Insurance and Risk in the New Normal 2020

KEYNOTE ADDRESS: COVID-19: A REFLECTION ON THE INSURANCE INDUSTRY’S ABILITY TO RESPOND. DID WE RISE TO THE CHALLENGE? HOW DO WE IMPROVE GOING FORWARD?

• Covid-19 resilience efforts – how well did we respond as an industry?
• How will we be viewed as an industry in light of the crisis and our response?
• What is the insurers role in protecting customers and how do you balance this with protecting the balance sheet?
• Surviving the reputational backlash. How might this impact the mid-to long-term reputation of insurers? How do we need to improve?
• Can the insurance industry offer protection against systemic risks?
• Resilience and adaptation – what does the new shape of the insurer and industry look like?
• The role of the digital strategy going forward
• Reassessing risk in investment portfolios
• Managing the growing interconnectivity of risk
• The role of regulators in managing the crisis

PANEL DISCUSSION: THE CRO ROLE IN THE DELIVERY OF THE CORPORATE STRATEGY POST COVID 19

• As we moved from BAU to crisis modes, did the role of the CRO and risk team change? Was our skill set utilized and valued differently?
• How can we use this opportunity to build a long-term relationship with the CEO?
• Going forward, how can the CRO use this experience to take a greater role and influence in the vision, forecasting and strategy formation processes within the organisation?
• How do we make sure we and our organisation is better prepared in future for the next "big thing"?
• Positioning for agility before during and after disruption.
• Embracing upside of risks/uncertainties.
• Creating space to think the unthinkable/unpalatable
• Looking ahead and forward for consequences – both upside and downside.

Panellist: Fabrice Brossart, CRO, International General Insurance, AIG

Panellist: Dr. Frieder KNÜPLING, Group Chief Risk Officer, Member of the Group Executive Committee , SCOR SE

PANEL DISCUSSION: BOARD EXPECTATIONS

• How have expectations from the board changed post Covid-19?
• Role of the board in times of crisis.
• Updates, insight and guidance from the Risk Coalition
• What does a risk-focused organisation look like?
• What are the 3 priorities/requisites that they feel equate to a good risk function?
• How and when do they expect the CRO to challenge? Where is the appropriate place for that?
• Expectations around the level of detail

Panellist: Socrates Coudounaris, Executive Director of Risk, Reinsurance Group of America

PRESENTATION: HOW DO YOU 'GO BACK BETTER' AND DRIVE IMPROVEMENTS IN ESG AND SECURE SUSTAINABILITY OPPORTUNITIES

• People used to video conferencing
• Deployment of more technology (electronic signatures, document management, collaboration software)
• Less travel
• Less need to be face to face in the office
• What does this do for wellbeing, mental health and sense of 'team'
• Reduction in business travel and office space carbon footprint
• Reduction in commuting travel time/ carbon footprint
• How do you get the social gain from flexibility / work-life-balance
• How do you need to adapt internal communication, staff engagement, training/development, mentoring to cope?

Speaker: Alex Hindson, Chief Risk & Sustainability Officer, Argo Group

KEYNOTE PRESENTATION: AS AN INSURER, WHICH OF THE SUSTAINABLE DEVELOPMENT GOALS ARE WE BEST PLACED TO CONTRIBUTE TO AND HOW DOES YOUR STRATEGY REFLECT THIS?

• What does it mean for your business and what is the cost of doing nothing? What are the key drivers for sustainability?
• Where do we choose to do good for the company and where do we choose to do the right thing by society? Where are the trade-offs/choices we have to make?
• How do you demonstrate importance to the board? To what extent can we demonstrate that a sustainable business plan = financial results.
• What is your vision for becoming a more sustainable business?
• What is your roadmap for getting there?
• What are you prioritizing?
• Mapping SDGs to services and building strategies around those
• Choosing sustainable business streams of the future – how do we make a judgment on that with confidence?
• How do you continue to focus on a sustainable business in times of stress and recession?
• Financing the recovery from the pandemic – how can the insurer play its role in ensuring that sustainability and the European green deal is at the forefront of the response to the Covid 19 crisis and subsequent recovery?

Speaker: John Scott, Head of Sustainability Risk, Zurich

PANEL DISCUSSION: BUILDING RISK CULTURE INTO THE STRATEGIC PROGRAMME – DEFINING, MONITORING AND ACTIONING.

• What have we learned about risk culture in times of stress/crisis?
• Does a good risk culture bring resilience? Did a good risk culture make us better equipped to respond in a crisis?
• Where is there room for improvement?
• What is the new risk culture we need to aspire to going forward?
• What clear definition of risk culture do firms have?
• How does risk culture become part of goal setting?
• How is culture measured in KPIs and KRIs? What thresholds are used?
• The role of the board in creating the risk culture
• What process do you have in place to take action based on these measurements?
• Where do we see a good risk culture having a positive impact? How can we evidence it?
• Can we prove positive impacts on financial results as a result of good culture?

Panellist: Philippa Herz, Chief Risk Officer, OneFamily

Panellist: Martha Philipps, Head of Governance, Aviva

Panellist: Greg Shepherd BA (Hons) ACII, Global Head of Risk Management & MINT Chief Risk Officer, Markel Corporation

Moderator: Alex Duncan, Group Chief Risk Officer, Just Group

PANEL: PREPARING FOR THE NEW NORMAL. WHAT DO CHANGES IN SOCIETAL AND CONSUMER BEHAVIOUR POST COVID-19 MEAN FOR THE INSURANCE INDUSTRY?

As society adapts to the new normal, consumer behavior will change significantly. Should this shift in consumer behavior be seen as an emerging risk or opportunity?

• This session provides a sector-by-sector analysis of what these impacts and implications (both negative and positive) are likely to be.
• What trends have we already identified and what future trends do we anticipate?
• TRAVEL, P&C, HEALTH, MOTOR etc

PANEL DISCUSSION: WHAT DOES THE FUTURE OF PANDEMIC COVER LOOK LIKE? HOW CAN THE GLOBAL ECONOMY BE BETTER PROTECTED AGAINST PANDEMICS IN THE FUTURE AND WHAT IS THE ROLE OF THE INSURANCE SECTOR IN THIS?

• Recognising the limitations of the insurance market in responding to pandemic risk.
• How do we mitigate for future pandemics and strengthen the industry's ability to respond to pandemic crises.
• How does the industry pull together with governments? What might a public private partnership for pandemic risks on a national basis look like?
• How would they be funded?
• Mandatory or voluntary?
• What can we learn from similar risk pool set ups across Europe eg Pool Re, Flood Re, France's natural catastrophe scheme.
• Other solutions?
• National vs. supra-national solutions

Panellist: Tobias Buecheler, Head of Regulatory Affairs, Allianz SE

PANEL DISCUSSION: INNOVATING IN TIMES OF CRISIS & RECOVERY– IDENITIFYING AND ACTING ON NEW OPPORTUNITIES

• How do you position yourself to be in a position to respond and innovate quickly
• Maximising skill sets across the group
• How can existing products and new technology come together?
• Overview of products launched so far during the Covid Crisis? - how were they received?
• What future opportunities for product development off the back of Covid-19 can we envisage?
• Lessons learned and opportunities for improving launch product turnaround time in times of crisis?
• Treading the tightrope: Managing reputational risk - balancing the image of helpful partner vs. a firm profiting off the back of a crisis.

Panellist: Justin Skinner, Group Chief Risk Officer, Vitality