Agenda

08:50

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

WELCOMING REMARKS

WELCOMING REMARKS

09:25

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: MANAGING PEOPLE RISK – HOW DOES THE INSURANCE INDUSTRY STAY RELEVANT AND ABLE TO COMPETE FOR TOP TALENT

  • Post Covid labour market dynamics – what trends are we seeing?
  • Mitigating risks around a tight labour market
  • What are the key motivators for staff and how can we respond?
  • Power and importance of the company's ESG brand
  • Investing in talent – attracting, managing and maintaining.
  • How do we keep talent engaged? How do we ensure ERM career is a challenging one and keep talent engaged?
  • To what extent can an effective D, E & I programme help with the attracting and nurturing talent?
  • What impact is the hybrid virtual model having on human capital?
    • How are different firms approaching the evolving virtual/hybrid work environment structure?
    • How effective is the hybrid working model proving to be and is it sustainable?
    • Is the business model operating at optimum capacity within this hybrid structure?
    • How has hybrid working impacted culture? How do you ensure culture remains robust in hybrid working environments?
    • Initiatives to encourage collaboration and connectivity
    • Challenges around recruiting new talent into a hybrid environment
    • How can firms adapt culture and operating methods to match hybrid/flexible working?

Panellists:
Rob Anarfi, Chief Risk Officer, Beazley Group
Socrates Coudounaris, Head of Risk Management, Reinsurance Group of America, Incorporated

PANEL DISCUSSION: NAVIGATING THE DILEMMAS AND MORAL CHALLENGES OF THE SUSTAINABILITY AGENDA

  • Setting your ESG ambition: What does sustainability mean to your company and your stakeholders?
  • What should a 'good' ESG ambition look like and what are the building blocks that help you get there?
  • Aligning ambition with purpose and strategy
  • Balancing trade-offs – managing the moral dilemma inherent in ESG choices – how do you decide who will win and who will lose?
  • Managing and meeting stakeholder expectations
  • What is the right governance structure to underpin and support this balancing act?
  • The role of the Board

Panellists:
Alex Hindson, Chief Risk and Sustainability Officer, ArgoGlobal
Aurore Lecanon, Chief Risk Officer, Direct Line Group
Representative, Aviva Investors
Deepak Jobanputra, Chief Sustainability Officer, Vitality

10:10

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: AI AND ML - EMBRACING TECH AND DIGITAL OPPORTUNITIES IN THE RISK SPACE

  • Examples of current practical application of AI and ML – has the reality lived up to the hype?
  • What factors are inhibiting growth?
  • How can the regulatory landscape be more enabling?
  • Do we have the right risk appetite to appropriately embrace AI opportunities?
  • Defining and governing ethical AI principles
  • What tech innovation do we need in order to meet the demands and challenges of the future insurance market place?
  • Where are the opportunities for innovation? Where can the use of AI and ML be most impactful?
  • How do you build a culture that embraces and drives innovation?

PANEL DISCUSSION: WALKING THE TALK: CAN WE BACK UP OUR CLIMATE STATEMENTS AND MANAGE TO AVOID THE GREENWASHING PITFALLS?

  • Update on recent litigation
  • Reputational and risk implications of greenwashing
  • Are we in danger that our net zero commitments will lead to law suits if we can't deliver?
  • Are we under too much pressure to report and make decisions based on inadequate data?
  • What information insurers need from their AM to ensure the offering is not only green in marketing?
  • Will the rise of mandatory, standardised disclosures, address the data gaps, and in turn help combat greenwashing?
  • Data challenges and the role of ESG ratings
  • What constitutes a truly sustainable product with real impact vs greenwashing?
  • What steps can insurers take to avoid greenwashing and the perception of greenwashing?

Moderator:
Representative, Allianz Global Investors

10:50

MORNING COFFEE BREAK

11:10

PANEL DISCUSSION: GEOPOLITICS, INFLATION AND MONETARY POLICY– ANALYSIS OF A CHALLENGING MACRO ENVIRONMENT AND OUTLOOK FOR THE MONTHS AHEAD

  • The perfect storm: How did we get where we are today and what will be the key driving factors that will influence the macro-economic outlook and risk landscape over the next few months?
  • What is the medium-term outlook for inflation? Are we on the precipice of a structural shift to a higher inflation environment or is this transitory?
  • How is inflation affecting insurers and how have they responded to it?
  • Is Stagflation a real risk and what would that mean?
  • What actions can we expect from central banks in terms of interest rate policy?
  • Will the pace of monetary policy tightening lead to a disorderly adjustment in financial markets?
  • Impacts on market volatility from the Russia/Ukraine war and what this means for insurers.
  • How should insurers be monitoring and assessing continued geopolitical risks
  • How is Covid continuing to impact world economies?

