The insurance industry will face different challenges in the upcoming years in a context of demographic developments and greater competition between companies as a result of globalization.
The current situation of population aging in Europe calls for a strategic framework for public-private collaboration that allows for reforms to be made in the pension industry, health coverage and dependency.
But insurance companies will also have to innovate and move away from traditional products of their own design so they can address the needs and demands of clients who expect new forms of customization in an increasingly competitive market. Clients are no longer willing to accept preset terms and conditions when they take out insurance, but want to be treated like unique individuals, with "one person, one insurance" adapted to their own specific needs. Is the insurance industry ready for these changes?
This is also occurring in a context of digitalization and new multichannel distribution methods with a shift toward simpler products that are easier for end users to understand.
All these developments will coincide with the implementation in January 2016 of Solvency II. Now in its preparatory stages, this measure represents a major challenge for insurance companies.
The result of this combination of factors should be one simple concept: quality service provided by well-managed insurance companies.
With the theme "Insurance Companies in a Global Context: Challenges and Opportunities," the 5th Insurance Industry Meeting, jointly organized with the Center for International Finance (CIF) and EY, will provide an opportunity for reflection and dialogue between members of the business community, experts, academics, regulators and policymakers.