International Association of Claim Professionals (IACP) president Scott Kellers explains why transformation was the key message coming from the organisation’s annual European Conference.
The IACP European Conference, which took place at the beginning of April, saw 160 delegates attend from over 30 organisations across the London and international insurance markets.
The conference is a staple on the insurance calendar for senior claims leaders, bringing together key figures to discuss the issues and trends impacting the market.
Keynote speaker Dominic Christian, global chairman of Reinsurance Solutions at Aon, spoke on the changing faces of risk and premium distribution. Other presentations looked at issues including the impact of secondary perils, capital provision, catastrophes and climate, the acceleration of “digital first”, and the technical breakthroughs enabling the industry to differentiate and highlight customer-focused value.
The conference, which for some participants was the first face-to-face industry event for two years, emphasised that the entire industry needs to be brought on this journey of change in order to continue to serve its stakeholders efficiently and effectively in an evolving environment.
The challenges of resource scarcity, the diminishing talent pool and the hybrid working environment were also addressed during the event, and participants agreed that the potential demands of the workforce of the future need to be front of mind in business planning.
Weather and war worries
The changing face of war and terror – from the withdrawal from Afghanistan to the evolving situation in Ukraine – were also in focus, particularly in relation to how these conflicts impact the (re)insurance industry.
Climate and social change, sustainability and the efforts being made to drive change in policies and practices to manage the transition to net zero were also on the agenda.
There was a focus on extreme weather and how secondary perils are driving changes in pricing and the approach in claims responses – which, notably, has continued to improve since the losses in 2017 from hurricanes Harvey, Irma and Maria, through the greater utilisation of technology and the lessons learned by underwriters.
An executive claims roundtable closed the event, where senior figures from the London and European markets discussed the challenges around global Covid claims, the impact of the pandemic on the workplace and the consequent change in mindset and culture.
The panel urged (re)insurers to engage with all functions of their business in order to improve wordings and reserving and help protect reputation.
The conference provided a great vehicle to promote the continued work of the IACP, whose objectives include fostering cooperative knowledge sharing, promoting communications, and developing professionalism among members.