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The Insurance Leadership Frontier – Emerging Trends
Alan Bauer, Former Direct Group President, Progressive Insurance
Progressive Direct stands out as an example of a company that has harnessed innovation to accelerate business growth. Alan Bauer will provide a first-hand account of the Progressive success story and how the company has been able to combine innovation and technology with an enabling organizational culture. He will also highlight some of the new and coming innovations in the insurance world including crowdsourcing, gamification of quoting, the use of user generated data in ratemaking, and new methods of pricing.
The Road to Pricing Sophistication: Lessons Learned and Pitfalls to Avoid
David Schapiro, CEO, Earnix
Reuven Shnaps, Ph.D., VP Professional Services, Earnix
Over the years, Earnix has worked closely with dozens of large P&C Insurance companies on advanced customer analytics efforts involving elasticity modelling, customer lifetime value methodologies, and pricing optimisation. In this session we will review a number of these projects in Europe and the US from an analytical and business perspective, presenting lesson learned and pitfalls to avoid on the journey towards pricing sophistication.
The Best Use of Customer Data and Intelligence for Decision Making
Rudi Van Delm, Director of Pricing & Underwriting, Direct Line Group
Insurance companies make many decisions on a daily basis, involving marketing initiatives, customer interactions, pricing, underwriting, claims, payments, and service complaints. Each customer interaction requires a series of analytical decisions based on complex models, and each model has been built with a clear purpose in mind. In this session, we explore how sharing of customer intelligence among different functions in the organisation produces better results for customers, shareholders, and employees.
From Direct to Multichannel Distribution
Michal Kwiecinski, Chief Executive Officer, Liberty Direct, Poland
In response to fierce competition from new market entrants, Liberty Direct diversified its distribution from a pure direct model to a multi-distribution model involving direct, agents, and used car dealers. Michal Kwiecinski will discuss the challenges associated with this strategic transition, both in “hard” areas such as pricing and underwriting as well as in “soft” areas such as refocusing an organization that is strongly analytically oriented to one that is also relationship oriented.
Pricing in a Multichannel Environment
Peter Hubbard, Former Chief Executive Officer, AXA
The continued evolution of insurance distribution channels from traditional intermediated sales to call centre and online trading to aggregators has placed the customer in complete control. Empowered choice now sits at the centre of the purchase decision, and it extends across product preference, brand, service, interaction, convenience… and price. Peter Hubbard will explore the current and future challenges of multi-channel pricing and the changing face of customer buying behaviour. He will also look at how leadership in channel pricing can lower operating costs, improve customer satisfaction and accelerate business growth.
Pricing Sophistication in Adjacent Industries
Peter Jackson, Chief Executive Officer, Travelex
Installing a new way of thinking and doing things in a large organisation is never easy, especially when the topic is the core activity of pricing, and when the large organisations are banks or other financial institutions. Peter Jackson will share his successful experiences in leading such transformations in several institutions and business units, from a perspective of a team manager and all the way to business unit leader and CEO.
Risk Validation and the Combat of Fraud
Darren McCauley, Director of Personal Lines Pricing and Underwriting, Zurich Insurance Group
As distribution channels shift to direct and aggregators, customers have greater control over the information they provide. With that, they also have a better understanding of the impact of the data provided and how to manipulate it to their advantage. These trends, combined with the prolonged economic slump, make risk validation an important discipline in the underwriting process. Darren McCauley will review how Zurich is incorporating predictive modelling to facilitate the combat of fraud.
The Changing Distribution Landscape in P&C Insurance
Nick Hoffman, Partner, McKinsey & Company
Almost every insurance customer in Europe has felt the change in the way insurance products are being distributed and sold over the past decade. Much has been said about the advent of new distribution channels and their profound influence on everything from prices to service delivery. While theories about revolutions in customer expectations and behaviours have risen and declined, few will doubt a massive change is happening. It is also apparent this change is far from uniform across countries and segments. Serving top insurers across Europe and North America, Nick Hoffman will share his insight on these trends and their consequences.