Opportunities in Reinvention

WRIN.tv spoke with Mike Morrissey, President and CEO of the International Insurance Society (IIS), during the Joint Industry Forum in New York.  Mr. Morrissey believes the tone of discussions at this year’s event was different.  Leaders talked more about long-term structural changes in the insurance business…demographic changes…generational changes…safer cars…fewer accidents…different structures of property insurance. Mr. Morrissey wonders if the industry “would benefit from the kind of re-invention that a number of computer makers have gone through.”

Mr. Morrissey drew insights from recent meetings at the United Nations where he worked with two groups: one looking at “climate-smart investing and the insurance industry’s role”, and another focused on “disaster risk reduction and the industry’s role in that.”  Mr. Morrissey sees the key capabilities of the insurance industry lie in risk management and the investment of proceeds, not in the bearing of risk on their balance sheets. He points out that “many of the insureds have bigger balance sheets than their insurance companies.”

The risk management capabilities and skills of the insurance industry can be used in a variety of ways beyond what the industry currently does.” Mr. Morrissey drew comparisons to IBM, which reinvented itself, going from a hardware provider to a service provider. He believes many insurance companies could provide risk management advisory services to clients, rather than simply hold risk on their balance sheets, much the way brokers do. Thus he sees opportunities that not every company will be able to take advantage of.

For more information on the Joint Industry Forum, visit the WRIN.tv On Demand Library

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