Insurance Risk & Capital 2016

Chair's opening remarks

KEYNOTE ADDRESS: The future of insurance

Neil Eckert, Chairman, AMP (and Former CEO & Founder, Brit Insurance)

REGULATORY KEYNOTE ADDRESS

Sarah Goddard, Secretary General, AMICE

PANEL SESSION: Regulatory outlook for the insurance industry beyond Solvency II

• Keeping ahead of compliance and conduct risk
• Innovation and disruption in the insurance industry
• Where should we be investing in the future?
• Recovery and resolution
• International Financial Reporting Standards (IFRS)
• New global capital standard for internationally active insurers

Alex Duncan, CRO, Just Retirement
Aurore Lecanon, Financial & Insurance Risk Management (FIRM) Director, Prudential

Moderated by: Marcus Bowser, UK Life Sales & Practice Leader, Willis Tower Watson

PANEL DISCUSSION: Post Solvency II: what does business as usual look like in terms of model validation?

• Keeping the model valid post IMAP (internal model approval process)
• What constitutes 'fit & proper requirements for Solvency II' now that we are in the Senior Insurance Managers Regime (SIMR)?
• Stress (and reverse-stress) testing and scenario testing
• The need to reach an agreement on exactly what makes the business unviable (ie it would certainly be unviable before capital runs out)
• Model changes

David Innes, Group Capital and Financial Risks Director, RSA
Philip Whittingham, Head of Model Validation & risk Governance (including Operational Risk), XL Catlin
Tom Bryant, Head of Audit (LGR), Group Internal Audit, Legal and General

Moderated by: Chris Cundy, Managing Editor, InsuranceERM

AUDIENCE DISCUSSION GROUPS: Examining the remit and role of the CRO

• What is the role and scope of the CRO?
• Authority and reporting line
• Skills and experience
• Qualifications
• Competencies and soft skills
• Succession plans and the next generation
• The challenges facing the CRO of the future

Featuring audience polls and feedback questions for Tom Wilson to answer during the next  session

EXAMINING THE REMIT AND ROLE OF THE CRO

Tom Wilson, Group CRO, Allianz

Will be interviewed by:
Vinaya Sharma, Actuary and Managing Director, Quantitative Risk Management, Inc.

PRESENTATION: New life and pension products without guarantees

In Holland and other European countries there is a move away from guaranteed products

In the UK this trend started earlier but continues, e.g. the shift away from annuities toward equity-release mortgages

• How are these products designed and what are the capital implications?
• Do they meet the needs of customers and what risks do they bring?

Alan J Rae, Corporate Finance, Achmea

PANEL SESSION: How confident are we that our risk frameworks are fit for purpose?

• Keeping abreast of new risks and challenges
• Preparing for the eventuality of a cyber attack
• Big data and its impact on cyber security

Michael Hosking, Chief Risk Officer, Faraday
Roger Dix, Chief Risk Officer, Wesleyan
Sebastian Rath, Principal Risk Officer, NN Group

Moderated by: Raphael Borrel, Internal Model Industry Forum (IRM)

PANEL DISCUSSION: Liquidity is the new capital

• Divisions of responsibility for liquidity risk
• Measuring liquidity risk and stress testing
• Identifying liquidity needs and sources of liquidity
• Assessing the liquidity of assets, and considering what haircuts need to be applied
• Derivatives and collateral calls

Daniel Blamont, Head of Investment Strategy, Phoenix Group
Viktor Mirkin, Head of Analytics and Optimisation, Pension Insurance Corporation

Moderated by: David Walker, Senior Staff Writer, InsuranceERM

Registration

Chair's opening remarks

KEYNOTE ADDRESS: Achieving profit and growth in a low yield environment

• Where do future business lines lie? 
• Examining new products and markets
• Assessing the pros and cons of higher risk and new asset classes (illiquid assets such as infrastructure)
• Lowering cost bases through automation and disintermediation

Erik Vynckier, Board member, Foresters Friendly Society

PRESENTATION: Assessing and encouraging a culture of good conduct

• Promoting a proactive culture of good conduct
• The role of the Financial Conduct Authority (FCA)
• What considerations are being given to the customers' views and requirements?

