How to Thrive in an Ever-Changing Insurance Industry: Takeaways from the 2023 Global Insurance Symposium
As an insurance executive, you know that the industry is constantly evolving. To stay ahead of the curve, you need to be able to pivot quickly and adapt to new challenges. That’s why we’ve put together this social media research based on the insights shared at the 2023 Global Insurance Symposium in Des Moines, Iowa. Here are seven key takeaways to help you thrive in a changing world.
- Resiliency depends on a business’s ability to pivot Peter Gailliot, Global CIO of the Financial Institutions Group (FIG) and Head of Fixed Income FIG Portfolio Management at BlackRock, emphasized the importance of being able to pivot quickly in response to changing market conditions. “Building dynamic portfolios can create opportunities,” he said. “Keep putting your capital to work.”
- Insurance is still a hedge to unsteady markets According to Lard Friese, CEO and Chairman of the Executive and Management Board at Aegon N.V., insurers need to provide calm in the storm and be a beacon of trust. They must also focus on keeping the balance sheet strong so that the company is in good stead.
- The industry is open to data-backed regulation Many presenters at the symposium spoke about the need for effective regulation that is based on data and insights. “We need to keep it understandable for consumers and we have a big role to play for products, choices, and make communication easy,” said Friese.
- Crisis is the best time to innovate When the world turns upside down, it’s an opportunity to innovate. This was a recurring theme at the symposium, with many speakers emphasizing the importance of being agile and adaptable in the face of change.
- AI is ripe for regulation As AI becomes more prevalent in the insurance industry, there is a growing need for effective regulation. “We need to make sure that AI is used in a responsible way,” said one speaker.
- People remain the insurance industry’s biggest asset Despite the rise of technology and automation, people are still the most important asset in the insurance industry. “We need to invest in our people and make sure they have the skills they need to succeed,” said one presenter.
- Carriers need insurtech partners, insurtechs need carrier partners The insurance industry is becoming increasingly interconnected, with carriers and insurtechs working together to create innovative solutions. “We need to collaborate and work together to create value for our customers,” said one speaker.
At Riskwolf, we understand the importance of being able to pivot quickly and adapt to new challenges. That’s why we offer parametric insurance solutions that are based on real-time data and dynamic risk modeling. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.
To learn more about how Riskwolf can help you thrive in a changing world, visit our website at riskwolf.com.