Insurers - Useful, Useless - Purposeful, Purposeless?
A Discussion On Why Insurance May Have Lost Its Way
Webinar
Webinar Recording
What would insurance, and our wider financial system, look like if it were designed to fit its purpose? “Shining a spotlight on our financial system reveals a number of imperfections. It is no more efficient than it was a century ago. It is subject to serial crises. It is uneven in providing good long-term governance of corporations and other assets. It is disconnected from the needs of its ultimate capital providers – meaning us. And the economic theories that are embedded as its operating assumptions reflect only one facet of the world in which the industry operates.”*
The current pandemic has increased the perception of a financial industry disconnected from the needs of its ultimate capital providers. Yet, the situation is not irretrievable, especially if there is a desire to change and improve. This webinar will explore some of the current ‘disconnects’ in insurance, explore what the ‘purpose’ of insurance might be, consider elements that might require redesign, and touch on thoughts of a new public-private compact.
[* “What They Do With Your Money – How The Financial System Fails Us & How To Fix It”, by Stephen Davis, Jon Lukomnik, and David Pitt-Watson, Yale University Press (2016), page 193]
Speakers:
Dr Paul Taffinder is the Founder and Managing Partner of Taffinder Consulting, a CEO advisor on strategy, leadership, digital innovation and organizational performance. Previously, he was MS Amlin’s Director of Strategy & Innovation and steered Mitsui Sumitomo’s acquisition of Amlin in 2015. He was Chairman of Mitsui Sumitomo’s Digital Working Group, initiated EY’s Insurwave blockchain for insurance and is very active in FinTech in Silicon Valley and London.
Previously a partner at strategy firm Marakon Associates, Mercer Delta and Accenture, he is the author of Big Change, winner of the Business Management Book of the Year; The New Leaders; The Leadership Crash Course and the substantively updated edition of The Leadership Crash Course: Creating Leadership Impact in the Digital World (2019).
He is Visiting Professor at Goldsmiths College, a Chartered Psychologist and Associate Fellow of the British Psychological Society, is a huge cricket lover, advanced scuba diver and, with his wife Mandy, keeps 3 dogs busy at home
Liz Foster has enjoyed a career in Insurance which exceeds 50 years, with more than 30 years of that as an insurance broker. From joining as an account executive Liz became a director and minority shareholder and ultimately the Managing Director and majority shareholder of Ingram Hawkins & NockLtd, Insurance brokers which is now part of Aston Lark. One of her first actions on taking control of IHN was to invest in professional development. IHN was one of the first firms to achieve Chartered Insurance Broker status with the Chartered Insurance Institute. As part of her own professional development Liz undertook a two year programme with the Willis Business School to attain Membership of the Chartered Management Institute. Liz attended the Women’s Leadership Programme facilitated by the Harvard University Business School. For some 15 years Liz has been involved with the CII, initially as a member of the board of the Broking Faculty and since the inception of the Society of Insurance Broking has been its non executive director. These roles have enabled Liz to pursue her belief in the values, ethics and professional standards to which all insurance practitioners should aspire and also to promote public awareness of the value and role of the professional insurance broker. In mid March and in direct response to the COVID19 crisis, Liz jointly founded Totus Re with the ambition of creating a solution to the “red zone” risks within the National Risk Register via a collective of voices. Liz believes that the future of the UK lies in its young people and that all young people should have the opportunity to live independent and fulfilling lives with dignity. She has actively supported the UK’s leading youth charity, The Prince’s Trust since 2005. In November 2018 Liz became an Ambassador for Maggie’s Coventry and is supporting the campaign to build a cancer care centre in Coventry. On the 31st March 2020 Liz was honoured to be appointed Deputy Lieutenant for the West Midlands.
Paula Jarzabkowski is a Professor of Strategic Management at City's Business School, City, University of London. She is an expert in insurance and reinsurance markets, having lead international teams in studying different aspects of the global industry for many years. She has released a range of industry reports, Masterclasses, academic papers, and a widely acclaimed book “Making a Market for Acts of God” with Oxford University Press. Her work has high practical & policy impact, for example through her role on the OECD High-Level Advisory Board for the Financial Management of Catastrophic Risks. Paula's current research examines how Governments and Markets around the world can share the growing risk of disaster and increase the links between insurance and resilience. In this vein she & her team have been awarded a prestigious UK Research & Innovation Council grant to support UK economic recovery from COVID19. You can view her website here: https://www.paulajarzabkowski.com/
Speaker(s):
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Dr Paul Taffinder
Founder & Managing Partner
Taffinder Consulting
Panellists:
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Elizabeth Foster
Co-Founder
Totus Re
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Paula Jarzabkowski
Professor of Strategic Management
City's Business School
Chairman:
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Professor Michael Mainelli
Executive Chairman
Z/Yen Group