We sit back and review the recent “Reuters Events; The Future of Insurance Europe” conference in Amsterdam just last week, and ask; has this industry finally worked out its priorities?
You could argue that this Reuters – driven “FOIEurope” two day conference, is not stand-
alone, but part of a trilogy. Starting with the Fintech Connect! at the Excel London just before last
Christmas – and then on through the Global Insurtech Summit in April in London – and here, in
Amsterdam – when we finally get to the point. This is about the “future”.
It reminds me of my reading of that other trilogy, “The Girl with the Dragon Tattoo”, by Stig
Larsson – each novel is the kick-off for the next, and so forth. But that would be wrong. Probably
in this case, the best of the three novels is the first one. When it comes to Insurance, tho – this
final conference is the denouement. It is where we finally reach the point of the narrative. This is
what we should do, and this is where we would be going.
How so?
Because, when Christy Duncan stepped on stage some five months ago at Fintech, and talked
about “people” and their value, – this was not the main point of the day.
But here, right from when Vanesa Herrero, CEO of Tokio Marine Europe, opened the proceedings
and talked about “the pressing challenges and our need to adopt innovative technology” –
through to Christine Plaitel , COO of LiveWell by Zurich Insurance, talking about “change is just another word
for opportunity” – this was a focus on the bringing together of people, to ensure that these
changes happen, for the benefit of all of us.
It was quite clear from the get-go, that this was a conference for people who can make things
happen. I happily shook hands with CEO’s of major Insurance companies, sitting alongside a
whole range of smaller players, associations, InsurTech’s, and even start-ups.
The line-up of speakers was more coffee table chat than actual presentation, and it allowed the
questions to be more organic, less formal.
As expected, the initial focus was industry specific. We talked about “Risk”. What does that
mean? We looked at the essential need for data quality, how to drive efficiency in a regulatory
world, how to create a “customer experience”. And then we got specific; AI chatbots, were not
working out. And we need more “personalised” underwriting.
Looking back – that phrase was the catalyst of ensuing questions and advice. Time and again, the
phrase “know who your customer is”, found its way into the discussion. Interestingly, only 15% of delegates thought that “cyber” was a concern.
Erin La, Deputy Head at the Swiss health insurer Helsana, talked about the focus of “culture” as
the barometer of a business case. Vienna Insurance Group, in a chat about AI – preferred to talk
about “the need for a direct contact with the customer” as opposed to relying on an AI generated
chatbot. Powerful stuff!
By this time, we were already into this mix of AI discussion and its issues, as opposed to its
benefits. There was this sense that people are serious about making change – but not necessarily
from a technology perspective.
If the mood for the past few years had been one of hesitation – this “FOIEurope” event
had a completely different ambience.
The venue of the event was close to the RAI Exhibition Centre and adjoining train station. People
were beginning to finish for the day.
I picked up my bags from the hotel reception, and quietly slipped away.
