Future of Insurance - insurance industry trends keynote

Futurist Keynote Speaker: Posts, Slides, Videos - Future of Insurance - Keynote Speaker on Risk

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.

Need a world-class insurance industry keynote speaker for your event? Phone or e-mail Patrick Dixon now.

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 person setting aside money on a regular basis to form a common insurance 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.

And we can expect dramatic growth in numbers of people who have some kind of insurance globally, reflecting the fact that 85% of humanity lives in emerging markets, and over 1.7 billion people don't even have a bank account.

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 risky behaviours, adjusting insurance premiums frequently to keep pace.

Diversity is really important for accurate underwriting: insurance teams need a very broad understanding of their clients, cultures, lifestyles and so on.

The "Insurance" view of the world is often much broader than other kinds of financial services companies.

Even a 1% drift in underwriting or actuarial calculations can have a dramatic effect on the success or failure 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 much larger insurance companies such as Munich Re or Swiss Re.

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.

Need a world-class insurance industry keynote speaker for your event? Phone or e-mail Patrick Dixon now.

Articles and Videos on Future of Insurance

NEW:  Future of Insurance - extract from latest book.

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

Need a world-class insurance industry keynote speaker for your event? Phone or e-mail Patrick Dixon now.

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

December 17, 2013 - 02:32

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 - 17:00

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

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