GIF 2017 Day 1, LONDON : Redefining the insurance business of the future

The "Developed Market Dynamics Panel" has reviewed the main coordinates of the changes driven by the global economic environment's evolution and the technological progress in the insurance filed. XPRIMM delegates at GIF 2017 have reported:

Lisa DAVIS, President & COO, SOMPO America
  • Our customers are changing. Everything changes with digital technologies. 
  • Insurance companies have to start to figure out how to engage customers directly (and not necessarily thru agents). Companies have to start thinking into a different way or they will lose the customer loyalty and modernize.
Denis DUVERNE, Chairman of the Board, AXA
  • Interest rates might and should grow up but my prediction is that they will not go back to their previous values. The solution will not come from a single action: it will come from product design etc. 
  • The life insurance business is flawed from the clients' perspective. We need to change that.
  • Regarding digitalisation - we need to improve the process efficiency but also creating a much better customer experience. 
Gaurav GARG, CEO of Personal Insurance, AIG
  • We have entered an era of rapid technological changes. In the current environment technology is a very important aspect for insurers to look at. This is a very big emerging risk.
  • Autonomous vehicles, connected home etc. - what changes to the risk profile are these technologies bringing?
  • How is the acquire and service customers in the new era? People want to interact with us digitally. There are a lot of opportunities but also challenges for the insurance industry.
  • We haven't fully understood the implications of cyber risks yet. Cyber is a real challenge and a threat for the insurance industry.
The 2017 edition of the Global Insurance Forum, an industry benchmark event organized by IIS- the International Insurance Society, has started on 17 July in London and will close on 19 July. XPRIMM supports the Forum as Media Partner.

GIF 2017 presents a rich agenda, reviewing the main trends in the industry as well as the its future opportunities and threats and the new ways in which insurance providers may and will have to engage in increasing society's resilience.

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