Future Frontiers – Insurance Broker Conference
Cusack Suite, Croke Park Stadium, 24th November 2022.
ON Thursday 24th November, Brokers Ireland hosted their Insurance Broker Conference in Croke Park, Dublin. As the first physical conference in over three years, we were delighted to welcome Insurance Brokers back to the first in-person session since November 2019.
After successive online virtual events, it was encouraging to see so many members in attendance on the day and a strong endorsement of how we as the Broker community, enjoy interacting and networking with colleagues. The ‘Future Frontiers’ conference aimed to address key issues and emerging trends that Insurance Brokers currently face.
The conference addressed new advances and business influences affecting Insurance Brokers across markets, technology, legislation, climate change, and global economies.
The event included a respected panel of keynote speakers who inspired Insurance Broker attendees by sharing insights and guidance on developing their businesses and adapting to change successfully by focusing on trends and issues that impact everyone in the brokerage industry.
The day got underway with a breakfast CPD lecture called ‘Underinsurance – Broker’s Beware’ which was presented by Travelers and outlined the consumer risk if not fully protected in the event of making a home insurance claim.
The CBI’s recent thematic review of underinsurance in the home market highlighted the increase in underinsurance and its associated risk to homeowners.
Traveler’s presentation outlined the consequences of insuring assets for less than they are worth which may not become evident until a claim is made. The results can be catastrophic to an individual and can threaten the viability of a business.
Tony Hetherton’s delivery explored the causes, the impacts, and the measures that can be taken to reduce the potential for underinsurance drawing insight from both a claims and risk management perspective.
Matt Cooper, well-respected broadcaster and journalist was MC for the event. The official conference was opened by Brokers Ireland President, Liam Carberry who welcomed Insurance Broker delegates to the event and outlined the running order of the morning.
The conference was kindly supported by Premium Credit and was represented by Michael Fitzgerald, Senior Business Manager, who said a few words on their behalf.
Rosalind Carroll, who is Chief Executive of the Personal Injuries Assessment Board (PIAB), the state body which assesses personal injury compensation provided an update on how the past year has been transformational in the Personal Injuries System in Ireland, with developments such as the PI Guidelines implemented by PIAB, the latest claimant data, the accelerating reform process, and enhancements to PIAB’s service such as mediation.
Climate risk and sustainability have become another challenging obligation for Brokers and this very topical issue was presented by Brian O’Neill, Head of Speakers
Communications and Sustainability at Aviva who delivered a relevant outline on Climate Change Challenges and Opportunities.
Brian conveyed the critical role of the finance sector globally in supporting the process of adaptation to a new lower carbon world and how general insurance must adapt its products, covers, and services to support climate change.
Brian concluded by advising how Irish Brokers will need to adapt to meet the changing needs of customers and insurers on the journey to new zero.
This presentation was followed by an address on Economic Volatility: Future Impacts on Insurance Markets which was presented by Ciara Regan and Noel Garvey, both Partners at Deloitte specialising in life and non-life markets.
Their address outlined how economic instability, which we are currently experiencing across global markets, impacts the insurance sector.
Their outline considered the impact of macro-economic, demographic, social, and other key trends, and the effect these potentially may have, on insurance markets over the coming years.
The insurance landscape by 2030 will look significantly different and in today’s fast-paced technology environment and digital transformation, is already having a significant bearing on Brokers, insurance distribution channels, and consumer expectations.
Our next conference presentation titled Intermediation in 2030 – Digital Strategy & Technology was delivered by Hesus Inoma from i13 Ventures who is a seasoned insurance sector; FinTech and Tech Strategist.
Hesus outlined some of the future trends that are likely to impact insurance intermediation and how business strategies will need to adapt, to thrive in an ever-changing financial world.
The internet is undergoing a fundamental shift towards open, customer-driven, and decentralised services, covering all facets of our lives from how and what we buy, to how we work and carry out business.
Hesus showcased how Brokers can capture opportunities and navigate this evolving landscape. The next conference speaker, Peter Lennon, partner at RDJ, is no stranger to the Broker community and is an industry expert in Broker Claims and Liability. Peter is an experienced commercial litigator, specialising in dispute resolution in the insurance and financial services sectors.
- Premium Credit
- The III
- Robertson Low
- Sedgwick
- Ornella Underwriting
- Travelers
We would also like to thank all Insurance Brokers who attended on the 24th of November and hope that they found the presentations, content delivery, and networking at the conference to be beneficial in driving their business and brokerage agendas forward for the coming year.
For Insurance Broker members who were unable to attend the Insurance Broker conference, the individual presentations are available on request by emailing events@brokersireland.ie
