Disrupt, Debate, Deliver
The 44th Annual FIA/IISA/SAIA Insurance Conference
Sun City 23 - 26 July 2017
In just a few months, we will be delighted to welcome you to the 44th Annual Insurance Conference themed DISRUPT – DEBATE - DELIVER hosted by FIA, IISA and SAIA in Sun City from the 23 – 26 July 2017.
At the 2016 conference a plethora of ideas were discussed and presentations initiated meaningful conversations with regard to providing important leadership in companies, the importance of genuine partnerships between government and the financial services industry, and the ever important exhibitors providing opportunities to display new products to assist in enhancing service delivery.
The 3-day conference fosters collaboration through networking whether it is attending the Welcome cocktail party, Theme dinner or Gala Dinner or a game of golf. We will ensure like-minded people will be in attendance to allow for marketing of products and services and sharing ideas.
We have persevered through a heightened disruption period in the past with regard to natural and environmental disasters, change in human behaviour as well as a massive shift in the way we now conduct business. The insurance industry needs to assess the inefficiencies of their footprint, draw on their resources, debate and solve problems and, most importantly, deliver something of value.
Digital technology is disrupting the industry, remaining flexible and connected makes all the difference. Is your company ready to meet the changes digital transformation is causing? Many insurers are feeling the threat of the digital revolution and assessing the potential of effecting general insurance in the years ahead.
Everything from self-driving cars, big data, and sharing economy platforms have tremendous potential to disrupt the industry, and we're seeing the growing pains manifest already. New technologies such as Uber and Airbnb leave many buyers and sellers in the unknown without much precedence regarding insurance coverage. Users of these services are often left in dangerous territory when it comes to possible coverage gaps. Further, alongside the sharing economy platforms comes a new wave of technologies that need to be integrated into insurance policies like who is to blame for an accident involving self-driving cars? Furthermore, with the rising costs of insurance, average consumers are increasingly demanding change or an alternative to the current system. Shortly, we will see new players come in to fill insurance coverage gaps, help consumers gain power, and provide innovative insurance products driven by technology.
The millennial generation appreciates the do-it-yourself approach to dealing with insurance companies and thus, mobile technology continues to grow in dominance in all arenas, including personal finance and insurance.
It has been reported that total global economic losses from disaster events during the first six months of 2016 rose 38 percent to $71 billion, as compared with the same period in 2015. What will the future cost of reinsurance be?
Who to expect
Conference Facilitator: Bruce Whitfield
A multi-platform award-winning financial journalist will set the tone for this thought provoking discussion.
He presents The Money Show on 702 and CapeTalk, hosts Tonight with Bruce Whitfield on CNBC Africa and is a columnist and writer for the Sunday Times Business Times. Bruce was named Sanlam Financial Journalist of the year in 2014 and Sanlam Radio Financial Journalist of the year in 2014 and 2015.
Disruption while delivering: Digitalization in the insurance industry: Mr Oliver Bate
Chief Executive Officer of Allianz SE, Germany. His keynote address will include the world of Fintech and InsureTech, blockchain, and digitalization which is what other insurers globally including Allianz have been doing and plan to do. Under Oliver's leadership digital by default, is a key component of the company's renewal agenda and strategy. The South African market will learn a lot from what has been done globally.
Current global change order: Junior Ngulube
The Chief Executive Officer of Sanlam Emerging Markets (SEM)
"The tyranny of narratives under conditions of radical uncertainty. We seem to have entered a period of extreme disruption to our normal socio-political condition, whether abroad or here at home, creating an uncomfortable degree of uncertainty - radical uncertainty as some will call it. Our normal way of life seems under threat from all directions and we flail around for cause, effect and solutions. However, the more we try to predict outcomes and solutions, the more we generally get it wrong to our astonishment, frustration and ultimately fear. What's going on? I too have no idea but that does not stop me from trying to understand, and this is what I think."
The disruption of industry by tech start-ups: Achim Klennert & Thomas Barenthein
Insurance, like transport, accommodation and retail trading, has been around for several hundreds of years. However, in just the past ten years we have witnessed the disruption of three of these industries. Uber has disrupted the taxi industry without owning any taxis, Airbnb has disrupted accommodation without owning any hotels and the world largest retailer, Alibaba, doesn't own any merchandise. These industries and established brands did not see this coming. So, when is it the turn for insurance?
The terms "FinTech", "InsureTech" and "Millennials" didn't mean anything to us ten years ago, but these may be the biggest threats to the traditional insurance landscape and if the industry does not embrace new technologies and interact and unite with future generations, it faces an uncertain future. To ensure its relevance in the future insurance landscape, Hannover Re recently initiated an entrepreneurial competition named Journey Re. After embarking on a search for raw talent Hannover Re contracted 16 millennials in eight teams spread over four hubs in the world (Berlin, Boston, Dublin and Johannesburg) to reinvent (re) insurance.
