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Webinar ID: 430-503-027
Join TDI and Swiss Re for this webinar and listen to an experienced, global panel of insurance professionals present, discuss and answer your questions about “Coronavirus in a connected and digital world”. This is sure to be a popular webinar so register early to guarantee your place.
Our webinar will cover viewpoints from thought leaders on exploring the implications of COVID-19 on the global insurance industry.
Questions to be answered include:
- How has technology helped us manage the pandemic?
- What are the implication for the insurance industry from a financial and risk perspective?
- How much quicker does digital transformation of the industry now need to be?
- What are the learning in terms of organisational design?
- Are pandemics an insurable risk? If not how can the insurance industry help their customers manage this risk?
By participating live you can help to shape the panel questions and also participate in our live poll. Registered participants who are unable to attend will be emailed a link to the recording of the webinar.
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Okay. Well, hello everybody from around the world. My name is Simon Phipps. I’m part of the digital insurer team based here in Hong Kong. Welcome to this webinar on corona virus in a connected and digital world exploring the implications for the insurance industry. These are unprecedented times and we’re delighted to be really running this webinar today. Just a quick opening comment, I guess surrounds the material, we’re going to cover today. These are personal comments only so really just to bear that in mind from all of us that are in the discussion. I’m really pleased at this session is run today.
Timestamp: 1 min to 2 min
This webinar is result of longstanding relationship we have with Swiss Re. So, they’ve been good supporters of the digital insurer and historically been sponsoring something we call China in focus and this is the first of a number of webinars that we’re running with them during the course of the rest of the year. So, thank you to the Swiss Re team. We’ve got a really sort of cool and interesting panel today, which will introduce as we go through the discussion, but very mixed lots of experience and lots of different perspectives, I think on how this coronavirus is going to play out in terms of affecting the insurance industry.
We’re going to start this discussion with some opening remarks and Yannick Even from Swiss Re; he has the data science team in Asia-pacific and then we’re going to move into some updates from the panel as with our usual sort of way of running these webinars.
Timestamp: 2 min to 3 min
We’re going to hear from each of them as one and two questions and then we’ll move into a broader QA and panel discussion will also have some updates from TDI towards the end. I know we advertised this is 75 minutes, but actually it’s going to be quite an important and interesting discussion. So, we’re expecting it to probably run for 90 minutes. So, if you need to adjust your Diaries and schedules a little bit, please do so, but it will be recorded as well. So, you can you can view the recordings. So, we’ve got a really interesting agenda. I’m really keen to just jump straight into this and sort of hand over the baton firstly to Yannick Even from Swiss Re before I do just to sort of make the point. I think many of you will be more familiar now than ever with the use of Zoom, but we do have at the bottom of the screen a Q&A facility and also a chat area. Please make use of those.
Timestamp: 3 min to 4 min
Activity going across the different channels as we go through this webinar. So please put questions and our panelists will try to make an effort to engage you and answer things as we go through the discussion. So, in terms of questions, we’ve already got a few thoughts ourselves in terms of questions we are going to raise with the panel, but please send some in. Myself and Yannick will co-moderate discussion; will look out for your questions and see if we can pull some of those into life. So, without further delay, let’s jump into it and get the conversation going and it’s my pleasure to hand over to Yannick. As I said from Swiss Re to kick things off really with some introductory remarks looking through the data lens at what Swiss Re and Yannick will be seeing I guess in terms of coronavirus and this is sort of playing out in the insurance industry. So, Yannick welcome and handing over to you. Thank you very much Simon, and I would like to again welcome everyone here in this first webinar.
Timestamp: 4 min to 5 min
That’s the Swiss Re and the Swiss Re Life Capital team very proud to organize with the Digital Insurer. First of all, I hope that you and your family are all fine. We’re very excited to towards this webinar and I would like to thanks all the panelists for their participation in the preparation and in the delivery today, and I’m sure that all of us will enjoy the other insights. So when preparing decision we were curious to know basically, what are the people actually looking online and what are maybe some of the differences before and during the covid-19 epidemic in some of these trends also, so in the last few days are we actually looking to Google Trend and Baidu trend for China-related market trends to actually see if we could identify some pattern and some
Timestamp: 5 min to 6 min
new interest in the search and joined by customer and I saw the as we did this exercise will be interesting to spend five minutes as a way to kick this webinar to show you some of the interesting trends that that we saw and we would like to share. So, the few slide I will share now a part of a bigger presentation that some it’s actually on the file section of the webinar so you can download this and have a look to this later as well. If you want to see some of the insight on the more granular areas. So, whether we’ll cover now, it’s basically the first four five topics here where we look to some keywords around topics. We will sort how customer will look a bit more during the covid-19 and try to link this to insurance as well to see if there was a
Timestamp: 6 min to 7 min
bigger interest and what was maybe the subtopic as heated to insurance that our customer all across the world are maybe looking a bit more today.
So, the first thing we did is look into some major keywords, like insurance, government’s unemployment, insurance. This is from Google so reflect more or less all the search World Wide apart, maybe in China where we used Baidu and I will show you this in a minute as you can see what’s interesting is since February with the spread of the covid-19 went a bit more globally. There is a spike mainly in three areas; health, governments and unemployment can of two peaks. We’re here in purple the representing Insurance. Well overall not a lot of differences from
Timestamp: 7 min to 8 min
the interest that there was before the crisis but I will show you actually in the next slide that there is a bit of difference when you start to look Market by markets where we have Marketing in a pack like Hong Kong, Singapore Australia that seems to be more interesting into the government response to the crisis and governments announcements and searching about it a bit more during the crisis than before and then you have countries like Malaysia or China where we used Baidu Trend or even India you can see a spike in the last few weeks, which is where the crisis starts. Looking more into heads related topics rather than government. Yeah. However, in Japan and Korea not a lot of fluctuation before and during covid, so I would say hard to identify some
Timestamp: 8 min to 9 min
new interests or more interesting some of these topics so far then we also look to the rest of the world. So, Europe and U.S and of course, we will look more to the last few weeks and months where the covid-19 started its and again as you can see it’s interesting to see the difference when the U.S people are more consonant about unemployments and that’s what you hear in the news as well in the rest of Europe and specially Italy, Spain, UK France. There is a spike of search and more around the government response; a bit less on unemployment concern and maybe for example in Italy as well as in Switzerland, Germany more peak of research around health areas.
Timestamp: 9 min to 10 min
What we then look at this is basically in different topic around here. So we wanted to divide public, insurance and Telehealth and you can see that globally there was a lot of most searched on public health across the world and a bit of peak as well on Telehealth which is not surprising but always good to back up what we could feel with data.
Yeah, and you can see overall health in the interest of the search on health insurance when a bit down but stat not too much. Yes, that are relatively good level. So similarly, we also wanted to know if there is any different kind of markets differences and as you can see is quite different by markets where across Asia Telehealth kind of research. It’s more in Australia since they’ve been locked down
Timestamp: 10 min to 11 min
only the last few weeks. There is a big peak of search around Telehealth, but not really in the market in our pack. We are not saying Telehealth is not used but it’s just that there may be some countries where telehealth is already in place for; people don’t really need to search for it. But there was quite a stronger search around it in Australia then another insight may be here interesting is to see that in Hong Kong and China during the two wave of the virus in these countries. There was a lot of certain Public Health but not necessarily new search on health insurance or Telehealth. However, so again, I think Telehealth is starting to be used but not necessarily search for. So, it’s either the people know what to use specially in China where there is already a lot of Telehealth.
