Following our successful Reuters Events: The Future of Insurance 2020 Event Series, we want to help you strategize for the future, by providing a summary of the key points from our flagship conferences, so you can use the insights from the industry’s leading CEOs.
The experience of 2020 has been transformational for many, and the insurance industry is no different. Managing the challenge of remote workforces, emerging risks, and keeping up with changing consumer behaviour, there has been little time to consider what the industry might look like moving forward.
CEO, Aviva Canada
CEO, CSAA Insurance Group
CEO, Tokio Marine HCC
CEO, Legal & General
CEO, Lloyd’s Europe
CEO EMEA, Zurich
President & CEO, Marsh & McLennan
President & CEO, Economical Insurance
Chairman & Co-Founder, Emerald Life
With new opportunities for growth and continued digital acceleration in 2021, insurers are keen to make sure that the momentum of innovation is maintained; that learnings from 2020 are acted on. However, this demands more than a crisis response. To make the most of the opportunity, it has to be a project that achieves buy-in throughout the organization.
“It is a really wonderful excuse for us as an organization and industry to really fully charge our digital strategies moving forward. But digital business is a full team sport for the entire Executive Committee. You need to have a big picture vision to be able to share. It’s going to be much easier for employees to get on board with a vision that's consistently communicated”, insists Susan Rivera, Tokio Marine HCC CEO.
What will the post-COVID-19 insurer look like? The pandemic has offered clues to the industry as to how we should look to evolve in the future. Much that has happened has been incredibly disruptive, but it has also revealed a wealth of opportunity. Certainly, we can expect an evolution of the remote working trend that garnered headlines throughout last year. It’s an evolution because few executives from Reuters Events flagship conferences believed a fully virtual workforce was either practical or desirable.
Dan Glaser, President & CEO, Marsh and McLennan pointed out: “in a lot of ways, we have improved in this crisis. We're faster, more connected and more collaborative than we ever have been. But I do think that it has been overcooked a little bit. Many offices, including Marsh & McLennan [need] more of a hybrid model. The office will stay in the center of the Marsh & McLennan universe, though with more flexibility.”
While COVID-19 forced many insurers to look at how effective and efficient their businesses could become post-pandemic, executives also warned that they could not afford to be inward-looking all the time. The world did not stop in lockdown and pressing concerns such as climate change and social inclusion are not just equally deserving of attention, they are already mission-critical for the industry as a whole.
“In corporates themselves, their staff, colleagues, climate change is one of the things that binds everybody together. Everybody cares that these are important things we should be doing, not just for ourselves but for our children and our children’s children,” insisted Nigel Wilson, CEO, Legal and General.
To find out more about how executives have reacted to the challenges of the COVID-19 pandemic, and the ways in which they and their organisations are looking to move the industry into a new age, download the latest whitepaper summarizing the CEO insights from our Reuters Events: The Future of Insurance 2020 Event Series – here.
This whitepaper was released in conjunction with The Future of Insurance USA 2021 (June 22-24, Online), returning this year to provide the executive view of the internal and external trends shaping the US Insurance industry. Uniting CEOs, C-Suite leadership teams, and senior business decision makers to build the strategies that drive growth, harness opportunity and guarantee success.