For Monte Carlo RVS 2017, we ask Tokio Millennium Re chief executive Stephan Ruoff what is on the horizon for the (re)insurance industry in 2017 and beyond
What should be the key topic or theme for Monte Carlo RVS 2017?
In the next decade, ‘convergence’ of traditional reinsurance with capital markets as we know it today will be long gone. Reinsurers will need to efficiently match pools of capital with pools of risk as well as creating new solutions to specific customer needs.
What are the key challenges facing the industry in 2017, beyond the soft market?
Staying relevant. To do so, reinsurers need an efficient operating platform with a future-proof architecture, able to embrace ever faster changing technology. This agile platform will help adapt to the reinsurance cycle and to any new political, regulatory, tax or rating agency imposed change. More importantly though, the industry must work with disruption from the ‘outside’. Alternative capital has already reshaped the way balance sheets are managed. Now technology is redefining the way business is transacted. We need to intensify R&D to deliver new and innovative products to our customers.
What opportunities should the (re)insurers be exploring in 2017 and beyond?
Building partnerships and networks, combining technological innovation with the strong analytical skills of our industry, but also customer centricity are key ingredients for a successful business model of tomorrow. New solutions helping to close existing insurance protection gaps and addressing new or changing risks will provide further opportunities to stay relevant.