Talent at top of SIRC agenda

Attracting and retaining the best talent, and general talent management, are considered to be among the biggest issues on the agenda of re/insurers who operate in Asia-Pacific markets.

That is the conclusion of an online poll conducted by Intelligent Insurer ahead of the 15th SIRC, which asked readers what issues are high on their agenda. Of all respondents, 67 percent said it was talent management.

Many cited language barriers as a concern, particularly when re/insurance emanating from these regions is becoming more international.

“Reinsurance is now a truly global business. However, it is hard to tap into certain markets when you do not have staff who understand their nuances, cultures and business practices,” one respondent said.

Another reader added: “I find there to be a lack of transparency in certain Asian markets and I often wonder how we can engage with them better.”

Several readers considered that the increased use of technology in insurance had created a technical talent gap which needs to be filled.

A theme among readers was that technology-driven solutions were high on their agendas, in order to compete with players that are making insurance much more consumer-friendly.

“I have worked in the industry for over 30 years and the whole dynamic of business is changing with the advent of technology—it is hard to keep up,” one reader said.

Another wrote: “I have attended many sessions on blockchain now and I still don’t understand what it is.”

Other big issues on the agenda according to readers include profitability and market softening (52 percent), followed by new and emerging risks such as cyber (43 percent) and finally M&A (20 percent).

A number of readers cited the nat cat activity of 2017 and now 2018 not shifting rates as an issue, and that the market had reached a ‘new normal’.

Two respondents voiced their concerns over cyber and its move from a buzzword to something that should be on every insurer’s agenda.

“When you look at loss aggregations from cyber you can get a glimpse into the future of the risk landscape,” one reader said.

The survey also asked where readers attending SIRC see opportunities for their businesses. The results were fairly evenly split: 58 percent of readers suggested that improving the profitability of existing business was where the most opportunities are to be had.

“Focusing on your core competences should come before diversifying your portfolio,” one respondent said.

A similar figure—47.5 percent—suggested that growing market share in existing lines is where opportunities lie.

One reader said she sees opportunity in understanding client needs more and being more proactive in creating tailormade solutions for the client.

“Quality not quantity,” another simply said.

Finally, 46 percent of readers saw opportunity in expanding into new lines of business; while 27 percent saw opportunities in consolidation, and said they were considering M&A.

A persistent theme among readers was that they are dropping certain lines of business and instead focusing their efforts on more profitable lines.

In terms of consolidation, respondents were quick to comment on the impact M&A is having on the landscape, but there was not much of a response to the question of whether they were engaging in it.

“If we are considering M&A then I don’t know about it,” one said.