Timestamp: 11 min to 12 min
available on a lot of super app, but across Asia again, it was interesting to start comparing the different markets and see this variation and then then we did this as well for US and Europe.
Where you can see again a big search of Telehealth and public health related topics in the U.S.; a bit less in Europe. I was expecting to see more in the UK most searched on Telehealth. But again, it might be that people know where to go for looking for telehealth services and big peak of search in Spain, UK, France and Italy on public health and the response from the public has to the covid 19 epidemic.
And then I will finish with the last slides where we basically look into all the maybe the sub-category
Timestamp: 12 min to 13 min
around insurance. I did say that overall people didn’t use Google to search more about insurance than before during the crisis. However, there are some sub categories where the number of requests has really skyrockets and this is not unsurprising. So, it’s linked to an employment benefits. It’s linked to a business Interruption Insurance, it’s linked to cancellation specially of travel insurance when all the travels, all the planes got basically parked and all the travels got cancelled. But once again, I think this kind of study help us to read it to validate with data what we can feel is happening on the markets and get the some Market by market can offer differences that then we use to go a bit more granularly into our response to this customer.
That’s it for me.
Timestamp: 13 min to 14 min
as a background to start the webinar and if you want to know more, please download the full PDF or let us connect. Yeah; thank you very much. And if I may I just want to ask you just a quick question before we move on. I mean that interesting really interesting data there. Most of that’s come off Google analytics from what I saw from this been trained. Yeah. I mean, I guess you know Swiss Re is swiftly big on a data and the analysis of data that I guess this is a very small part of a much bigger picture. How would you use this in your sort of day job and then how you work with clients? I do this sort of feed into other sort of sources of data and use of data for you. Yeah, you’re right. We do have a lot of data available on our web back-end data tools. What’s really interesting with covid-19 is that if they’ve become very quickly a kind of Open Source
Timestamp: 14 min to 15 min
Data treasure where every day we collect data from all across the world that are normalized and can be used for analysis and you don’t see a day where you have new team of data scientists trying to help the health people to basically response better with all the data that we have at play. So internally at Swiss Re we have access to this real-time data in our data tool and done a lot of
analysis and role of support and I will cover this a bit at the end of the webinar on the what does it mean for our clients? But in particular for this Google Trend analysis we use as you can see here to capture the big trends customer needs and search and question Market by markets that then enable us to ask the right question where we’re going much more granular with either customer service or working with our
Timestamp: 15 min to 16 min
clients to better understand how to support them to respond to the customer needs. So, this is just the first step where we use Google trend on some of the tools before we go then into the other sentiment analysis tools and customer service and to get a much more granular risk insights for us to support clients response. Yeah. Okay. So, the top of the funnel really helps you cite signpost and identify where else you need to go deeper. That’s great. And I have to say some of those search results around insurance cancellation of travel insurance, unemployment, insurance benefits, you know, these are at the end of the day our industry is there to meet the needs of consumers and there are moments of Truth around claims which we need to respect and ultimately calls for our industry. So, it doesn’t surprise me people are looking at some of this at the moment and seeing how Insurance can help them during difficult times. Okay thanks; and now we’re going to navigate this discussion
Timestamp: 16 min to 17 min
together. So; let’s move into our first sort of formal panelists presentation. Now, it’s my pleasure to introduce Philippe Guibert. Philippe is the regional medical director based in Europe for international SOS and he’s going to kind of take a look at the medical perspective on coronavirus covid-19 and how it’s going to impact the industry and also bring a European flavour to the discussion. So, Philippe welcome and over to you
Thank you. Thank you so much. Thank you everyone. Good morning. Good afternoon some. I’ll take you in the next few minutes just to give you a beautiful perspective of the medical situation and particularly to build on the annex introduction because I think we will understand why and in the people are so paying attention to the situation and looking for information on
Timestamp: 17 min to 18 min
read either from an insurance perspective of the public health response perspective. So as you see today, we’ve reached another milestone in terms of number of total cases confirmed in a world more than two million five hundred cases reported meaning that these cases have been tested and as you know, the limitation of test is probably very low estimation on the reality of the spread of these cases worldwide. So, what is interesting to see here is in the centre of this chart is to see that most active cases now are in Europe and in North America, where as you may remember that started in Asia, which is today quite active. The number of cases in an overactive cases have been decreasing mostly
Timestamp: 18 min to 19 min
related to the entire test measures that have been implemented so far and that have paid results and came up with a tangible Effectiveness to the spread of the virus within their territories. This is what’s going to happen very shortly in Europe where we’ll see later on most of the countries are probably reached the peak of transmission and are seeing the effect of all the lock down measures that have been implemented at various degrees in Europe probably have some exception of all countries in Europe of implemented lock down measures to the whole population. I think with the exception of Sweden; all European countries have implemented these measures from restriction to Mobility consolation of events, flight of course, restrictions and personal lock downs that
Timestamp: 19 min to 20 min
are implemented more than a month ago for most of the countries displaying results. What is now the worry is; what’s going on in Northern America. The big question you see today from the outbreak perspective.
Yeah, thank you. And the big question now is what is the future of this outbreak in Africa where we do?
Timestamp: 20 min to 21 min
So, you see most of the fatality rates. So mortality rates are a good indication of world capacity of Health Care Services to deal with the current situation and have you seen you know in Asia has been able to kind of manage the situation pretty correctly, you know we see high mortality rates in Europe Medical Services have been stranded. The overall population is also more at risk because people are more
Timestamp: 21 min to 22 min
more cuddly communities within a Visa. This populations for this lead probably to a mix of combination that leads to high mortality rates that we start to see. That starts to be a seen in countries such as Africa for instance where in some places we do have issues with the quality of care and availability of tests and the availability of resources to take care of people in these in these places. So just to finish on this slide as you see on the bottom right overall on the daily basis. The world is reporting between 88 thousand two hundred thousand new cases.
So, this would
Timestamp: 22 min to 23 min
represent the overall evolution of cases worldwide. So, I’m just taking advantage of a very good follow-up from the financial times that they show on using the 7-Day rolling average of cases that are again; I mean based on testing as we know not all tested cases are tested. We do see on the top obviously a pack led by a few European countries such as the UK, Spain, France, Germany, Italy that I have probably seen a waning at a decreasing in terms of other new cases that really is the consequences of the publication measures that have been implemented and that’s the reason why this lock down measures probably will end between mid-May to mid-June and it started in some places
Timestamp: 23 min to 24 min
Austria, Germany, Denmark to some degrees are considering reopening schools or some businesses. So that’s the probably the end of this lock down measures that are in in these places. We’re obviously in opposite. We do see the difference with Asian countries.
So next slide gives a bit of an overview of all the measures that are
Timestamp: 24 min to 25 min
used to from a medical standpoint to control the spread of the disease from a personal standpoint. So, it’s really about how to make sure that people are being in lock down will be able to return to work in a safe fashion. So obviously it starts with the vaccine that as we all know might not be available before the end of this year at the beginning of next year. But putting that aside awareness is extremely important. We all have to stand the right behaviours and particularly that wearing masks, keeping social distancing, keeping a personal hygiene, being able to self-isolate ourselves in case of disease but also being able to self-quarantine oneself in the context of a contact and that’s the reason why these new haps and the support of the digital technology will be probably very helpful to make sure that this social distancing and
Timestamp: 25 min to 26 min
contact tracing will be yielding result in terms of identifying chance of transmission and then stop viral Transmission in the community. So, all these measures as we see do bring efficiency. The last ones obviously are the testing the validity of quarantine isolation and clinical Management in hospitals. What I guess is important to understand is that when it comes to returning to work it’s not one or two.
