6th October, 14:00 - 15:00
The Keynote Debate: Trends that will change the insurance industry
Barring any unexpected catastrophes, individuals, businesses, and society can start to look forward to shaping their futures rather than just grinding through the present …. and in some ways, normal could be better. With good leadership, from both business and governments, changes in productivity, green growth, medical innovation, and resilience could provide an enduring foundation for the long term.
Plato was right however: nnecessity is the mother of invention and the primary driving force for most new inventions is a need. During the COVID-19 crisis, the velocity of digitisation has had a stunning impact on everything from online customer service to remote working, to supply-chain reinvention to the use of artificial intelligence and machine learning to improve operations.
The pandemic crisis sparked a wave of innovation, and the insurance industry therefore stands on the precipice of profound change. Whilst digital technologies are driving irreversible change, the impact of the pandemic has added velocity to the pace.
New competitors and business models, the capabilities of AI-powered analytics, insurance innovators improving their performance, the emergence of usage-based products, addressing the demands of systemic risks, and meeting the needs of increasingly sophisticated customers and risk management professionals are collectively driving transformation of the insurance industry. With so much change, the challenge is: which direction will the industry take and where should the energy of insurers and brokers be focused?
As we look into the future we naturally see both threats and opportunities, but will the insurance industry seize the opportunities – and as they look over the precipice, what do industry leaders see?
- The challenges of systemic risk
- The new models which may emerge
- The role of data and the use of artificial intelligence
- The rise of disruptors
CEO, AON UK
CEO, UK & International
CEO of Aviva UK & Ireland General Insurance
Managing Director at FM Insurance Company Ltd