Annual Conference 2019

Breakout sessions:

• Morning sessions
  • Breakout A: Increasing Client Engagement [more details]
    In recent years, insurers have taken significant steps to increase consumer engagement. Enhanced engagement can lead to better consumer outcomes and higher profitability for firms, so insurers will continue to focus on this. Increased engagement with all customers, but specifically with those who are vulnerable, represents a common thread across many recent regulatory initiatives. This session will explore some of the key regulatory developments in this area and how innovation within the industry leads to enhanced consumer engagement.
  • Breakout B: Managing longevity and investment risk in an uncertain world [more details]
    Uncertainty about life expectancy and economic conditions presents fundamental challenges to the long-term savings industry, consumers and policy-makers. Business models in long-term savings and pensions have adapted through firms consolidating and focusing on the risks they want to take on. Individuals in the retirement market may struggle to understand their own investment risk and longevity risk. Policy ideas like collective defined contribution, defined benefit consolidation and simplified retirement pathways are all attempts to improve outcomes, but all are yet to be tested. Will consumers ever really understand the risks they face, and how can industry mitigate risks for those who can’t? Will the future lie in pooling these risks, or using insight from an ever-growing mass of data to tailor solutions to the individual?
  • Breakout C: The future of GI pricing: improving customer outcomes in the age of AI [more details]
    Insurers can tap into a broad range of technology to model risk and price accurately. Developments in data collection stand to bring comprehensive and dynamic observability to the insurance contract, and provide insurers with a better understanding of their customers and risks. This session will examine the evolving technological landscape and its impact on risk modelling and product design. The panellists will discuss ethical issues surrounding the use of data in pricing, including hyper-personalisation and the potential loss of risk sharing for high-risk groups; procedures to oversee the quality and relevance of data; and transparency. The session will also look at factors that can lead to excessive differences in premiums that unfairly penalise some customers and what the industry can do to improve consumer outcomes.
• Afternoon sessions
  • Breakout D: Prudential Regulation in 2019 – in the eye of the regulatory storm [more details]
    The insurance industry in 2019 sits in the eye of the storm of significant regulatory change. After the tempest of Solvency II development and implementation, the Treasury Select Committee brought more barometric pressure to bear, leading to a series of refinements which have now bedded in. But the winds of change are about to blow again, with the implementation of the first significant changes to Solvency II arising from the standard formula review, and recommendations on changes to the long-term guarantees package due in 2020. Furthermore, internationally-active groups are bracing themselves for the implementation of the global insurance capital standard from 2020. What will be the impact of regulatory change on creditworthiness? Where are prudential regulators looking next? How will business models, already strained by low interest rates, demographics and a high supply of capital from alternative markets, need to adjust? How should insurers best prepare for the coming storm?
  • Breakout E: Working towards 100: can insurers rise to the challenge of an ageing population? [more details]
    With one third of people born today estimated to live to 100, our working lives are set to lengthen and change considerably in the decades to come. With their long term business models under threat, the insurance products of today will need to change to meet new demands. Can insurers rise to the challenges - and seize the opportunities - that will come with the growing demands for healthcare, protection safety-nets and post-work social care of an ageing workforce?
  • Breakout F: Fire safety in a post-Grenfell world [more details]
    The tragic events at Grenfell Tower in June 2016 have reinvigorated public policy challenges around the need for better management of the risks associated with fire and fundamental reform of the building regulations to prevent such disasters from ever occurring. This session will focus on the policy and regulatory changes that the fire sector and insurance industry would like to see to ensure that UK homes and commercial buildings are safe and protected against the significant costs fire can have for individuals, communities and society as a whole.