This event brings together distinguished personnel from banks, government bodies and technology companies to discuss and address crucial issues on how to seize new opportunities in retail banking and wealth management while making it beneficial for all stakeholders.
An interview with David Harris (Director - Distribution, RSA Insurance)
David Harris Shares his view on "Innovation in Insurance"
Director - Distribution
1) Which innovations in the insurance sector do see becoming major industry disruptors?
Technology and the ability to research and buy on-line, Aggregator websites, Regulatory changes in governance of insurers and changes in distribution providers from traditional insurance Brokers to affinity partners.
2) What are the key drivers for innovation in the insurance industry today?
Consumer expectation when coming from more developed and innovative markets to the region. The pricing pressure on traditional products such as Motor and Health forcing insurers to become more cost efficient and also to develop penetration of more profitable segments. The awareness of affinity partners of their customer base potential to cross sell non-core products such as insurance and create alternative additional revenue streams. The regulator environment forcing insurers to look closer at their underwriting profit rather than their investment income.
3) What latest insurance products do you see becoming popular in GCC in the near future?
Low ticket value high volume products such as Accident covers linked to banking products, top up medical covers, Cyber crime insurance.
4) How do you think this conference will benefit the attendees?
A forum for networking and interaction amongst peers and other industry experts. The opportunity to get insight into market developments both within the region and from elsewhere and create strategies for profitable growth.
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