IIG CEO Roundtable 2018
On 8th March 2018 the Insurance Institute of Gauteng hosted its 4th CEO Roundtable proudly sponsored by Munich Reinsurance Company of Africa and supported by the Insurance Institute of South Africa (IISA).
The Insurance Institute of Gauteng hosted its 4th CEO Roundtable on Thursday 8 March 2018 at Fine Living by David Muirhead, located in Sandton. Many of South Africa’s Short-term insurance companies and Underwriting managers CEO’s attended the event.
The event was proudly sponsored by Munich Reinsurance Company of South Africa and supported by the Insurance Institute of South Africa (IISA).
The CEO Roundtable brings together a group of influential insurer principles and executives and it provides a platform for leaders to engage with one another and discuss key strategic insights. Before formalities began guests enjoyed a light breakfast and their professional networking opportunity to engage with fellow insurance professionals.
Daniel Stevens, the incoming President of the IIG, opened the event and briefly outlined their plans for 2018. The focus remains driving the strategic pillars which are: promote education, expertise and personal growth, provide professional networking and real connectivity, create tangible impact and transformation for the industry and our country, and develop strong affiliation and pride in the institution and industry. There are a number of initiatives which were highlighted all in support of these pillars and 2018 promises to be an exciting year for the Institute.
Thokozile Mahlangu (CEO: IISA) shared the strategy of the Insurance Institute of South Africa and outlined intelligent education, influential reputation, sustainable membership, and active networking as their key pillars. The strategic focus is skills development and the IISA is readily positioned to execute its focus areas.
Nico Conradie CEO of Munich Re in South Africa also spoke about their excitement that Munich Re is 50 years in South Africa and proudly supports the CEO roundtable as an important event to start the year.
Adam Ikdal (Senior Partner & Managing Director: Boston Consulting Group) was the key note speaker at the event. His topic was “What keeps global CEOs up at night – BCG perspectives on megatrends”. Adam shared global trends in insurance which included changing expectations of consumers, disruptive technologies, global regulation and challenging macroeconomics as key trends which all apply to the South African insurance market.
He states that insurers are generally behind on customer satisfaction and work is required in this area. Understanding the client journey is important to deliver an omni-channel experience. He further stated that insurance is being disrupted as a result of the proliferation of big data, artificial intelligence and robotics as well as a fully connected world coupled with the reducing cost of technology infrastructure.
On what keeps CEO’s awake at night he states that the motor book, insurtech start-ups and organisation execution are among the top 3 globally. Eventually self-driving cars will change the landscape for insurers albeit under different scenarios. Motor premiums globally are expected to reduce as a result of the reduction in the car-park, lower accident frequencies and a shift to commercial insurance. He states that by 2040 motor premiums could fall by as much as 80% in mature markets.
Furthermore Adam went on to say that Global insurance company CEO’s are frustrated by the lack of execution power.
So what can they do? A digital strategy is an important business strategy in the new era. The organisation needs to change at all levels in order to adapt. 70% of data and digital success relies on business transformation and data governance. However he states transformation is a journey.
Adam spoke about AGILE being the new way of working that enables organisations to be more nimble, more focused on business value, more attractive to talent, drives better outcomes and achieve faster time to market when delivering products. The operating framework transforms structure, processes and people at all levels in the organisation.
Key takeaways from the presentation were;
- Megatrends are clear don’t fall behind
- Your current profit pools are eroding fast and you must find new ones
- Digitise all parts of your business
- It’s about culture and capabilities not the tools
- Move to agile way of working, the classical hierarchy is dead.
A special thank you to Munich Re as the main sponsor for the event and we wish them a happy 50th in 2018.
Article By: Daniel Stevens – IIG President