Insurers must remind world of their importance
As the insurance industry continue to strive for growth, it’s important that insurers make more of a splash when it comes to reminding the world of the contribution they make.
This is the view of Gary Reader, global head of insurance and EMEA coordinating partner at KPMG, who believes that insurers should not become complacent but should instead go back to basics and discuss the contribution they make to society.
He believes this will raise awareness of the industry and encourage young people to not only seek opportunities in the field but also to purchase their products.
Reader said: “Inga Beale [CEO of Lloyd’s] said this morning where are all the women? And I agree, on a broader topic of talent, the industry does need to, and will benefit from, diversifying.”
During the panel that Reader chaired, John Warburton, director of group market management at Allianz SE, also touched on the subject. He explained that young people had a real enthusiasm for joining an industry that is perhaps not at the forefront because it would allow them to shape the agenda and be part of the transformation of an industry.
Reader also noted that increasingly stringent regulation represents a challenge for insurers wishing to operate on a truly global basis.
“As regulation becomes more and more country specific, it makes it incredibly difficult for insurers to make a global promise to their customers,” he said.
He believes that navigating regulation will be challenge for a considerable time.
He said that post-crisis, regulators are attempting to ensure another crisis does not occur, which results in an ever increasing amount of regulation.