Other measure to consider it’s the whole set of measures that would lead as this sort of a Swiss Cheese model shows it to protection of individual. It’s not about choosing between masks or test. It’s not about choosing between cleaning also throw distancing; its by implementing all of these that would yield results. Last slide is ready to show when it comes to return.
Timestamp: 26 min to 27 min
to operation what could be implemented by organizations and at least start with the left hand side what we can’t see?
There are have to being considered by employers when it comes to resuming business whether they are it is valid for Europe. Its predatory is obviously screening and one way or another whether it’s temperature screening whether in the future that may be using tests antibody tests to make sure that the workplace is considered a sanctuary where no one sick enters and no one who’s sick at the workplace would lead to transmission locally. Personal Protective Equipment PPE is masks absolutely have to be word not too much to protect oneself. But also, to protect the community, to protect
Timestamp: 27 min to 28 min
environment from someone who may be sick and may not be aware of the sickness and then spread the disease around. Hygiene, personal hygiene with seen this cleaning. It is quite important that safe workplace means about controlling the environment with a clean, you know, the social distancing obviously the Restriction of Mobility, the Restriction of some meetings alternative with working from home as we do it today and being able to manage cases at the workplace immediately identify people who are sick and deal with the situation with the fellow colleagues and this person. And the last one what we do consider fundamental is really the mental health the mental support that organization would need to keep offering to the employees because confinement and lockdowns have yield a lot in terms of stress anxiety
Timestamp: 28 min to 29 min
and that’s may prove extremely challenging for individuals to resist.
You know how made of challenging could it be when all these measures are left progressively. So, considering this wellbeing emotional support as sort of a systematic support given to employees to make sure they do resume work as best as they can do is as we consider it for them at all. There are a lot of measures that may have to be considered that do rely on what you know.
The first one is really to the virus itself as we all know; we are still not quite sure about asymptomatic transmission about the duration of humility presence of antibodies what it means with gets to protection. How long does it last all of these?
Timestamp: 29 min to 30 min
It’s still unknown and the test then would be the consequence of this, you know, whether these antibodies test which as we do know today are available, but they are not reliable enough in most instances to consider it appropriate for employers to make a distinction between human immune employees and employees that are not yet exposed to the virus that will change. I’m confident and we are confident that these antibodies test will gain in terms of robustness efficiency and specificity. But today that’s not yet the case and finally the last point is really bad the relationship between duty of care, duty of loyalty between an employer and an employee. Make sure that employees are prepared to share in the context of confidentiality of medical information their immune status to either occupational physician.
Timestamp: 30 min to 31 min
Channel company physician so that decisions are taken for them. So they can resume work in a safely fashion particularly for those ground more at risks than others with a be willing to share data how the regulation will change to allow the sharing of personal medical data with Employers in the context of this extraordinary emergency situation is something that will have to be seen from a country perspective because regulation may vary from one place to another and as I said technology will probably support us do this contact management in a much efficient fashion that we do it after lockdowns. We could still keep the control of this outbreak as much as we can. So that’s all for me. I think that overall, the medical situation in the consequences from an employer’s perspective when it comes to our reasoning.
Timestamp: 31 min to 32 min
to wreck into operations definitely. Phillippe. Thank you very much. I’m going to ask you all to get involved in answering and a live poll which is up on your screen in front of you. But for me just before we go into that question, there’s a couple of questions that have come in to Q&A that I think is going to be on everybody’s mind. So, if you don’t mind, I just want to put them to you very quickly. The first is somebody’s asked you know, what how quickly do you think of vaccines going to be coming available? And I think one of your Slides touched on that but maybe you can just call that out and secondly that inevitably a question around. When do we think the lockdowns are going to be lifted specifically in Southeast Asia, but maybe you can just give us a very quick view on both of those so vaccines and lockdowns, there’s definitely so in terms of vaccines as you know, there’s a lot of research and they’re going and you know, as we know that the one of the largest manufacturer has announced that they would
Timestamp: 32 min to 33 min
start the first test by September only which means that if everything’s positive and if even if you can shorten the testing period the accreditation pyramids on the first batches may only be available early Q1 or maybe Q2 next year. So that’s the challenge is not too much to find the right vaccine. The challenge is also to make sure that this vaccine will be
just enough quantities at fast enough to be available to be made available for countries to run their own National vaccination campaigns. So, I think that we will have due to challenges main challenges here fortunately, it’s only one company many companies. I mean producers are working on this, but I don’t think we can reasonably expect anything in the market to reach our Shores in our employees population.
Timestamp: 33 min to 34 min
Q1 or Q2 next year when it comes to and end of lockdown measures as you see it is extremely valuable as a measure. We all understand that these suppression measure as a public health standpoint is extremely effective to get the chain of transmission in a given country. And that may be adjusted as we do see I mean not from a country basis; the evolution of cases we’ve seen this in many countries in Europe where these measures have been extended by two weeks and two more weeks and that’s the same situation in Singapore as you will understand you’ve made me comments, obviously where it started gradually with a set of measures went to lock down and then lock down as being pronounced. So, I think governments are just playing by looking at the effectiveness as they of these measures and according to this may be able to adjust the end of lock down and that’s not
Timestamp: 34 min to 35 min
I think that you are really able to predict. I mean I give you the example of friends where you know and of lock the knees, you know, mid-May. It’s been announced by the president, but that may change is the results in the meantime have not proven to be sufficient and to make sure that there’s a safe and looking and that there’s not a bigger second wave starting after the end of this lock down. So, all of this is extremely viable your governments may take date.
And to consider when we didn’t have lock down that this, we have to allege that no one has the perfect recipe to consider. When is appropriate to leave it to mean what is most important is a lockdown can be left? Testing, ICU beds available in the countries to absolve the new number of cases.
Timestamp: 35 min to 36 min
That would start and the community still is ready to continue the social distancing and The Mask squaring that is in Asia, but it’s not for forest in Europe. Yeah. Okay. Perfect. Thank you very much. And you know, I guess what I’m hearing from that is with a vaccine not coming through tested until maybe it sometime next year, you know coming out of lockdown doesn’t mean going back to business as usual for quite some time for all of us. You’ll see in front of you everybody.
We’ve got a quick sort of poll question. We’d like you to just reflect on an answer. So, what is the view? What is your view on the likelihood of a second wave of infections impacting Asia highly likely can be contained or you’re not sure and we heard from Philippe a little bit earlier that actually Asia having ironically this problem started in Asia has sort of managed to weather the storm relatively well up until now. What are your thoughts? Is it going to get is it going to get worse? Is there going to be a second wave?
Timestamp: 36 min to 37 min
Give us your thoughts. And while we while you’re answering that maybe I can hand over to Yannick to just pick up another question also with Phillippe.. I wanted to know we covered the medical perspective as you also close to the insurer. So, what do you think at the main lesson that that have been learned by the insurance in the first months of this crisis?
