Insurance & Reinsurance in the Baltics: Online services should be a means to lower costs

Today starts the XVI International Conference "Insurance & Reinsurance in the Baltics", organized by the Latvian Insurers Association, the main annual event dedicated to the Baltics insurance markets, gathering more than 200 participants.

"The Baltic markets need to lower their cost ratios by controlling the acquisition costs through online sales, online claims reporting and online customer relations", Ricard WENNERKLINT, Deputy CEO, IF P&C stated during the opening of the conference. Rates should be going down and so should the combined ratio, but it is still not happening, as an important part of the insurance premium goes to administrative costs, noted the representative of IF.

"Digital and innovation - internet of things - is the future of insurance. As an example - 40% of the interactions with clients in the Nordic countries are made through smartphones - and this was a demand from the clients", added WENNERKLINT.

Among the key speakers of the event are also Janis ABASINS, President, Latvian Insurers Association, Matteo CARBONE, Principal, Bain & Company, Tomas SINICKI, Shareholder,, William VIDONJA, Head of Conduct of Business, Insurance Europe, Esko KIVISAARI, Deputy Managing Director, Federation of Finish Financial Services, Michael THEILMEIER, Senior Marketing Manager, Gen Re, Elena ROGOVA, Underwriter Central & Eastern Europe, Hannover Re amd Alexandru CIUNCAN, Xprimm | Member of the Insurance and Reinsurance Stakeholder Group of EIOPA.

Download the Conference Program here.

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