Focus on / Hot topics discussed at this conference:
US on countdown for 'right size' reserves reform
The principles-based reserving (PBR) framework could come into force as early as 1 January 2017, and is expected to usher in a period of rapid transformation of insurers' risk management and product design strategies. With a go-live date in sight, both regulators and insurers are stepping up preparation efforts. "There is relatively little time to prepare for this regulation, and a new phase of work must begin now," says Kim Steiner, senior consultant at Willis Towers Watson, in Connecticut.
The objective of PBR is to 'right size' the amount of required reserves through tailored calculations. The one-size-fits-all formulas and assumptions currently in use are blind to economic fluctuations and fail to capture the real risks in most innovative products. Twelve insurers are testing the rules on specific products.
At InsuranceERM's North America conference we will discuss the implementation hurdles of new regulations, explore how insurance companies comply with evolving capital requirements and gauge the impact of capital models on portfolio optimization and asset allocation. This panel will feature key figures from USAA, MassMutual and Willis Tower Watson.
See: US on countdown for 'right size' reserves reform (Free article).
Regulatory policy – US perspective
If there is any certainty in the global insurance industry, it's that the regulatory landscape is undergoing significant change. The difficult decision for insurers is where to focus their attention in the complex and multidimensional changes. There is also growing consensus that more federal regulation and oversight is likely to come.
Many industry stakeholders are viewing these long-discussed regulatory reforms as "here and now" concerns that will soon be an everyday reality for many large insurers.
At our Insurance ERM conference in NYC on May 10 we will focus on key initiatives underway and the impacts for US insurers. In a recent InsuranceERM article we suggest that the common thread across all regulatory reforms is the strengthening of ERM and compliance governance frameworks — this will also be covered during the day in a separate panel discussion.
The US regulatory panel will be chaired by InsuranceERM and features participants from the Federal Reserve System, NAIC, Federal Insurance Office and the OSFI Canada.
See: ERM: the common theme to the new world of insurance regulation (Free article)
CRO as a valued business partner
"Everybody knows that the CEO and CFO are on the board and are influential. I wouldn't be shocked if CROs get there. In some places they already are, so I think it's a fun time to be a CRO. There is plenty going on," Phil Ellis, CRO at Lloyd's managing agent Apollo Underwriting
See: Risk qualifications stir up debate on CRO's role (Free article)
Fintech, disruption and the internet of things
"There will be tremendous technological disruption in the next ten years. We lived in the analogue era for 500 years. We're only ten years into the digital era," Legal & General's CEO Nigel Wilson in an InsuranceERM article last month.
At the conference, Kimberley Holmes, SVP & Head of Analytics at XL Catlin will provide insights into how she uses big data for competitive advantage and how the customer landscape is being redefined and how its changing the future of the business. Fintech and big data are issues that InsuranceERM covers regularly — it is predicted that digital distruption will become a reality in 2016.
See: Digital disruption will become a reality in 2016 (Free article)