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Future of Insurance - insurance industry trends keynote

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Futurist Keynote Speaker: Posts, Slides, Videos - Future of Insurance Industry - keynote speaker

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Industry videos, articles and presentations given by Futurist  conference keynote speaker Patrick Dixon to insurance industry audiences around the world.  What is the future of the insurance industry?  Future of online insurance, domestic and motor insurance, life and health insurance, commercial insurance and insurance underwriting.  You will find many resources below on particular insurance trends.

Insurance is about managing risk:  sharing risk exposure across a wide number of people or organisations.  Insurance is therefore at root a community activity:  each setting aside money on a regular basis to form a common fund which is used to assist members in times of crisis due to an insured event.  Insurance is fundamental to daily life in developed nations, enabling individuals and businesses to manage their existence with a measure of security.

The insurance industry is often seen in the media in a negative way:  "they keep premiums as high as possible and pay out as little as possible".

However the truth is that insurance companies by definition exist to pay out, to provide help.  That is the reason insurance is sold.  Of course, the lower the threshold for paying out, the higher premiums have to be, but the problem is that many people think insurance companies treat them with suspicion when they need to make a claim.

Insurance companies rely on accurate assessment of risk:  set the calculations too low and they will attract a huge amount of business, and end up making huge losses.  Set premiums too high, and they cannot sell.

Underwriting therefore is the core skill of all insurers:  highly complex estimates of likelihood of a claim from each policy, with every factor taken into consideration, and also estimates of likely size of the average claim.

The challenge for insurance companies is that the world is changing and historic data is often an unreliable guide to future risks and future claim patterns.

Therefore all insurance companies have to be future-thinking, constantly monitoring global and local trends including customer attitudes and behaviour, adjusting insurance premiums frequently to keep pace.

Their view of the world is often much broader than other kinds of financial services companies.

Even a 1% drift in calculations can have a dramatic effect on the success of an insurance company, especially in a relatively low margin and highly competitive business such as motor insurance.

Insurance companies often carry more exposure to risks than prudent given the limitations of their own balance sheets - choosing to offset their exposure by re-insurance with other larger companies.

So the international insurance industry is bound together by a complex web of underwriting commitments, designed to spread risk, and ensure that each insurance company remains solvent, even if they have an unexpected cluster of major claims.

However reinsurance itself creates risks, if the reinsuring company only has partial insight into the total risks they are being asked to carry.

This has some similarities to the challenges we saw in the sub-prime crisis where large corporations became tied into all kinds of financial commitments, which depended on valuations being correct of the assets on which those loans were issued, as well as estimates of the credit-worthiness of the people or institutions to which the loans were issued.

Articles and Videos on Future of Insurance

Future of Insurance - global risks and reinsurance

Future of online insurance

Why small business insurance often fails to protect

Should genetic screening be allowed for life and health insurance?

Gene tests for insurance - ethical and legal issues - video

Many other videos by Patrick Dixon on insurance industry trends

Future of insurance and wealth management

Reducing risk in financial services / insurance industry

List of insurance industry clients - insurance industry corporate events

Insurance Conference Keynote Presentations - slides

Future of Insurance Industry - wider global trends - for clients of Swiss Re in Asia.  Conference keynote presentation.

Future Trends - for insurance industry audience with interest in sustainability.  For Kilne Group.

Future of insurance and wealth management in South East Asia - internal event for senior leadership of leading global insurer.

Reducing Risk in Financial Services - risk management and investment banking. Keynote for global risk management team of Investec.

Sustainable business - leadership issues - global warming, climate change, wider environmental issues, risk management, personal and family sustainability.

Future of the global insurance industry - for HSBC Insurance global leadership team

Insuring a Rapidly Changing World - major trends relevant to life insurance and health cover underwriting - for clients of Munich Re

Global Trends and their impact on the insurance industry - Munich Re event for clients from Asia. How the insurance industry will be affected by wild cards (low probability, high impact events), why demographic forecasts for ageing and pensions liabilities are incorrect, the development of insurance industry in emerging markets, single issue activism and a rethink about business ethics.

The Future of Insurance, Pensions, Fund Management, Health and Life - Internal event for senior team members of Allianz looking at opportunities and challenges from such trends as new technology, demographic shifts, emerging markets and lifestyle choices. What will happen to life expectancy and the latest on ageing.

HSBC Chairman's Leadership Summit September 2005 - Opening keynote at event for HSBC senior leadership on issues likely to impact the bank, for some of the senior HSBC global leadership team.

Global Trends in Banking and Financial Services - executive training programme for senior teams at Credit Suisse, covering a broad range of issues that are likely to affect the bank and personal / corporate clients.

Managing risk in an uncertain world - Risk management client event for Zurich Financial Services in Lucerne Switzerland. How to manage risk more effectively, with clear vision of future potential liabilities and "wild cards". Many of the greatest risks are the hardest to measure - for example loss of brand value, reputation, sales and share value following high profile scandal. Risk management is becoming more complex and new strategies are needed, including better early warning systems.

The Future of Commercial Insurance Brokers - and related issues. Client event for Zurich Financial Services for their largest commercial insurance brokers in the UK, covering important insurance-related trends and risk management.


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Thanks for promoting with Facebook LIKE or Tweet. Really interested to hear your views. Post below.

Abbey
December 16, 2013 - 20:32

Have you ever considered about adding a little bit more than just your articles? I mean, what you say is fundamental and everything. But just imagine if you added some great photos or videos to give your posts more, "pop"! Your content is excellent but with pics and clips, this site could certainly be one of the best in its field. Good blog!

Reply to Abbey
Patrick Dixon
December 18, 2013 - 11:00

Thanks - there are over 500 video clips referenced on this site. Have another look....

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