Tobias Buecheler, head of regulation at Allianz is a leading voice for the industry when it comes scrutinising and interpreting national and international insurance regulation. Working for the largest insurer in the world, he has contributed hugely to debates on Solvency II and the International Association of Insurance Supervisors' evolving rules on systemic risk control. With the upcoming reviews of Solvency II in 2018 and 2020, as well as the timetable set out for the insurance capital standard (ICS), Buecheler will continue to challenge and shape regulators' thinking.
What do you enjoy most about your job?
Dealing with a diverse set of stakeholders while working on highly interesting topics ranging from micro- and macro-prudential regulation all the way to digitalisation. A lot of these issues are unchartered territory and developing solutions that work from a business perspective but also make sense to supervisors is very rewarding. Working on those issues with a great team while being able to capitalize on my experiences in risk management, controlling and investments in insurance and asset management makes it a pleasure.
Who or what has had the largest influence on your work?
I had the privilege to work for some of the most outstanding people in the industry during my career and from each of them I learned about business but also life. In terms of "what", certainly the financial crisis of 2008 had the most profound impact – as chief investment officer at Allianz Australia I was in the thick of it at the time.
What is the biggest issue you are dealing with right now?
The most important issues are the upcoming Solvency II reviews and the development of a new approach for systemic risk by the IAIS.
How do you expect the insurance business to evolve in the coming years?
Digitalisation will change the business profoundly in the coming years providing opportunities but also challenges. Opportunities include productivity improvements and better customer experience eg. in claims management using artificial intelligence systems or in distribution employing robo-advice and internet-based sales.
Challenges will come from the question of how to deal with cyber risk as a product but also regarding self-defence; potential disruption by fintech companies; or the future of motor insurance in a world of self-driving cars.
Another big topic will be implications from climate change for claims and product pricing. Finally, the ongoing low yield environment requires the industry to come up with new ideas for viable long-term savings products under Solvency II which are attractive to customers.
What interests do you have outside work?
Most importantly, spending time with my family. If time allows, I enjoy high-sea sailing and travelling. I relax when reading a good book (history, philosophy or business) or seeing contemporary art, especially photography.