Panellists:
Chris Knight, Group Chief Risk Officer, Legal and General
Representative, Russell Investments

11:55

KEYNOTE: Fausto Parente, Executive Director, EIOPA

12:20

PANEL DISCUSSION: OPERATING TO A SOCIAL PURPOSE

  • How are insurers evaluating their role in society?
  • What does it mean in practical terms for an insurer to 'operate to a social purpose'?
  • Where are insurers best placed to make a difference and what opportunities does this bring?
  • Brand enhancement
  • Will we see insurers start to brand themselves as an 'ethical insurer'?
  • Ensuring a clear statement around culture
  • How are firms starting to think about supporting vulnerable customers?
  • What innovations have we seen around products and initiatives to support customers with lower income or substandard health so that the risk remains within the limits?

Panellists:
Alex Duncan, Group Chief Risk Officer, Just Group
Kirsty Leece, Group Chief Risk Officer, Vitality

13:00

LUNCH

14:00

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: NEXT GENERATION RISK MODELLING – HOW DO RISK IDENTIFICATION AND MODELLING CAPABILITIES NEED TO EVOLVE TO MEET THE NEW ERA OF COMPLEX AND UNPREDICTABLE RISKS

  • How have recent global events changed our perception and definition of 'emerging' and 'tail risk' events?
  • What new challenges does today's vast and complex risk system bring?
  • How do we move towards a more forward-looking long term risk approach?
  • Interconnectedness and accumulation of risk – Spotting the risk interactions that cause the complexity
  • Moving away from a silo risk identification approach and connecting the dots – how do you implement and embed this approach in practice?
  • To what extent could the digitalisation of risk functions and risk management systems be the answer?
  • How are modelling approaches and product developing and evolving to keep pace with the ever more increasingly challenging and complex nature of cyber threats?
  • Utilising the power of AI and big data – opportunities for transformation in the cyber underwriting space
  • Where can the skills of the risk manager add value?

Moderator: QRM

Panellist:
Fabian Uffer, Group Chief Risk Officer, Scor

PANEL DISCUSSION: BALANCING SUSTAINABILITY VS RETURN IN THE ASSET PORTFOLIO

  • How are insurers balancing the need to meet ESG criteria and net zero targets whilst maintaining the required levels of return in the portfolio?
  • How are ethical and moral investment decisions approached?
  • Which assets are insurers seeking out from a sustainability perspective?
  • What constitutes real impact vs greenwashing?
  • Role of regulation in advancing insurer sustainable asset practices

14:45

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PRESENTATION: SPOTLIGHT ON SCENARIO MODELLING

  • How are firms reviewing and revising scenario modelling frameworks in light of increased risk correlations and increased frequency of high impact risk events?
  • Are our scenarios for high impact/low likelihood events severe enough?
  • How do we progress and evolve scenarios?
  • Considerations when designing scenarios
  • Developing a framework of how clear and meaningful scenarios should be written – what does good look like?
  • Engaging with the business
  • Ensuring scenarios lead to actions

PRESENTATION: BIODIVERSITY

  • What do governmental commitments to biodiversity by 2030 mean for insurers and their investments?
  • For those insurers just starting to understand the significance of risks and opportunities associated with biodiversity, where is a good place to start?
  • Where to start in order to integrate biodiversity in investment decisions?
  • Where can we leverage from the work that we have already been doing on climate risk?
  • Challenges specific to biodiversity
    • Big data gap
    • Multi-dimensional and complex nature of biodiversity
    • Metric: climate has carbon, what is the biodiversity metric? And if it's qualitative, how to make it meaningful?
  • Given these challenges – what positive action can insurers actually be taking in their investment portfolio now? Where are the quick wins?
  • Approaching biodiversity through the double materiality lens.
  • Feedback from work done by the Taskforce on Nature Related Financial Disclosures
  • What progress has been made by firms who are adopting TNFD disclosure frameworks? Lessons learned?
  • Next steps at company and industry level

15:10

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: WORLD ECONOMICS AND THE ROLE OF INSURANCE REGULATION

  • Does current regulation and the proposed reforms adequately address the shifting risk and financial landscape, and meet the changing needs and challenges for insurers?
  • Solvency II Reform:
    • Do the UK proposed reforms go far enough to meet the goal of sufficiently liberating insurers capital and encouraging more domestic infrastructure investing?
    • Will there be a level playing field post reform?
    • Will we see a convergence or divergence in international solvency capital standards?
    • What could divergence between EU and the rest of the world mean for the industry?
    • Is it right and appropriate to include the introduction of green supporting factors – would this add risk or reduce it?
  • International Insurance Capital Standards and US Aggregation method
    • Can the 2 frameworks be comparable and can they work side by side?
    • Is there value in having 2 standards or does this defeat the purpose?
  • What is next for regulation?

