Global threats facing the insurance industry

The Aberdeen Institute of Insurance and Financial Planning is delighted to welcome Branko Bjelobaba to discuss Global threats facing the insurance industry.

What are the global threats facing the insurance industry right now and how are these impacting UK insurers and brokers, can they be insured and how can we adapt to survive?

Today war, weather extremes and the cost of living crisis dominate public debate but the sector faces critical risks – cyber/AI/tech, regulation, climate change and human talent. Can we effectively tackle any of them? Cyber is in the news all the time with companies and government on the lookout for massive show stoppers (M&S, Co-op and JLR to name three big ones!) including potential catastrophic interference with our democratic processes as we see with deep fakes. In addition, with half of us due to retire within the next 15 years, why is there a failure to attract and retain the right talent and what can we and the CII do about it? Further, it is also clear that insurers simply can’t underwrite the effects of climate change, so what will then happen? And are chat bots here to help or hinder?

This will be an interactive and wide-ranging talk and those attending will be actively encouraged to contribute with their own experiences and views. We will look at the differences in responses between insurers and brokers with brokers considering business conduct more of a concern than insurers.

Learning objectives - by the end of this talk you will gain an overview of:-

• The key risks facing UK insurers and brokers:-
• What, if anything, can be done to effectively respond to these risks?
• What can the insurance industry do to attract younger human talent?
• Artificial intelligence – is this a threat or an opportunity?

I started my insurance career in 1987 and have worked across the sector including stints at PwC and GISC and have led my own consultancy practice since 2004 working closely with BIBA and the CII and have provided hundreds of well-received (even entertaining…) talks. I am a recipient of the CII’s Bridgewater Award for Exceptional Service, the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards in 2021. I am proud to judge various insurance awards and am a respected and sought after industry commentator who is widely quoted by the insurance press and has a considerable following on LinkedIn with one post on Aviva’s AI having had 100K views alone.

I have been a regular speaker at virtually all of the CII’s local institutes and have provided hundreds of events to thousands and thousands of insurance professionals and feedback has been superb:-

Branko's session was entertaining, factual and honest. It was a topical talk that delivered a very real world and customer focused view which I don't think we typically get from presenters. He made me think about the issues that are important to customers and not just the bottom line.

Excellent presentation, once again from Branko. Albeit insurance is his forte, he could give a presentation on any subject - cakes, cars, nightclubs, etc, and still make it interesting and informative.

Branko’s understanding, drive and commitment in educating our members across difficult and complex areas including compliance, regulation and FCA rulings is second to none.

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