Scenario planning and unpacking the economic fallout from the COVID-19 shutdown.
This was the theme that set the scene for InsureTalk 4 on Thursday the 16th of July 2020. Insurance professionals gathered virtually from the comfort of their home offices and looked forward to a few hours of learning from experts in their respective fields. InsureTalk 4 was powered by Santam and hosted by CN&CO Events.
Simon Colman (a.k.a. Judge Dread from The Insurance Apprentice) continues to excel as emcee of the conference, raising some interesting points for us to consider as he welcomed guests and got the session under way.
Kicking off InsureTalk 4, Prof Andre Roux – Economist and Head of the Futures Studies Programmes at the University of Stellenbosch Business School, shared insights into “Scenario planning in an unknown future”.
One of the core points that Prof Andre share was around thinking holistically and systematically. He also emphasised that historical trends get broken, don’t’ take a repetition of the past into the future.
Letlhogonolo Tau, who is the Business Development Manager at Santam, asked an interesting question in the conference’s Zoom chat during the conference:
“Prof what then should organisation use for future economic growth strategies if we can not rely on economist’s numbers(2.75%) as you mentioned?”
Prof Andre Roux responded – “My advice is always that you should also examine the “back story” to a forecast. In other words, what are the assumptions used to reach the forecast; what are the ifs and buts? And always bear in mind that any economic forecast is really an attempt to forecast human behaviour – and that is hardly ever predictable!”
Next up we had an Industry update from the IISA CEO, Thokozile Mahlangu.
Thokozile discussed how the IISA have been working on key strategic elements during the lockdown in South Africa and how the regulatory body are working to improve the insurance industry.
Following the IISA update, Mike van Slooten Head of Business Intelligence for Aon Reinsurance Solutions share insights and forecasts around the topic of “The impact of COVID-19 on the global reinsurance market”.
The outlook? Mike shared thoughts on the potential for new capital in the reinsurance marketing.
The CN&CO events team are known for their entertainment and have worked wonders through the InsureTalk series to bring different forms of entertainment virtually to attendees.
This time we were treated to a cooking master class which made many people feel like an early lunch.
“Life isn’t complete without Parmesan.” – Emilio
CN&CO’s Gianluca Tucci, loved the cookery demo in. “Apart from making my mouth water, I think this touches on an important point during these unprecedented times – it’s key to learn new skills, innovate and find ways to adapt to this changing world (not forgetting the Parmesan)”
Well done @cnandco events for always including something “different” with your online conferences! #Insuretalk From reinsurance to learning how to make #carbonarapasta When you having us over MC legend @LiabilityGuy so we can test how well you listen?! pic.twitter.com/8RwnSdCmPQ— Carel Nolte (@carelnolte) July 16, 2020
Out of the kitchen on into a presentation around risk management in a changing world.
John Melville, Executive Head, Risk Services at Santam presented on the topic of “What is the role of insurance and proper risk management in a changing world?”.
It’s clear that we need to look at how risks are being assess and evaluate if they are being interpreted correctly as we navigate the “new normal. Nasrin Salie, Head of Enterprise Risk Management at Santam shared insights on The role of Enterprise Risk Management in the “new normal”.
Next up on the virtual stage and the last speaker for the day was Craig Olivier, Chief Technology Officer, at Genasys Technologies. Craig’s talk focused on “The rise of digitalisation in business – The new normal”
“The New Normal requires us to change the way we have done business in the past. Think about the Customer First. Insurer empathy and integrity are more important than ever" I could not agree more with @CraigOlivier on this. A Tech guru with a big heart!👍@cnandco #InsureTalk4 pic.twitter.com/NrvIqpTo1K— Andre Symes (@iamsymsie) July 16, 2020
That’s a highlevel wrap up of what was covered during InsureTalk 4. Should you wish to dive deeper into some of the topics that were discussed you can request to watch the full recording here.
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