Panellist:
David Otudeko, Assistant Director, Head of Prudential Regulation, ABI

PANEL DISCUSSION: MANAGING TRANSITION RISK – PAVING THE WAY FOR AN ORDERLY TRANSITION

  • Beyond their pledges, are asset owners and their managers acting swiftly enough to ensure meeting the 2050 target?
  • How are firms identifying and assessing transition risks within the portfolio?
    • Managing the risk of potential external disruptive factors –unexpected social and geopolitical events, government interventions, changes in consumer behaviour, technological advancements etc
  • What constitutes a transition plan that is credible, meaningful and has real world impact - and how do we achieve it?
  • How do you risk assess transition plans?
  • Is it the institutional investors' role to enable a 'just' transition, or should that be exclusively the remit of the public sector?
  • Do we have the right regulatory framework and tools at our disposal to successfully navigate the path to net zero?
  • Overcoming challenges of data gaps and inconsistent data in investee companies' supply chain
  • Managing the risk of potential external disruptive factors – how do you factor in the uncertainty of unexpected social and geopolitical events, potential government interventions, changes in consumer behaviour, technological advancements etc?
  • Sourcing sufficient sustainable assets in which to invest

Panellist:
Iain Buckle, Head of Credit – UK, Aegon Asset Management

15:55

AFTERNOON COFFEE BREAK

16:15

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: OPERATIONAL RESILIENCE – PROGRESS AND NEXT STEPS

  • How are European and UK regulators intensifying their focus on operational resilience?
  • Progress update on the EU Digital Operational Resilience Act – what will the practical implications be for European insurers?
  • What value are firms deriving from the PRA's operational resilience initiative?
  • Has it led to a change in business practices?
  • Where have you refocussed efforts?
  • Has it led us to reconsider what resilience means?
  • Where have firms identified gaps and shortfalls?
  • Embedding and operationalising: What work is left to do in order to meet the 2025 deadline for full implementation of the operational resilience mapping and testing frameworks?
  • What steps are firms taking to anticipate and prepare for the potential future dynamics and facets of cyber-attacks?
  • Where next with operational resilience? Expected next steps from the regulators

Panellist:
Philippa Herz, Chief Risk Officer, OneFamily

PANEL DISCUSSION: THE ESG DATA CHALLENGE: HOW ARE INSURERS ADDRESSING AND OVERCOMING THE CHALLENGE OF DATA GAPS AND INCONSISTENT DATA FOR UNDERWRITING?

  • What data sources are you using?
  • How are you addressing data quality and availability issues?
  • How are you managing and reconciling multiple data sources?
  • What aspects are you choosing to outsource vs. manage in house?
  • As a sector, how do we collectively need to approach data if we want to achieve net zero?
  • Next steps

17:00

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ESG

PANEL DISCUSSION: A CONSUMER CENTRIC APPROACH – RISKS AND OPPORTUNITIES

  • How are regulatory initiatives designed to put the consumer front and centre impacting insurers' business?
  • How are firms revisiting and reassessing their perspective on a consumer centric approach and what it means to be fair to customers?
  • The end-to-end perspective – reviewing products and processes through the customer lens – what do we learn?
  • FCA new consumer duty –
    • What processes have firms needed to reengineer?
    • How are firms starting to embed these requirements and make them operational?
  • Artificial Intelligence Act – what are the risk implications of the expansive definition of AI systems and how should insurers be responding?
  • Duty of care to vulnerable customers
    • Rethinking product offering and utilising technological advancements
  • Right to be Forgotten

PANEL DISCUSSION: ESTABLISHING GOOD ESG GOVERNANCE FRAMEWORKS FOR IMPROVED BUSINESS STEERING

  • The right organisational set up – how do ESG roles and responsibilities and organisational structures differ from company to company?
  • How does a good governance structure help in setting and living by the ESG risk appetite?
  • Aligning ESG components with existing committees and decision frameworks vs creating new committees
  • Roles and Remits of key stakeholders (and how will they evolve in the future? Is today's CFO tomorrow's CSO – or the other way around?
    • The Board
    • The Chief Financial Officer
    • The CRO and risk team
    • The Chief Investment Officer
    • The Chief Sustainability Officer
  • Top down vs bottom up, how to ensure the right level of communication and feedback mechanism for inclusiveness.

17:40

STREAM 1: ENTERPRISE RISK MANAGEMENT

STREAM 2: ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

CLOSING REMARKS

CLOSING REMARKS