Jane Hitchcox, Conduct Risk Manager, XL Catlin UK & Ireland

PANEL SESSION: Measuring and managing the organisation's risk culture

• Encouraging a culture of communication and trust
• Finding the middle ground for a risk team that operates effectively both within the company and in their reporting to the regulator
• Identifying and modelling emerging risks
• Lessons learnt
• The role of HR

Helen McKee, Prudential Risk Specialist, Prudential Risk Team, NFU Mutual
Monika Samtani, Prudential Technical Specialist, Gibraltar Financial Services Commission
Russel Goldstein, CRO, Darta Saving Life Assurance Ltd

Moderated by: Daniel Bruce, Director, Crowe/BaxterBruce

CASE STUDY: The 'living' ORSA: securing additional advantage for the business

• Prioritising the user experience
• Not a point in time but an ongoing, evolving approach to manage risk
• Using technology to drive Board engagement

Andrew Daniels, Head of Risk Reporting, Standard Life

PANEL DISCUSSION: Asset and liability management and the impact of Solvency II

• Examining the information and detail required for SII Pillar 3 reporting
• Upcoming new regulation in financial reporting including IFRS 4 Phase II
• New global capital standard for internationally active insurers

Prasun Mathur, Head of Group Investment Operations, Aviva
Emily Penn, Head of Capital Efficiency, LV=
Viktor Mirkin, Head of Analytics and Optimisation, Pension Insurance Corporation

Moderated by: Asa Gibson, Editor, Insurance Asset Risk

PANEL DISCUSSION: Embedding the identification and modelling of emerging risks into routine risk management

Guidance on integrating emerging risk assessment into risk modelling in e.g.

• Global warming
• Cyber risk
• The Zika virus
• Longevity
• Testing for and incorporating  asymmetric  information in insurance markets

John Scott, CRO Global Corporate, Zurich Insurance Group
Joseph Lu, Director, Longevity Science, Legal & General
Marcia Cantor-Grable, Director Emerging Risk and Regulatory Developments, Prudential Plc
Richard Charlton, Deputy Chief Risk Officer, Canada Life Limited

Moderated by: Mike Finlay, CEO, Risk Business

REGULATORS PANEL DISCUSSION: Examining the differences in the regulatory landscape across Europe

• Approving and changing internal models:  what is involved?
• Solvency II implementation
• Resolving uncertainty around Solvency II's dynamic volatility adjustment (VA)
• Regulatory arbitrage
• The differences in terms of interpretations, data quality, models, etc
• What might change in the Solvency II standard formula and long-term guarantees  (LTG) package
• Examining the information and detail required for SII Pillar 3 reporting
• Brexit:  what will UK do?  What will EU do without UK?

Henrietta Tait, Technical Specialist Insurance Policy, Bank of England
Dr. Mojca Piškurić, Deputy Director, Insurance Supervision Agency, Slovenia
Monika Samtani, Prudential Technical Specialist, Gibraltar Financial Services Commission
Steven Findlay, Associate Director, Head of Prudential Regulation, Association of British Insurers (ABI)
Moderated by: Anne Leslie-Bini, Associate Director, Bearing Point

PANEL DISCUSSION: InsurTech: the risks and rewards of digitalising the insurance industry

• Using data analytics to simplify and improve customer experience
• Dealing with legacy IT estates
• Agile development
• Maintaining an effective internal control environment amid business transformation and cost pressures

Jehangir Byramji, Senior Fintech Lead, Lloyds Banking Group
Theo Berg, Partner, PwC
Tony Brooke-Taylor, Audit Director, General Insurance, Aviva

Moderated by: Asa Gibson, Editor, Insurance Asset Risk