for all of us to adapt and to practice. EIOPA will add value to national supervisors but also challenge them - so we have a unique role
    - In 2015 we have conducted a BSR exercise in Romania in order to increase the credibility of the market and now we are doings a similar one in Bulgaria
    - Ensuring policyholders protection increases trust in the system

  • Gregor PILGRAM, Chief Financial Officer, GENERALI CEE Holding
    - The main Solvency II lessons learned are that there is business impact and that capital management became increasingly complex
    - We can see consolidation in the CEE markets as a consequence of Solvency II - which acted as an accelerator in this regard
    - We also see a number of positive changes on the Romanian market
    - There is a fine line as far as the IDD is concerned between regulating and completely destroying the market, especially the life segment

  • Matija SENK, Member of the Management Board ADRIATIC Slovenica, Slovenia
    - Individualisation of business is on the agenda of most international insurance groups
    - Imagine what it will happen if a giant tech company would now enter the insurance market
    - Insurance company will face major changes due to Solvency II and to other future challenges; it will need to respond adequately to consumer demand

  • Andre VAN VARENBERG, Chairman of BIPAR Broker's Standing Committee, Belgium
    - The insurance industry is at a major turning point. There are 3 main axes: regulation, market (clients, providers & new emerging risks) and digitalisation
    - The digitalisation era it is the right moment for intermediaries to demonstrate to all clients the value of our advice
    - An avalanche of rules has stormed Europe in the last years with implications for insurance intermediaries due to administrative burden and beyond

  • Alexandru CIUNCAN, Member of EIOPA's IRSG & OPSG, Managing Partner - XPRIMM
    - Solvency II is designed to be, at the end of the day, a consumer protection instrument. It is designed to give clients more trust in a more stable system and its supervision.
    - The importance of a good comprehension of Pillar III public disclosures by those who shape the public and market opinion, like analysts and journalists, is crucial, as communication is key. S2 has to be decoded for those not looking forward to getting a PhD in insurance.
    - Consumers are now more involved in decision-making than ever and are a part of the game. They are more than ever, engaged stakeholders. And they have to be. Because globalization, the access to information, the sharing economy - are reshaping the world.

Click here for Manuela ZWEIMUELLER's speech.

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