Talent and new risks among the top concerns for delegates
Securing and retaining the best talent and getting a better handle on new and emerging risks are some of the biggest priorities for re/insurers in Asia at the moment—but artificial intelligence (AI), perhaps surprisingly, is less of a worry.
Those were some of the key findings of a survey sent out ahead of the Singapore International Reinsurance Conference (SIRC) taking place this week, as delegates were asked to consider where they see some of the biggest opportunities, their attitude to technology—and what else is on their agenda.
On opportunities, respondents cited expansion in all its forms: in terms of bigger market share, new lines of business and new geographies. Asia is typically seen as a region of opportunity and these results appear to characterise that sentiment.
“We see the prospect for solid growth in Asia—although you also have to be careful and selective,” one respondent said. Another added: “It is such as vast region and the protection gap is a big problem. But the industry must also see that as an opportunity.”
New risks need new solutions
Talent is obviously a big concern for delegates at SIRC, reflecting some of the conferences themes. When asked about other talking points, this scored highly, along with getting a handle on new risks.
“We must attract better people,” one respondent said. Another added: “This industry is becoming ever more complex, with new risks, new solutions. We need the brainpower to manage that—people who can think outside the box.”
We asked about respondents’ attitudes to technology. The highest percentage of respondents said they were exploring options in-house—albeit often with the help of third parties.
It may be a surprise to some that AI did not feature more highly, given its high levels of publicity in the mainstream media at the moment.
“Technology is technology—there is always something new. AI is just the latest flavour,” said one respondent, perhaps revealingly.
Where do you see opportunities for your business?
Growing our market share in existing lines 62%
Expanding into new countries and markets 49%
Expanding into new lines of business 47%
Efficiencies through the use of technology 43%
Improving profitability through higher rates 41%
Through consolidation: we are considering M&A 9%
Respondents were able to select multiple answers
How would you characterise your company’s approach to technological advances?
We are developing our digital capabilities with external partners 62%
We are developing our own technologies in-house 52%
Artificial intelligence is the future 38%
We are watching developments but have not acted yet 14%
We think the acceleration of digital uptake is overhyped 4%
Respondents were able to select multiple answers
What are the other big issues on your agenda?
Attracting and retaining people with sought-after skills 81%
New and emerging risks—how/if we play in these spaces 66%
Profitability given the uncertainties around climate change and inflation 54%
ESG—investor expectations and regulatory concerns 39%
M&A—there are deals to be made in this economic climate 19%
Respondents were able to select multiple answers
See charts below:
