Game of Risks, Value Creation
Insurance companies are displaying all their skills at handling the risks glimpsed on the immediate horizon. Risks derived from the impact of COVID-19 on distribution management, claims, product design or the effect on the valuation of their portfolios, as well as adapting to their clients’ increasingly more dynamic needs, and managing new products for new risks such as climate change and cyberterrorism.
This need for strategic innovation is just one of the challenges the industry faces, such as maintaining its historic profitability, which has been threatened by low interest rates, price wars and improvable efficiency levels.
These challenges must be faced in a disruptive technological and regulatory context characterized by constant innovation. Examples of this include big data’s potential impact on business, as well as implementation of IFRS 17.
Where is health insurance going after COVID? Will the Internet of Things make risk management more dynamic? What benefits will IFRS 17 have for the Spanish insurance industry? Can insurance companies help solve the pension problem in Spain? Can a price war in health and auto insurance be sustainable? Will we be able to shift from a mentality structured on types of insurance to one based on profitability per client without demutualization?
Regulators, academics, consultants and senior managers in the insurance industry will have a chance to join the conversation on these and other topics and present their opinions and points of view on a scenario that is as uncertain as it is full of opportunities at the 10th Insurance Industry Meeting organized by IESE Business School (CIF) in collaboration with EY.