This year's Annual Insurance Executive Conference was held at the Grand Hyatt in New York, N.Y. on December 4 and 5.
Attendees from both the property and casualty insurance and life and health insurance worlds gathered for two days of informative meetings and networking events.
The conference kicked off with an opening keynote address from Peter Hancock, president and CEO of AIG (left). Speaking to the large audience of attendees, Hancock described himself as an optimist and noted that "the industry has plenty of room for growth."
Peter Hancock address the large crowd at the Executive Conference on Dec. 4.
He advised the audience to look carefully at particular customer segments to understand the issues and create a solution. Hancock also noted that government has become more of a competitor as the "insurer of last resort," although the insurance industry defines the risk.
Following Hancock's keynote was the "A View from the Top: President and CEO Keynote Panel." John Santosuosso, partner, EY (left), led James Clay, chairman and CEO of Westfield Insurance and Westfield Bank (center) and Kent Sluyter, CEO, Individual Life Insurance and Agency Distribution with Prudential Financial (right) in a discussion on what's top of mind for today's insurance execs.
In addressing how best to reach customers, Clay said, "Risk is the last thing they're thinking of. How they interact with their insurance company is colored by the rest of their online experience."
He added that customers' expectations have been set by Amazon with its "One-Click" check-out option.
"We have to ask ourselves, how accessible are we to our customers?"
The "Industry Update: The Property Casualty Reinsurance Sector" panel, moderated by Shawn Moynihan, editor-in-chief, National Underwriter Property & Casualty (right), focused on how well the industry is adapting to disruptive changes in the market.
Eric Andersen, CEO of Aon Benfield, Brian Boornazian, chairman of Aspen Re, and Bill Donnell, president of US P&C, a division of Swiss Re, also discussed how to "grow the pie" for the industry as a whole, innovative solutions for new issues, and capitalizing on underwriting expertise to better asses risk.
Mario Vitale, CEO of Aspen Insurance, presented the P&C afternoon key note address, "Impactful Leadership and the Next Generation."
Vitale is passionate about inspiring the next generation, and he noted that he made the best decisions when he was on the front lines: visiting a small, local office or a remote one, the IT department or a broker's office.
Vitale asked the audience how many believed that leaders are born with natural talent, and only one person raised his hand. More people agreed when he asked the audience whether they believe that leaders have a combination of natural ability and skills they've learned along the way.
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