One of the lessons is definitely that’s what did happen. What is happening as not be anticipated to this degree of impact severity and magnitude at International SOS would be working with many clients and insurance companies together to prepare these organizations to deal
Timestamp: 37 min to 38 min
of mass events or severe sanitary reasons such as potting mix I can share with you that what’s happening today. I’ve never been considered of this magnitude by organizations, you know, who could have thought that you know, half of the world is in lockdown yet. Our airports would be closed and flights would be completely cancelled, businesses would be shed on that wasn’t part, you know of plans of many organization at least just to this degree that was considered to some extent in some places for some time. But such a thing happening for so long in so many places at the same time. We don’t think that was considered to this point at this table. So, this is why I mean what’s happening today is totally new and we’re really enchanted territories, which I guess is the same for insurance companies as well. And so everyone’s trying to adjust and like to my
Timestamp: 38 min to 39 min
if support of governments deciding the end of lockdowns are not exactly the same for private companies, decide when tourism business what is appropriate tourism activity at the same time keeping the level of protection of the around is as high as possible to make sure that there is no single wave which will have an impact from an insurance perspective obviously because you know in the way the business will be resuming appropriately and in terms of a
sickness absence Healthcare Services, they provide ability of Physicians to treat patients that have chronic diseases different from covid as well as to be considered in there in all this aspect. So, my point is that I’m not sure that you may be able to tell us yelling. You know, how was it considered by organizations? I don’t think it has been a pleasure considered to this point.
It’s really bad. I’m not an expert.
Timestamp: 39 min to 40 min
The Swiss re pandemic model, but we do have we do have these scenarios to reply to the question on a more so I will be able to show the poll results. Oh, yeah. Okay can everyone see on the screen? So, we did ask the question on the likelihood of the second wave in Asia and it’s quite split. What do you think about it Phillippe?
I did answer the second one can be contained a very long period of time I don’t think we can see it as a one-way then again. I think it will very much depend from one country to another and if you look what’s happening today, and the situation is extremely valuable for one country to another. I mean, we can’t see Asia as a whole. I think we really have to see this from a more
granular level and that’s what’s
Timestamp: 40 min to 41 min
bringing in Europe as well. What’s happening in Africa or even in India States, you know, the impact of what’s happening is different from one place to another so we may see and some places leap surge of new cases because there’s new clusters of transmission. Whereas at the same time. Some countries will be able to keep the level of transmission extremely low or at the bottom level that it might not be considered as a single way. That would be sort of an ongoing transmission that may last for month until vaccine comes.
Thanks a lot for your answer and we’re moving. Okay, so let’s move on everybody to our next panelist. it’s now my pleasure to introduce Steve Tunstall.
Timestamp: 41 min to 42 min
CEO of Ensure based in Singapore Steve’s going to take a look at the coronavirus and covid-19 from a risk management perspective in hand in terms of its sort of implications on Commercial Business and broader economic sort of impacts. And without going too much into Steve’s background. I had the pleasure of getting to know Steve quite a few years ago firstly when he was actually I think the chief risk officer for Cathay Pacific and he was really insightful then on
of the challenges and things that he considered in that role for within the aviation sort of industry and the cafe business would be amazing to be a fly on the wall now but some Steve it’s our pleasure to have you involved in this discussion and let me hand over to you for some thoughts, please. Thank you very much and let me say first I’m quite relieved. I’m not a fly on the wall in the boardroom at Cafe at the moment. I don’t think that’s a desirable place for anybody to be and I wish them all the very best with the
Timestamp: 42 min to 43 min
future indeed. I wanted to build a little bit on some of the beliefs that first and just really try and get the mental health thing over there. So, from a big risk management position, one of the things that we used to be the head of Crisis management at Cafe one of the things we were always worried about was if there was a huge trauma a smoking hole at the end of the runway. What are we going to do with that in terms of our staff and our staff get back to work and we are
visits that perhaps half of our staff would probably call in sick for the following week after that happened. How do you function as a business when that has happened and will we Face these issues as we as we get back to normal here? I found this very interesting article in the Harvard Business Review where they’ve really sort of gone out to some of the experts and you know, they’ve defined what we’re all feeling now and what we’re all feeling is massive stress and confusion and lack of control and its really defined the
Timestamp: 43 min to 44 min
Grief, we’ve got two sorts of grief going on. We’ve got this loss of normalcy this huge economic toll. We really just don’t know what’s going to happen next and then we have that anticipate every grief. I mean, none of us want to die. We all want to think through how we can get through this problem and I think the good thing about articles like this and thinking like this is that once we start to name what’s going on, then we can think how to manage it then we can think out and mitigate it then we can think how we can come out of the other side. So, I think it’s critical that all organizations top management is now thinking through. Okay, what’s going to happen if think of this how is my business different because your business is going to be just as different after covid if not more. So, this is going to be a big impact and that’s not just for the insurance industry. That’s for every industry.
Timestamp: 44 min to 45 min
So when we think about crisis management and I should just make a Proviso that I’ve randomly stolen data from all sorts of different people’s power points here. So, I credit are on the slides if you can read the smaller writing. This is a typical crisis management cycle. Exactly. The sort of thing we used to have operations at Cafe. The one big difference is that instead of one purple hump at the end of this you got to purple humps.
Would it be three purple humps? And of course, the normal approach will be to get back to business at this stage for most of us. We’ve got no idea what business as usual might be if you’re in the travel industry. If you’re in the hotel sector if you’re in meetings conventions the several different sectors and then supply chain is perhaps another one where we just got no idea what the new normal is going to look like. I mean when we look,
Timestamp: 45 min to 46 min
what’s happening with oil prices in this last week? I mean, we’ve got this bizarre situation where actually covid could be the biggest trigger for active discussions about climate change. But anything else we’ve seen in our culture. This could be the one big turning point or Tipping Point that helps us really focus on climate change because we’re all having to question everything our lives at the moment. But when you take a truck like this and sort of plot your own business on this how many of those ripples of the going to be how many of those burst back is, they going to be? I’m really quite relieved that Philippe voted number two on that pole because I know I voted number one, of course because I’m a risk manager and I’ve always got a yeah, I hope for the best but I plan for the worst and thinking about that that ripple effect of what could happen over the next few months is absolutely critical. I was running lots of this stuff.
Timestamp: 46 min to 47 min
Cafe also, I had the I was in the position of being the managing director of Schindler lifts in Singapore during SARS. So, I had about 450 people working for me join that and when we were at the height of SARS, we had similar things to what’s going on now and people have forgotten so hotels no Hotel have more than five percent occupancy in Singapore. For example, at that time. We were looking at massive long-term plans to lay off.
Nobody in the company because we could see that most of our business was going to disappear fortunately such as went away quite quickly if it had come back and they’ve been further cycles and further patterns of rhythms, but a very different position to Think Through from a strategic point of view. What’s difficult now is trying to work out from the data sources that we all have what is going to happen? And I really
Timestamp: 47 min to 48 min
Hope it’s driven by sound advice from Medics like Philippe and not driven by politics. But my fear is that politics could be a big driver of what goes on and that could also have huge implications for the future. We’ve got in, you know in Tennessee and Georgia. I have some friends in Georgia Staunton the other day and their governor is really keen on reopening Georgia already, but they haven’t so far as I can see despite then moving average chart that Philippe put forward, they haven’t really got to the top of the curve yet. So, looking to open things up now, is that a political move is an economic move as it got a Sound Health reason behind it. These are all difficulties that we’re going to see in every jurisdiction and you can see that every country is doing something different. The picture in the middle is Gangnam in Seoul this weekend where you can see there’s lots of people out and about everybody’s wondering around town. No,
Timestamp: 48 min to 49 min
Why was it in Singapore? We now can’t even buy bubble tea which for those of you who don’t know. What bubble tea is your blessed quite frankly, but my family are very upset. So, what is the economic impact going to be? Well, I think that’s really difficult to tell at this stage. I’ve seen all sorts of figures shown. I mean, here’s a Swiss Re slide on the left. Some of the figures there that I’ve seen put your quarter of the cake is gone when that is absolutely massive. I mean don’t underestimate what that means for everybody’s business in the future going forward. What are the changes on supply chain massive potential changes on.
