Frank Genheimer (New Insurance Business) was guest and speaker at the International Life Insurance Conference held in Zagreb (September 28). For the second time, the Institute for Insurance and the Svijet Osiguranja Journal (Tectus Ltd.) organized this event in the SEE region.
In his first talk, Frank spoke about yin and yang in life business. In Chinese philosophy, the idea of yin and yang describes how things be complementary, interconnected, and interdependent. Today, insurance companies are struggling with both: inforce and new business. In his talk, he discussed how to setup inforce management and how to use some of its instruments. When it comes to new business, a new business strategy is indispensable. Usually, companies come up with a product or a sales strategy. However, both strategies overlap: sales commission has an impact on pricing and the customer segment on product design. Single measures in different areas of a company, like a new product feature, simply fall short – especially, when different measures are not matched. Therefore, the starting point for any activity should always be a holistic and individually derived new business strategy. Alternatively, and to put is simple: no strategy, no new products.
In his second talk, Frank focused on the present FinTech / InsurTech movement. In his talk he outlined, that the present challenges and opportunities of life insurance business offer a promising target for FinTech / InsurTech. FinTech / InsurTech is able to improve the central processes of life insurance companies, such as issue and administration of policies and all related financial processes in accounting and asset management. An automation and flexibilization related to product development allow a much shorter time to market. In the present situation, a new product may be necessary but it is not sufficient. There is much more to do. FinTech / InsurTech may support a life insurance company.
In the concluding panel discussion, Frank discussed with several further panelists the present situation in Croatia and potential measures to improve the situation in life business.
Further details on the event are available on the official website.
Source of pictures: organizer of the event, own recording