By 2030, the number of employees in the global workforce aged 50 to 64 is projected to increase by 15 percent to 30 percent. Companies thus face a critical challenge: How can they balance automation and digitization ambitions with the growing societal demand to help ensure adequate social protection and well-being for experienced workers? ... Continue Reading »
technology
How to Protect Data in an Age of Digital Seamlessness
The trend toward digital seamlessness is accelerating; industries from finance to health care are increasingly using seamless technologies to make it easier for consumers to use their products and services. More than four billion people now own a smartphone, with many using them to buy groceries, manage finances, book travel, arrange deliveries or receive health care, according ... Continue Reading »
Emerging From the Shadows: Casualty
Casualty (re)insurance is often overshadowed by developments in property lines. As the last two years have shown, the human impact and devastating damage caused by catastrophes such as hurricanes, typhoons, wildfires and earthquakes tend to dominate the headlines, according to Julian Alovisi, Head of Research and Publications, Guy Carpenter. The casualty market rarely gets ... Continue Reading »
A Dynamic Approach to Managing Life Reinsurance Arrangements
The traditional life reinsurance model typically involves perpetual treaties linked to an underlying product. In order to create alignment between the contracting parties, the treaty would follow the underlying terms of the product. However, the treaty structure may concurrently include provisions that reduce alignment between the insurer and reinsurer, to the insurer’s d ... Continue Reading »
Modeling Insights
Here we review recent GC Capital Ideas posts covering insights on modeling. Terror: The Role of Technology and Analytics: Terrorism, political violence and other malicious acts differ from other insurable perils in that they are dynamic and adaptive; there is human intent driving the probability and willing the impacts to change. Historic incidents show past trends, but ... Continue Reading »
Carriers Must Carve Out Distinctive Strategies to Maximize their Potential for Success
Guy Carpenter has completed its annual review of property and casualty (P&C) results and found that competition and change are the only certainties (re)insurers are promised in today’s market. ... Continue Reading »
Baden-Baden Reinsurance Symposium Examines (Re)insurance Market Opportunities Generated by Industry 4.0
Guy Carpenter hosted the Reinsurance Symposium in Baden-Baden on October 20, 2019. The eleventh year that Guy Carpenter has hosted the event, the Symposium posed the question: “Is the (re)insurance sector ready for Industry 4.0?” ... Continue Reading »
Digitizing Risk: Don’t Give the Robots Free Rein Just Yet
Before giving artificial intelligence and machine learning free rein, financial firms must ensure that the decisions these programs make do not result in new risks and expensive regulatory breaches. The risk and compliance standards put in place after the financial crisis are not going away. But what if financial institutions could turn the situation into a competitive ... Continue Reading »
Managing Employees Amidst Digital Transformations
While the digital revolution is already underway in most organizations, it is yet to have the kind of impact, positive or negative, that many predicted. As such, most organizations have not yet adopted any design or implementation strategies that would truly leverage the digital revolution by increasing productivity and work outcomes, according to Wolfram Hedrich, Executive ... Continue Reading »
InsurTech is Advancing at an Ever-Increasing Pace – GC@MC Commentary
Fear of disruption was pervasive early in the “InsurTech” era, stemming from indications that major technology companies were entering the sector, such as “Googlezilla”(1) in 2014; Apple’s telematics focused patent activity; (2) and more recently; Amazon’s exploration of insurance aggregator opportunities in the United Kingdom. More current and pressing challenges to incumbency ... Continue Reading »