Supply chain huge shortenings huge diversification? I don’t think we begin to see the start of how that’s going to play out. If you wrap on top of that some of the xenophobia we’re seeing at the moment it will be
Timestamp: 49 min to 50 min
Really difficult to predict how that’s going to have an impact on not only China but it kind of is like Thailand which is one of the world’s biggest supply chain providers how that will play out in Bangkok is anybody’s guess at this stage. This was a really interesting slide that I think really helps to focus on the key issues here on the left-hand side. You’ve got that big
Issue, if you continue with confinement, your hospitals will be able to cope. If you don’t continue with confinement. You potentially put doctors in that extremely difficult position of deciding who’s going to live and who’s going to die and that doesn’t matter which country you’re in. So from a political point of view perhaps it’s easier to continue with confinement beyond the point at which it makes sense because then you don’t have
Timestamp: 50 min to 51 min
to deal with those difficult ethical questions about how many people died however on the right hand side, you can see that as you drive confinements over longer and longer periods the economic impact increases perhaps exponentially. I saw some data in this in this same presentation that showed, you know, if you are for four weeks, six weeks in a shutdown then maybe that’s really bad news for small businesses and a lot of people that lose their jobs and I’m not making that a minor comment at all. That’s a huge comment. But once you get out to a two-month confinement a three-month confinement that is going to massively destroy equity and companies right across every single sector. So getting the balance on right on this as we go through May is going to be absolutely critical for every economy and we’re going to see these huge tensions playing out as we go
Timestamp: 51 min to 52 min
I basically put some of these comments and references here for you to pick up and have a look at there’s huge amounts of data out there. There’re huge amounts of opinion out there. It seems that every Tech Guru in California has suddenly become a crisis management expert in the last couple of months, which is fascinating. I just hope some of these guys have got the green the green power to help us all fix these problems as it stands at the moment. I think anybody who gives you a definitive of forecast on what’s going to be the economic out for of this situation really doesn’t know what they’re talking about. We’re all going into unknown territory here be aware, be open and as I say, I hope for the best but we should all plan for the worst. Sorry to end on a deeply sad note that Steve. That’s why we deliberately put you in the middle of this discussion, but
Timestamp: 52 min to 53 min
For those comments and as always and as expected really both pragmatic grounded, I think you’ve got unique ability to take complicating things and sort of distil them down into what kind of makes sense and is clear for people to understand so Steve thanks. I wanted to just put another question out to everybody on the call. So please respond to this question which shape below best reflects your view on the economic prospects in the next couple of years in Asia. So, we’ve got a v which basically means it all goes down. Really
Quickly as it has done and then, you know bounces back up you where we have more of a protracted period of time before it recovers as where we get a fairly quick recovery, but then it comes back off again and then back up or an L, which is basically as you know, it’s falling off a cliff and it’s going to stay down for quite a while. So, please give us your view on the best response there from your point of view. And in the meantime, I’ll hand over to Yannick to just navigate one and two questions with Steve.
Timestamp: 53 min to 54 min
Thank you Simon. And thank you Steve for the presentation and you mentioned the global Supply risk and climate change and I was wondering is there any risk that were maybe lower before the crisis that you will put definitely much higher today on your rather about the one you mentioned?
All right, I would say my biggest worry at the moment is actually the increasing tension and rhetoric between the global superpowers that we have. I worry that China has been using this opportunity of confusion amongst most of the world’s bodies to stretch their muscles further across the South China Sea that’s visible.
And it’s very difficult for the US to respond to that.
Timestamp: 54 min to 55 min
The best of times they’re responding with rhetoric. They’ve tried to send another couple of aircraft carrier through the South China Sea, but of course, they’re having big issues with their own Crews Contracting covid and all the other issues connected with that. I’ve also seen for the first time in the last week that the EU is also being deeply critical of China and the who in terms of the way they’ve approached this and it depends what your perspective it, but I saw her.
So a very erudite comment this morning if you look at the country in the world, that’s done the best in managing all of this. And of course, that’s always a matter of definition. It’s probably Taiwan and the comments I saw this morning was its perhaps no coincidence that Taiwan is not part of the who so I think it’s that whole International tension thing that the really worries me how that might escalate and how that might play out longer-term.
Timestamp: 55 min to 56 min
And a coming back to the world of insurance. So where do you see maybe the risk pool? That’s that will win. So more interest more people more bang to protect themselves with this Rising risk and maybe on the other side some risk that are hard to actually will be more and more expensive actually to be covered for and that might not grow that fast.
Well, I always think that this I mean there’s an old expression in the insurance industry that you should never waste a good claim or crisis and my God, this is the biggest crisis that any of us have seen in are for most of our careers. And so there is surely huge opportunity here for the insurance industry probably in conjunction with governments to start thinking about how we protect from these sorts of issues in the future the must be massive opportunities to grow
Timestamp: 56 min to 57 min
New Insurance Solutions that can really help out the more vulnerable on the planet who get hit by this sort of issue. I have no doubt about that. I’ve no doubt it will accelerate technology and insurance and I’m not going to touch on that at all. I’ll leave that to human you later. But when you look at risk pooling for Nat cats of all types when you look at ILS is when you look at the use of captives surely now.
Now this is going to be an acceleration of those sorts of tools because quite frankly the current state of the reinsurance market just can’t cope with these things on its own we need to use as many other tools as possible. So that’s on the upside might worry on the downside is that I worry that the insurance industry won’t grasp the metal again. I’m worried that we won’t seize these opportunities and placing a very large Global political risk program;
Timestamp: 57 min to 58 min
It’s supposed to be embedded on the 1st of May. 3 of the insurance leaders on that program of come back to us this week and said oh by the way, here’s our new exclusion list for covid. I’m like what the hell, you know here. We are the insurance industry again there to help unless we cover instead and that’s what I’m seeing at the moment and I worry that will be the response of the industry. There’s a huge opportunity here. I just hope people work out how to see.
Thank you. So, I think we will now show the result of the pulled any comment to it to Steve. Which one did you pick? I think you so I’m part of the pack which is rather disappointing, but you know, I have to go with the pact sometimes.
I think into our next panelist and discussion, which is my pleasure really to introduce.
Timestamp: 58 min to 59 min
Christian Wards from AIA from the Group Health Care team and I guess Christian we’re getting quite a few questions from people on the on the call as well around the potential impact of all of this on sales in life and health. And of course, there’s a life but particularly Asia new business sales. So be great if we can touch on that at some point as well what your thoughts are on implications for short to medium term sales in the in Asia, but Christian,
Welcome. Thanks for getting involved in the discussion, let me hand over to you.
Timestamp: 59 min to 60 min
Been in a number of markets facing into covid since January initial and more positioning similar to some affiliate earlier comments that were facing a 12 to 24 months cycle here until we get to a level hopefully of availability of both vaccine at scale and an eventual heard immunity. It’s going to be more effective for us to move forward from so initial response in terms of really this first phase our regional and local response very much.
