Current Challenges and Future Strategies in Life Assurance
Explore the challenges faced by insurers and reinsurers from 2019-2021, including reinsurance treaty repricing, COVID impact, and data discipline. Evaluate measures taken so far and future strategies amidst COVID challenges for protection business management and risk mitigation.
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Presentation Transcript
17th Current Issues in Life Assurance: 03 December 2021 13:30 to 16:30 IST Setting the Context 1
Background Source: Internet www.actuariesindia.org
Challenges: 2019-2021 Insurers: Reinsurers: Reinsurance treaty repricing and associated regulatory challenges Lower volumes owing to higher prices and COVID Higher retentions>impact on NB strain, capital management Margin management challenges Unsettling phase: explaining the changes to shareholders, managing competitive dynamics Huge losses continuing long into the future Double whammy COVID impact and mortality losses, no offsetting business Treaty termination and re-pricing challenges Challenges on data discipline and minimum operational standards Attracting scrutiny locally and globally A lesson learned the hard way! www.actuariesindia.org
What has been done so far? RAG Re-pricing in line with experience Tightening of underwriting norms Diligence in claims assessments Implementation of risk models Alignment between insurer and reinsurer www.actuariesindia.org
Impact of COVID - Challenges with emergence of inherent mortality experience - Trends in anti-selection / non-disclosures during COVID waves - Challenges in Claims management of COVID cases - Challenges with estimation of COVID provisions, under-reporting issues www.actuariesindia.org
Way forward? How can experience monitoring be improved? Data discipline? How can entry stage underwriting strike the optimal balance between risk management and onboarding? How can we surmount Section 45 challenges, non-disclosures and anti- selection in claims management? www.actuariesindia.org
Way forward? What are the implications for protection business margin management going forward? Source: Internet Is our investment in risk mitigation technologies sufficient? How can we better leverage data for monitoring and risk mitigation? Can we and should we segment protection products by target segments? Which aspects should be considered? www.actuariesindia.org
Panel discussion Moderators: Vivek Jalan & Sunayana Mahansaria Panelists: - Avdhesh Gupta AA, Bajaj Allianz Life - Jose John - AA, Max Life - Samrat Das COO, PNB MetLife - Sanjeeb Kumar CEO, Gen Re India Branch www.actuariesindia.org
