Insurance Distribution in a Changing World

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1 Karel s club EXECUTIVE INSURANCE FORUM Insurance Distribution in a Changing World May 2014 Frankfurt Germany

2 prof. karel van hulle About Karel s Club Trilogue between insurance executives, regulators and academia The insurance industry lives in a time of change. Although its business model is often misunderstood, its importance is increasingly recognised. More regulation can be expected. That regulation will have a profound impact on the way insurance business is carried out. It is important to think about the possible impact of that new insurance regulation before its introduction as well as once it has entered into effect. Karel s Club offers the possibility to discuss new developments in insurance regulation as well as new trends in insurance in an informal setting, between senior management from the insurance industry, stimulated by reflections from academia and from representatives of the regulatory community. The objective is to enable thought provoking discussions on matters of concern to the participants under Chatham rules. The discussions should help to shape strategic thinking about the likely way in which insurance will develop in the coming years as well as on how regulation might influence this development. Proper attention will be paid to the European and international regulatory agenda. Karel s Club seeks to provide space for Executives, who are concerned about the future and want to prepare themselves for the challenges ahead through active discussion, sharing experience with colleagues and regulators in a neutral university environment. The modern Campus Westend of Goethe University in Frankfurt, where ICIR and the House of Finance is located, provides a uniquely rich and productive learning environment, an atmosphere of complete intellectual freedom. The forum discusses one or more Insurance issues, providing a better understanding of the interaction between these issues and Insurance regulation. The meetings organised by the Club are meant to be both informative and directly relevant for the participants. Participants are expected to engage themselves in the debate. Chair Karel s Club is chaired by Prof. Karel van Hulle, Professor at the KU Leuven and at the Goethe University in Frankfurt, former Head of Insurance and Pensions at the European Commission and Executive Board Member of the International Centre for Insurance Regulation (ICIR). target group This forum is addressed to senior management from the insurance industry, i.e. board members, chief risk officers, chief financial officers, actuaries, accountants, regulators, supervisors and policymakers. Although the discussions will take account of European developments in the context of Solvency II, the focus of the meeting will be broader and attention will also be paid to developments in other parts of the world.

3 the experience Meeting with Karel and a select group of high level professionals from the insurance industry and related organizations in the context of Karel s club was a great experience. It was very inspiring to grab in a vitalizing environment the possibility to discuss with an open mind the challenges and opportunities of long term investments. Bart De Smet, CEO, Ageas I appreciated very much the atmosphere of Karel s Club that was ideal to exchange views in an unformal and relaxing way. The quality of exchanges was excellent as people were very open and constructive proposing solutions to very challenging and relevant issues. This is the type of events you want to be part of. Dominique Bourrat Managing Partner, Risk Dynamics Peter Skjødt Executive Director, Danish Insurance Association The first meeting in the Karel s club is probably the first seminar I attended which delivered on all promises and lived up to all my expectations. And my expectations were very high indeed. We were invited to discuss with top professionals in a small group. We met senior officials from EIOPA and supervisors, key executives from the life insurance industry, political lobbyists and we all shared a common goal: based on our interest in the Solvency II project to discuss likely future scenarios, worries, outcomes, obstacles and likely developments. And Karel van Hulle managed the seminar very professionally, yet in a relaxed way, to tie together all presentations and comments so that we could leave the seminar with a sense of really having an improved understanding of key aspects of Solvency II. I was amazed how intense the debate was and how strong the interest from everybody was to actually contribute to and be part of the discussions. I had feared the discussion could be artificial because we had no decision power or output to produce. But interesting discussions just continued, even during lunch and dinner. The seminar was held in beautiful surroundings and the friendly and relaxed atmosphere was underpinned by a cuisine which was a very positive experience in itself.

4 Karel s club 2014 Insurance Distribution in a Changing World May 2014 INTRODUCTION Much has been said and discussed about Solvency II, the new risk based solvency regime for the insurance and reinsurance industry. However, there can be no doubt that the next issue on the agenda of regulators is the way in which the buyers of insurance products are dealt with in practice. Whilst a fair treatment of consumers is an issue for all parts of the financial services industry, this matter is particularly important in insurance as insurance is a product that is not sold but bought. It is therefore necessary to ensure that consumers are well informed about what they are buying and that there is transparency about all aspects of the insurance transaction. A number of regulatory initiatives are on the EU agenda: the revision of the Insurance Mediation Directive (IMD II), the revision of the Market in Financial Instruments Directive (MiFiD II), the introduction of a common regulatory regime for the sale of packaged retail investment products (PRIPS). But not only in the EU, the issue of insurance distribution is on the agenda. Reforms have been called for by the G20, by the OECD and by the IAIS. These regulatory initiatives need to take account of a changing environment whereby developments such as data collection (Big Data) and information technology (Comparison Websites and Aggregators) are having a direct influence on the way in which insurance products are being distributed. The second meeting of the Karel s Club will look at insurance distribution from different angles, benefiting from the input of a number of key experts in the field. The discussion will focus on issues such as: What are the likely regulatory changes in the near future? How will they affect the insurance industry and insurance intermediaries? Will insurance agents be affected more than insurance brokers? Is there a need to also address the wholesale market or should regulation forget about business to business? Should regulators just impose transparency or should they also regulate the way in which the sale of insurance products is being remunerated? How can regulation deal with the low financial literacy of consumers? What do customers prefer? Can they really make a choice between low guarantee products with high profit participation and high guarantee products combined with low profit participation? Is it possible to compare insurance products offered by different providers? How reliable are estimated payments in product fact sheets? Will Comparison Websites and Aggregators take over the role of insurance intermediaries? Will the market in the end be taken over by data collection institutions such as Google?