You know across 18 markets with over 30 million individual policies and a very large employee benefit book of 16 million scheme members really put us in a position where we’re seeing a lot of and have been seeing a lot of different Trends across L markets. What I wanted to touch on in terms of the initial phase was very much our China business our Hong Kong business. And you remember there’s a lot of management Legacy in business.
Timestamp: 60 min to 61 min
Legacy around sounds and that really enabled those businesses that face directly into size to react quite promptly in January and across a number of areas of the business whether it be customer service, I would be looking at the ability of the claims process has to be freed up as much as possible specific diagnosis and compassion of benefits were released to the Market within days either side of Chinese New Year.
So as you can imagine at a time of year, when most businesses in this part of the world tend to go into extended holiday that was a time when our businesses were working full-time 24/7 mobilizing in the space and then really the other pillars that I wanted to touch on and Simon I will come back to some of those questions around both exposure and sales but supporting our customers and our overarching strategy around pay department head.
Timestamp: 61 min to 62 min
That means in a covid-19 world, which I think plays to some of the earlier comments in and around digitization. So just a little bit on some of the insurance coverage that was mobilized initially China and Hong Kong for U.S businesses. They’re led, but by quickly across the breadth of our markets and a lot of different.
Coaches in terms of covid-19 coverage numbers been touched on previously but a number of policies would be Group business or individual had either communicable disease exclusion and or pandemic exclusion. We took a clear view early on in terms of covid-19 coverage and being very clear in terms of our Communications with customers and then very much led by local market context. So in markets where they were early quarantine measures we had not only diagnosis benefits.
Timestamp: 62 min to 63 min
The covid but also quarantine benefits soaked into a daily cash plan some of our markets actually launched quarantine equivalent to that so cash benefits in and around if you find yourself in a quarantine situation and then just specific hospitalization and cash benefits as well as through to disability and death with regards to covid-19. So really looking for clarity to our customers that this was obviously
Whilst pandemics have been predicted for a number of years and precedent in the scale and impact and to forgive customers that Clarity around coverage the customer care again. I’ve touched a little bit on some of the responses in terms of our businesses in China and Hong Kong but very much then features of that was pushed out across all the markets really just trying to ensure that individuals facing
Timestamp: 63 min to 64 min
all the uncertainty and we’ve already talked about the stress and the mental aspects here in and around what’s happening at a global level now, but people were put as easy as possible in terms of the ability for their insurance coverage to respond and how we look after customers and obviously through to and you can see there on the on the slide with the degree of Public Health measures that Hong Kong has been introducing over the previous month just really adapting a lot of digital functionality in the market and one that’s displayed there on the screen, but the load services around buildings where cases were being recorded to that members were aware in terms of their entry into buildings and passing by with cases had occurred their ability to be used to be aware of that. So there’s this is all around and again be mentioned and the previous speakers around
Timestamp: 64 min to 65 min
empowering individuals with information and knowledge and reassurance and what is a very uncertain time for all of us as in the third pillar just to touch on their very much around the community support and I think across all our markets our realization as it is outside of Asia as well and to the US and Europe that this is very much a public health systems are at the front line and obviously the public-private interface in terms of health care are varies Market to Market but as a generalization very much. It is the public front fronting that and so we took the line in a number of markets and just really just given a few examples here to ensure that we could be offering insurance coverage or where we could be giving direct access to supplies in the case of china that we were able to give either financial support and support packages. Will it be in the form of insurance or equipment?
Timestamp: 65 min to 66 min
To those who work on the front line in health such that whilst we would be doing what we could in from a private insurance coverage to be seen to be supporting our communities that we operate on through this period and they just finally probably just move to the final slide, which I’ve tried to hear summarize more in a visual way. We think about in terms of the role of insurance you moving very much in.
The common frame of language that most of you authored in terms of an insurance payout moving through to a partner with customers and we see a very much in that spectrum of a customer Health Journey for predicting prevention through the diagnosis treatment and recovery and very much in terms of pushing out through a variety of channels will be YouTube, Facebook, Instagram, WeChat around information in the first instance.
Timestamp: 66 min to 67 min
A lot of media has unit was presented earlier in terms of some of the Google Trends a lot of information and a lot of people seeking information and from an insurance bases are wanting to make particular some of the public health measures that Philippe was touching on trying to make it as clear as possible to our customers, whether they be individuals or employees of group schemes. Our chief medical officer named Hong Kong is just a small picture there as his YouTube video around practical tips, around either hygiene sanitation and prevention measures so that people could understand down to the basics of how to wear a mask effectively and how to take one off and so it’s those simple areas that just giving people information in the first instance that they could feel empowered and then as we move through our Wellness schemes and pivoting really existing resource and
Timestamp: 67 min to 68 min
Whether it be in and around stress reduction the importance of exercise and diet and through this period again, just trying to support people in a remote sense within their own circumstances. And then as we move through more to the diagnosis and treatment and then recovery section just a few number of partners that we’ve had in place for a have launched recently and we have a number of telemedicine providers that are now live and we’ll be going live across the region played to an earlier comment in and around will covid-19 start to accelerate the digital services that insurance looks to participate in thing that that answers are very different that yes at a global level and at a local level throughout Asia what we’ve been very purposeful on in terms of both operational due diligence, regulatory due diligence and clinical due diligence with
Timestamp: 68 min to 69 min
It is just ensuring that the provided that we do present to our customers to meet those standards because it’s one thing to be reacting quickly and promptly from a digital perspective and remote treatment for customers very much the duty of care that we see in terms of putting these new services for the importance to make sure that they can actually deliver a level of service and a level of Health Care outcome for our customers, which would need to be met.
Even in these types of trying times and then lastly around the pivoting of existing Services. We have Regional partner Medics around case management and pivoting that to you can see I have a lot of the statistics and data that from it was presenting on is in and around people who have severe covid-19 and those have been hospitalized and it obviously are predominantly going through a respiratory illness their need.
Timestamp: 69 min to 70 min
Then people come out and you can now see in a number of markets the tracking of a large number of those who have recovered that need around respiratory Rehabilitation after going through a significant respiratory illness. So, looking really to where can we take existing services and pivot those so that were assisting our members through the process and then throughout the other side with those who have been affected directly by covid. I can ensure that their recovery as can be optimized through this period. But I hope that has given a bit of a whirlwind tour of just some of the responses where we have been reacting on. I think Simon to your specific questions around sales. And where do we go from here and in terms of insurance that
Timestamp: 70 min to 71 min
if it’s loose in a number of markets really pivoting and thinking laterally around the digital space were in terms of both the Recruitment and training of it of different distribution channels and an agency, obviously the predominant one across Asia for most insurers, but all the way through to an alongside Regulators opening up of Regulation, at least on a temporary measures around face-to-face selling and being able to accommodate different products being able to solve a non-face-to-face basis and that is continuing to evolve at a regulatory level which I think then part and part will be then an enabler for insurers to be to be working in different ways with which they both engage consumers and their protection needs and take that through to an actual sale. Yeah, and then round it. Sorry. Sorry. I was just in a mindful of time, but I just
Timestamp: 71 min to 72 min
Me to cut you off there. But thank you very much Christian. I have to say, you know, as you’re representing one of the Region’s leading insurers is heartening to see so many sorts of efforts that have been taken by you and the team to support customers. It’s unquestionably really difficult time. So, we’ll try and come back to this broader question around implications going forward in a moment if that’s okay, but I didn’t want to lose the opportunity to ask this poll question Christian. So, if everybody could just have a quick look at this and vote quite a simple question really for
For life and health business. Do you think pandemics should be an insurable risk, or do you think the insurance should be able to say actually we’re not covering those yes or no, and maybe I’ll hand over to Yannick to just have a quick come quick chat with you Christian as well? Thanks.
