Agenda

08:40

Registration and Coffee

09:10

Introduction from Chair person

09:25

KEYNOTE

  • Stephen Riley President of the Insurance Institute of London and former Executive Director , Global Aerospace Underwriting Managers

09:50

Succeeding in a changing UK and EU insurance political landscape

  • Identifying key UK and European trends to help formulate business strategy
  • Examining political risk post-election following the appointment of a new Commission
  • What are the challenges to the London market given competition from Asia?
  • Capital, technological, and economic pressures
  • Kirsty Cooper General Counsel and Company Secretary, Aviva
  • Stephen Riley President of the Insurance Institute of London and former Executive Director , Global Aerospace Underwriting Managers
  • Hugh Savill Director of Regulation, Association of British Insurers (ABI)

10:35

Thematic review a year on: Conduct risk – Managing conflict to ensure the engagement between insurers, brokers and SMEs is fair for all parties and works in practice

Conducting risk in wholesale retail business

  • What does the FCA mean by the SME space?
  • FCA interest in market integrity and fairness
  • Managing long distribution chains, and vertical integration
  • Consumer sophistication / broker advice and market selection
  • How do the underwriters ensure their product terms and conditions are right for the market, and what part does pricing play
  • Devising control frameworks to identify, mitigate and manage conflicts

11:20

Morning Coffee

11:50

WORKSHOP 1: The impact of the FCA’s new competition powers across the insurance industry and the rise of behavioural economics.

  • Overview of the FCA’s new role enforcing competition law
  • Surviving a regulatory investigation – an inside view of managing the process and interaction between the CMA and the FCA during the Private Motor Investigation
  • An introduction to behavioural economics and how its use by the CMA and the FCA may affect businesses
  • Risk and opportunities for insurers and how consumer behaviour may influence future regulation

11:50

WORKSHOP 2: Overcoming regulatory and compliance challenges for insurers and brokers when entering emerging markets

  • What lessons can you learn from working in the UK when entering new markets?
  • The practicalities of getting started in a new market
  • How do you develop products
  • Where to start, who to talk to, what to avoid
  • Determining business opportunities and challenges in new markets
  • Overcoming barriers to entry such as saturation of the market, foreign ownership restrictions and local shareholders requirements
  • Dealing with licensing in new markets through syndicates

11:50

WORKSHOP 3: The future of the life insurance industry and the ramifications for insurers.

  • Examining the retirement space – challenges and new business opportunities
  • The future consumer and the future underwriter
  • IFAs
  • Will there will a reduction in business for insurance writers?

12:40

Embracing The Senior Insurance Managers regime across your business

  • What is driving these changes within the industry and how does this impact on the governance side within a business?
  • How will they impact the role of Chief Counsel/ Chief Control Officer and the culture throughout your organisation?
  • Examining personal accountability of employees and managers and understanding how companies are managing this risk
  • What processes do you have to go through to embrace these new changes from a governance perspective?
  • What are the expectations of GCs of senior executives in the boardroom?
  • Has it inspired business to change their original management structure?
  • Fergus Speight General Counsel, Royal London Group
  • Michael Connor General Counsel and Company Secretary, Lancashire Insurance Company
  • Kevin Head Compliance Technical Manager, Royal London Group

13:30

Lunch

14:15

WORKSHOP 1: Embracing fairness and treating customers fairly (TCF) as a critical component to corporate culture

  • Determining what the next generation of customers are looking for from insurance compliance-friendly products in order to meet changing requirements
  • Setting the tone from the top of the organisation
  • How are terms and conditions priced and measured as appropriate for different levels of sophisticated markets?
  • Ensuring that products and services are designed in accordance with TCF policies
  • How companies demonstrate analysis and measurements of TCF
  • How does the FCA overcome issues with market data quality?

14:15

WORKSHOP 2: Examining the impact of alternative capital across the insurance sector

Reinsurance buyers are seeing the lowest cost of underwriting capital in a generation.

Is the low cost of underwriting capital in a generation enabling reinsurers to move into the insurance space through acquisition of agencies? Where are they receiving their capital from?

  • How are they able to structure their products and how do they find alternative capital?
  • What has been the reaction of brokers and carriers to this growing challenge?
  • What are the risks exported to capital markets?
  • Is alternative capital here to stay?
  • The implications for  the legal and compliance function
  • Jonathan Spry Head of Insurance Solutions and Advisory, StormHarbour
  • Robert Schwartz General Counsel and Head of Transaction Management , Leadenhall Capital Partners

15:05

Update on implementing effective compliance procedures to avoid infringing trade sanctions and heavy fines

The complexity involved with complying with sanctions cannot be underestimated and the increased enforcement of sanctions globally means that you need to be prepared.

  • An overview of UK, US and EU sanctions regimes and recent enforcement actions
  • Which sanctions regimes apply to your business?
  • How do they impact on how your business function is run?
  • Procedures and controls needed to avoid costly fines and damage to reputation
  • A closer look at the impact on reinsurance and marine industries

15:50

Afternoon tea

16:20

Examining key regulatory changes impacting the UK industry over the next 12 months

  • The Insurance Mediation Directive 2
  • Consumer Contract regulations
  • How do you comply with local rules?
  • Will it make cross border activity in Europe easier ?

17:00

The role of big data across the insurance industry

Practical use of “big data” in claims and underwriting

  • Big Data on the rise: its meaning and relevance to the insurance industry
  • Data protection: understanding the line of compliance
  • The consequences of not getting it right: litigation and regulatory risks
  • Change on the way: the impact of EU data protection reform
  • Blind spot: reliance on contractors in a hosted world
  • Wrap up: practical compliance points

17:30

Conclusions and end of day followed by drinks