Achim and Thomas will take you through this journey and what has come out of it so far.
Disruption is the answer for insuring Africa: Sneha Shah
Disruption, while scary, can be the answer for the success of this industry in the medium and long term. Technology is disrupting every sector of society on the continent, from land to healthcare to education to financial services, and those who will be left behind will not be the ones who are not technically ready, but rather the ones that can't make the mental shift. Thomson Reuters will look at specific challenges and opportunity areas insurers need to address (and ascertain if they can help). For example, self-driving car insurance being long-term and high disruption, and peer comparison sites being shorter term but lower disruption, but micro insurance models for low income earners using disruptive tech and blockchain peer to peer insurance may come sooner and have greater impact than people may foresee. We will also look at how the fundamentals remain important in times of high change – great customer service and strong macroeconomic environments and how industry players can prioritize and help influence these.
Innovation Plateau: Dr. Alejandro Ruelas-Gossi
Professor Ruelas-Gossi has written several articles for Harvard Business School which have been cited extensively and reprinted in several languages. The Financial Times has also singled out and published his work in the specialised section: Mastering Series. In its December 2005 edition, Expansion Magazine (a subsidiary of Time) featured Professor Ruelas-Gossi's work together with Porter's, Drucker's, Prahalad's, Hamel's and Christensen's contributions as the most influential in the field of business strategy. His concept of strategic orchestration has been the cover article at Harvard Business Review, November 2006, and at London Business School Business Strategy Review, Spring 2011, and has been considered in both books and articles as an essential part of the new taxonomy of the field of strategy.
How Peer-to-Peer insurance is becoming market Standard: Dr. Sebastiian Herfurth
Friendsurance is the pioneer in peer-to-peer insurance; when it launched its peer-to-peer insurance model in 2010, it was completely unique. In the meantime, at least 18 copycats have emerged all over the world and a new segment solely for peer-to-peer insurance has established with Friendsurance as segment leader. Friendsurance is expecting that in the long run peer-to-peer insurance will become market standard. The main beneficiaries of this development will be the consumers and insurance companies as the peer-to-peer insurance model helps to increase customer satisfaction and customer loyalty. At the same time, insurance partners will profit from reduced processing costs for small claims and reduced fraud.
Increased participation in the fourth industrial revolution: Rapelang Rabana
The fourth industrial revolution, 4IR, promises far-reaching socio-economic benefits, while also running the risk of accelerating job destruction ahead of creation. Without increased entrepreneurial and innovative involvement, the gap between the forerunners and passive observers will continue to widen. Education systems and models of assessing true ability must be redefined in order for individuals to continue to contribute beyond the automated world. Occupational Intelligence, or responsiveness, indicates the extent to which a person can ably respond to tasks and challenges. In terms of human capital, a positive outcome of the 4IR will be determined by how adeptly people build new skills and competencies.
With a different framework of measuring human development, we can better understand the practical triggers from which an individual would most benefit. Developing people that are primarily response-able is, ultimately, an ideal goal in creating self-motivation and self-reliance which, in turn, adds increased value in all spheres of life and business. Measuring and developing responsiveness will yield a new set of integrative tools as well as a new thought paradigm to grow this latent potential.
Political disruption & economic prospects for SA 2017-2019: Aubrey Matchiqi
As a key advisor to political parties as well as blue chip companies, Aubrey has his finger on the pulse of "what's next" on the political landscape. Aubrey will examine the current political trends and how they will affect the future course of South Africa. In his presentation, Political Disruption and Economic Prospects for SA 2017-2019, Aubrey will share the latest insights to the future and possible transformations which lie ahead for the country. Aubrey's talks are highly informative, engaging, and are also combined with his wicked sense of humour.
Driving business outcomes though conversation intelligence: Shelley Walters
Shelley works with companies to radically increase the relevancy and effectiveness of their Communication Intelligence. Her focus is on driving business outcomes through relevant conversations. She works with companies with quality products and services, all of whom are facing a clear and present danger. The ability to compete on price and product is becoming increasingly difficult. The future of differentiation strategies is likely to be moving to one of client intimacy, where companies align their organisation around the buying patterns of the market and offer an exceptional client experience.
The clients Shelley works with understand that client experience is the final frontier of differentiation. This, however, requires the ability to consistently and predictably engineer relevance into conversations. This skill is crucial to the complex Financial Services and Insurance environments.
Be seen on camera - visit the COVER stand at Sun City.