Thanks Simon. And thanks for students for the insightful presentation. You mentioned a lot of different services that they provided all across the region. I was wondering what are the key difference is that?
Timestamp: 72 min to 73 min
You see across all your Market in the customer response to the covid-19.
Thank you. The customer response; It has been has been quite varied and I think of it from accessing care and so obviously from an insurance perspective that’s reflected from a claims perspective and then very much and it goes back to my earlier comments around either the public-private interface and where the front line is existing in terms of covid and then the degree of lockdown in different markets. So obviously at the fire in with has been
It locked down and so obviously there was some place in China for a period of time. The ability of customers to access broader Healthcare was very limited through two markets. Let such as is Hong Kong where by things have remained open but equally customer behaviours has meant social isolation has been far more driven by an individual and very much.
Timestamp: 73 min to 74 min
Because of previous experience with SARS and so consumers themselves and those types of markets with previous cultural memory to South have been very much self-driven in terms of some of their behaviour versus almost business as usual and a number of other markets and there’s other broader markets are now moving to lock down. Obviously. There’s a bit of a lag there in terms of what we see coming through so a little bit too early to tell but it
is interesting in terms of quite different cultural overlay of different customers reactions across the market.
It’s you also mention a few digital Health spanner or more physical health hospital you working with so do you see a difference in the Way digital health and physical health partners have reacted to this crisis
Timestamp: 74 min to 75 min
and it has been mixed I think and some I mean I think and for a lot of your audience and yourselves in terms of the use the digital Health players obviously have been on the front foot given the lockdown nature in the remote nature of their delivery models have been able to be very much asserted through this period it’s been more than around the traditional Healthcare Providers those that heads either plans in place around things and have accelerated their own initiatives versus some players effectively shutting the door and wanting to whether this out so it is very different Market by market but it is it is interesting that we say that the insurance industry will accelerate now through covid-19. I think you’ll find what we would have seen as a number of traditional offline players digitizing their front end and their interaction with customers.
Timestamp: 75 min to 76 min
And far more so then we then we have seen rather than purely a lot of sort of digital new entrants into the space. So, I think it’s going to accelerate both the provision side of the health industry as much as it is the insurance payers site.
Thanks. There is actually a question from Pauline. I would like to ask you online. She’s asking if this crisis will actually accelerate the awareness of the customer from insurance and helping the industry to move more from pool. So, the customer buying what they need rather than a push, but what do you think that will be the case?
Yeah, just let me try understand the question so roll. So, moving from the push of a product in terms of trying to describe to people what their protection needs. Yes. It’s just looks like according to her.
Timestamp: 76 min to 77 min
The customer a bit more aware of what is their needs through this through this crisis protection needs and if this will help the industry to basically move into having this protection Gap discussion with customer rather than trying to sell product I think and I think also that’s as much as applicable to Consumer behaviour and serve but also a regulatory. So we’ve already seen a number of regulators come out and ensuring that specific covid-19 coverage from a product perspective in terms of coming to Market with a covid-19 coverage a number of regulators have been made that very clear that wouldn’t be appropriate so not to take advantage of a situation with heightened concerns over protection, but you’re right. So, a greater awareness do I have the protection needs to I have and that might equally be for new business as well as persistency. What’s the
Timestamp: 77 min to 78 min
The behaviour going to be like in terms of I’ve got existing protection. We’re moving through recession periods. Do I retain my protection coverage because of the level of uncertainty I face? So, I think there’s a number of consumer but new business as well as existing business attitudes and behaviours that will start to see on top.
Okay, thank you. So, the question you asked for life and his business do you think pandemics other insurable risk, and it’s an 83% Yes, 70% know so I hope you vote Yes 10. That’s my understanding from what you said. Yeah, very good. Okay. Thanks Christian. Thank you for those inputs now just slightly mindful of time and I’m not going to move us on quickly then to founder of TDI Hugh Terry and it’s interesting you that we’ve been just talking about acceleration of digitalization of the sort of incumbent in
Timestamp: 78 min to 79 min
Or as much as new entrants, I know you’ve got some points of you to share with us on that quite quickly. So, let me hand over to please.
What I’ll do is get an eye on the clock. I’ll do an Abridged version of this and get through it as quickly as we can. What I wanted to do was sort of change discussion a little bit towards let’s look at the future and let’s look at the impact of technology on the insurance industry in this chart, which is some data was done early in month by Bain and India CEO survey. I thought was quite interesting and it shows you that senior executives are using the crisis, but if you like they’re also being hampered their strokes and pedestrians and actually looking to the Future and realizing that this period of huge uncertainty and change they need to do both of these at the same time. If we go to the next slide Brook what we’ve been doing at the digital insurers having a look at this and we
Timestamp: 79 min to 80 min
call a TDI point of view and it has I guess rather lurid headlining read their industry warning digital Tipping Point is approaching Insurance faster than expected. And what do we mean by that if we look at the next slide what we really mean is that consumers have to technology like we’ve never seen before over the last three months. So, we’ve seen wider usage of technology and all the areas. You can see on the left-hand side.
User groups come on board. And from there we use technology to really The Tipping Point for consumers has probably been reached and accelerated during this crisis. Now, it’s hard to know exactly what the estimate is. But if you look at the next slide, we’ve taken a view if we go on the next Slide. The Tipping Point is probably accelerated by a couple of years, which means that insurers that were previously looking at digital transformation plans need
Timestamp: 80 min to 81 min
Moves so much more quickly to keep up to speed and of course the Gap is in danger of widening because the insurance industry has historically been behind the curve on the adoption of digital. There is a kind of tendency to say that’s focus on keeping the lights out but interestingly that survey data at the start suggests that many are starting to look at what needs to be done and What needs to change so we think this is a call to action for the industry. This is Our Guest some of the more humorous side and rather dark times that I let you just quickly absorb and then we’ll move on but clearly funny but also serious and change is really a foot and that change is much more fast than perhaps we’ve ever been a come used to in our careers to date.
Timestamp: 81 min to 82 min
Another little sort of buying slide and I’m not going to go through this in detail, but it gets to the sort of speed aspects or the left of the things. We’ve been discussing about acting now to protect and run the business today and on the right-hand side plans now to retool the business for the future and I think this is a great summer in a great way of thinking I think fortune favors the brave. I think this aspect of
Retooling for the new world and the more rapid adoption of technology is not only the smart thing to do. I think it’s absolutely essential now for the insurance industry and I guess I just wanted to wrap up on the last slide just with some thoughts on what that meant and a more practical level. I think on the left-hand side is the new language that we’re going to start adopting. So, things have changed we’re going to be talking about resiliency. We’re going to be talking about
Timestamp: 82 min to 83 min
Sharing we’re going to be talking about sustainability. We’re going to be talking about how we can keep our customers happy and respond to customers in a way that we haven’t had to previously because Economic Times are definitely going to be hard for at least a couple of years and I think we’re going to move beyond especially in the insurance industry a time where we said actually we can postpone doing this. What’s the hurry? What’s the urgency into an environment where we look at action now?
Now and I was talking to a chairman of one of the insurance companies on our paper a while ago and he said, you know, actually what would be great is if the sort of Rapid action that insurers have shown that they can take during this crisis could be maintained as we work through the crisis and as we come through the crisis on the other side and then on the right hand side here. I just wanted to pull out my view what I think the areas of focus will be on this silver digitized.