5 INSURANCE DISTRIBUTION IN A CHANGING WORLD Leading Questions REGULATORY CHALLENGES Is there a need to increase transparency in the distribution of insurance products? Should there be a ban on commissions? Is it possible to distinguish between advice and independent advice? Should insurance investment products be dealt with like other insurance products or just like other investments? How should regulators deal with Comparison Websites? Do consumers need insurance advice? STRATEGIC QUESTIONS How will the insurance industry deal with the changing landscape in insurance distribution? What will be the impact of IMD 2 on insurance intermediaries? How will the market with the largest number of intermediaries cope with the increasing regulation? Will increased EU regulation foster the creation of an internal market for insurance? Are we forgetting the wholesale market? Will increased transparency result in consumers being treated more fairly? POSSIBLE SOLUTIONS Replace commissions with paid advice Introduce net-quoting Distinguish between life and non-life policies Let the consumer take care of him/herself via Comparison Websites Reduce insurance intermediation in order to reduce the price of insurance products Limit increased regulation to the sale of insurance investment products

6 INSURANCE DISTRIBUTION IN A CHANGING WORLD Programme Thursday, 22 May Executive Insurance Forum Opening Prof. Karel Van Hulle, ICIR, Goethe University EIOPA s Approach to Regulating Insurance Distribution David Cowan, EIOPA, Department of Regulation, Co-ordinator of the Consumer Protection and Financial Innovation Team How do Insurance Intermediaries look at the Recent Regulatory Initiatives on Insurance Distribution? Paul Carty, Managing Director ARB Underwriting Ltd and former Chariman of Bipar (Dublin) Nordic Experiences with the Regulation of Insurance Distribution Esko Kivisaari, Deputy Managing Director, Federation of Finnish Financial Services (Helsinki) Challenges of Online Channels for the Distribution of Insurances Prof. Dr. Bernd Skiera, Chair for Electronic Commerce, Goethe University Debate and Discussion Dinner FRIDAY, 23 May Introduction Prof. Karel Van Hulle, ICIR, Goethe University The Role, Position and Economics of the Aggregators in the UK Market Andy Watson, CEO, Ageas UK How Does a Major Insurer Look at the Issue of Insurance Distribution? Marcus Nagel, CEO Life Germany, Zurich Group Germany (Bonn) Experiences from the German Market Prof. Michael Radtke, University of Applied Sciences Dortmund Debate and Discussion Experiences from the Wholesale Market Marie Gemma Dequae, Scientific Adviser FERMA (Brussels) Distribution of Retail Investment Products in the UK: Recent Regulatory Developments Nick Poyntz-Wright, Director of Long-Term Savings & Pensions, Financial Conduct Authority (London) Debate and Discussion Lunch End of Forum

7 Karel s Club is based on the cooperation of two HoF institutions of Goethe University: The International Center for Insurance Regulation (ICIR) and Goethe Business School (GBS). house of finance About ICIR The International Center for Insurance Regulation (ICIR) took up its work at Goethe University in Frankfurt on October 1, It is the first scientific institution worldwide which is focused on the regulation of insurance companies. By fostering high-quality international, independent research on insurance regulation and market solutions to regulatory questions, the ICIR aims at attaining a leading position in its area of research. The ICIR concentrates facts and newest insights in the area of insurance regulation and further develops them by means of independent research. According to the House of Finance philosophy, research is based on an interdisciplinary exchange of the economic and the legal point of view. A major aim of the ICIR is to publish research findings in internationally acknowledged academic journals. It co-organizes conferences and seeks an active dialog with top scientists from all over the world. A planned fellowship program facilitates network-building with internationally renowned scholars. The ICIR benefits from the proximity of important international institutions located in Frankfurt, such as the European Insurance and Occupational Pensions Authority (EIOPA), the European Central Bank (ECB), and the European Systemic Risk Board (ESRB). Because of its scientific independence, the ICIR provides an ideal platform for regulatory authorities, policymakers, and the insurance industry to exchange ideas and seek answers to regulatory issues. ABOUT GOETHE BUSINESS SCHOOL Sited in the heart of one of the world s leading financial centers, Goethe Business School (GBS) is the center for high-quality management education at Goethe University in Frankfurt in close cooperation with the faculty of economics and business administration. GBS is set up as an independent, non-profit organization under private law, held by Goethe University Frankfurt. GBS offers degree programs for individuals and executive education programs for organizations. The part-time Master in Finance is a unique finance degree program designed for young professionals who wish to continue with their careers while pursuing a master s degree. With our executive education programs we offer customized solutions to organizations meeting the learning and development needs for their management levels. With our flexible program portfolio we cover all topics around finance, management and leadership. GBS unique teaching philosophy combines leading research and teaching, outstanding study resources, active networking and hands-on learning. This holistic approach enables develop professional and personal skills in an environment that is at once challenging and supportive. All programs are designed to meet the highest academic quality standards and taught by experienced faculty members from academia and business following an interdisciplinary approach.

8 Poelzig Bau Campus Westend, Goethe University KAREL S CLUB 2014 INSURANCE DISTRIBUTION IN A CHANGING WORLD May 2014 venue Goethe University Campus Westend Poelzig Bau, Eisenhower Room Grüneburgplatz Frankfurt Germany FORUM FEE Euro (incl. VAT) The forum fee includes refreshments and meals Contact & Registration International Center for Insurance Regulation (ICIR) Goethe Business School Jozefina Kontic E: House of Finance Campus Westend Goethe University Grüneburgplatz Frankfurt Germany T: +49 (0) F: +49 (0) E:

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