Timestamp: 83 min to 84 min
Shouldn’t change agenda. Number one obviously pressure on costs the use of technology to digitize the value trade to reduce costs whilst at the same time actually improving levels of customer service number to focus on existing customers were all going to find it harder to win new customers. So, we’re going to focus on getting to know our existing customers better providing better products and services to those customers. I think the third one is one; We’ve talked about many times which is evolving distribution to a genuine genuinely only offering and what we have seen in this crisis is a failure of models that have been optimized for face-to-face but have not been built for virtual selling. So we’re seeing a lot of Rapid investment now to move into what we call these on the offering some of that is Quick Fix, but there’s also longer terms
Timestamp: 84 min to 85 min
teaching opportunities in that only distribution space and I think people are starting to look at this very seriously now and I think last but not least and I think echoing back a little bit to what Steve started about which is, you know, this is a hard process psychologically for people a lot of change so ensures need to invest in their people partly to make sure that they’re happy but also for good business reasons,
Are digital transformation does need to occur rapidly. People need the skills to be bought Along on that change and it is also a cultural change by what we talked about as taking digital from the few to the many. So those are my thoughts on the sort of key areas. There’s obviously an enormous topic digitization will continue and you know from a TDI perspective. We will continue to sort of live up to our tagline which is how we can work together to accelerate the digital.
Timestamp: 85 min to 86 min
Summation of insurance. So, Simon that was it for me and hopefully not to grief. Yeah. Thank you very much here. I just want let’s pick up on that last point of people. We got a final sort of poll question as we moved to the wrap up the next few minutes if we can bring that up. Do you agree that insurers are going to need to and want to accelerate the digital transformation of the next six months? So really a leadership question, but also a people question it touches all parts of the business. So yes insurers will need to and want to
or no Focus will be on shorts and a moving back to business as usual and just while those sort of results are coming through as with probably inevitably we’ve kind of run out of time in terms of being able to get into a broader panel discussion, but maybe I can just ask you for any final Reflections on the really interesting insights and different perspectives. We’ve had from the panelists today.
it sinks actually if we still have four minutes to, I wanted to ask just one single question. Timestamp: 86 min to 87 min
What’s the impact especially in areas where Insurance were sold mainly by agent face-to-face. Do you see any impacts or do you think that now the digital to have been given to the agent to continue on Bridging the Gap?
I think a lot of insurers are busy applying what I would call a Band-Aid. So, the immediate action that’s required to actually allow sales to occur on a virtual basis. So, using the existing technology to allow that and that is a make do type of approach. I think what will happen quite quickly is that insurers will realize they’ve got to move to Omni. They’ve got to move from a risk management perspective as well as a business opportunity to a generally on the
Iron Mountain Tech stack that will allow customers to
Timestamp: 87 min to 88 min
determine how they’re going to interact with each other and I don’t think many insurers are there yet in terms of doing that. So, I think that is going to be a real area of focus. I think it’s an opportunity and I also think it’s now very clearly needed from a risk management perspective as well.
Okay, any addition from the rest of the panelists?
If I could just back out that I think this is a superb opportunity for the insurance industry to really step up and to introduce all the technology that we know is on the cusp of being introduced in so many markets. I think it’s also a key point for Regulators of got to work out how they’re going to encourage their economies to grow through this and the cover. So, I think Regulators have a key part to play on this as well. Otherwise it certainly in sir.
Certain jurisdictions. We will see just a drift back to the old style of business.
Timestamp: 88 min to 89 min
Feel that insurance will become increasingly less relevant and that’s what careful.
Thanks to you.
So we’re sharing here on the screen the result of the last poll of today. We’re a big majority belief that the insurer will boost need to and we’ll want to digitalize the different and backhand and it’s already happening anyway, so it’s no surprise, but it will be interesting to know from the one that voted know why they think so. So, please let me know as well. Your different point of view.
So I will let Simon and you then close the webinar we have one minute left. Yeah, thank you. Thank you, Yannick. So, Hugh very briefly. I think you wanted a couple of quick updates to everybody on the call things coming up for TDI.
Timestamp: 89 min to 90 min
Sides here. So, I will quickly go through these first of all, I think just a quick thank you to all of our corporate members that have supported us over the years continue to support us that allows us to provide these webinars and a call out. Of course, to Swiss re we’ve had a long-standing relationship with Swiss re so thank you Yannick. Thanks Also to Swiss re life capital or corporate members have also supported us in the launch of the TDI Academy and if you see the next slide, what we’re trying to do is provide the right.
What level of digital Insurance learning to the right people at the right time and at the right cost a hundred percent virtual programs we started working on this last year and launched our first program, which is called ADI we go to the next slide. I’m not going to really focus on this just because of timing but it’s there you can have a look at it in the deck as well. But we’ve had some really good feedback from these programs. So, the next slide, it’s Landing. Well, we’re getting very good NPS
Timestamp: 90 min to 91 min
This gives you an outline of the type of curriculum that we’ve got. So, we’re ready to meet the industry need for more digital learning to help the transformation of the industry. I guess that was the message. I wanted to get across there in terms of other things coming up. We’ve got obviously a lot of webinars a lot of interest in doing more webinars. So, I’ll just take you through just some of the coming up. So, we’ve got one on the 6th of May which is on putting people first. So, looking at people, Skills and cultural change so we’ll come back to this dealer. If you like the DNA that you can see in the TDI logo. If we go to the next slide, we’ve also got to go back one The Innovation Awards. So, Asia, which we were partnered with was postponed in terms of physical event, but we’re going ahead with the online War. So, we’ve got the inshore Tech Awards, and we’ve got the in
Timestamp: 91 min to 92 min
Innovation Awards, you can see the finalists on the right-hand side that online. It’s on the 2nd of June and it will be running for about three and a half hours in total. We’ve also got in there a really good panel discussion that’s going to be done on ecosystems in China. We’ve got some really good speakers. So please sign up for that one. If you’ve got the time the next one that we’ve got coming up. We look at the next slide. This is for our corporate members. We’ve got a couple of corporate members only programs which are extracted from the ADI program. These will be held on a monthly basis and it’s really a thank you to our corporate members for their support. And those are free to corporate members and employees within the organization. I think that’s it for me.
Timestamp: 92 min to 93 min
Thank you very much Hugh and it’s really my job just to sort of wrap this conversation up. I mean it is incredible how quickly the time has gone, but I guess rather predictably bearing in mind the significance of this topic and the level of interest in the industry. So, let me let me just first point out that please give us some feedback. You can use a survey at the end. You’ll get a recording Link in a day or two as well and you can also sort of write to the panelist directly with the email addresses that will come up now. Let me just sort of thank on everybody’s behalf the panelists first of all and Philippe, Steve, Christian. Thank you very much you of course as well and a particular big thanks to Yannick my co-moderator and also the Swiss re life capital team. So for all your time and input sorry, we haven’t got to everybody’s questions, but we’ve had them coming through thick and fast, so thank you for all of those and I guess the big
Timestamp: 93 min to 94 min
I know thank you is to everybody on the call. We’re really conscious time is money. This is an important sensitive subject. So, we hope you found it useful. I found it really fascinating to hear some of the data points. So, we’re going to end the webinar here. Thank you for your time, and we look forward to catching on another TDI Swiss re webinar before too long. Thank you everyone. Thank you very much. Stay safe.