“Consumer-centricity” needs to be high on the agenda of insurance companies operating in the US and in countries belonging to the European Union.
That was the consensus of industry executives and professionals from both sides of the Atlantic at a public forum hosted by the EU-US Insurance Project steering committee on October 19 in Frankfurt, Germany.
Participants discussed the effects of competitive markets and a fast-growing digital environment, and the demands on insurers to continuously improve their engagement with customers.
Industry executives and experts also discussed the extent to which insurers may pursue revised or alternative business models also as a result of the increased focus on “consumer-centricity.”
The steering committee of the EU-US insurance project also defined priority areas for 2017, including intragroup transactions and guarantees, cyber risk and the impact of consumer protection on the business models of insurance companies.
“The forum engages the world’s two largest insurance markets in a dialogue with the ultimate goal of achieving efficient, effective and risk-based cross-border supervision,” said Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA).
“In the light of the challenges of the increased globalization and the need to place consumers in the centre of the business, such cooperation is crucial,” he added.
The EU-US Insurance Project started in early 2012 when the EIOPA, European Commission, the US National Association of Insurance Commissioners and the Federal Insurance Office (FIO) agreed to participate in a deeper dialogue to promote business opportunity, consumer protection and effective supervision.
“The EU-US Insurance Project has enhanced collaboration and understanding between insurance supervisory authorities on both sides of the Atlantic,” said FIO director Michael McRaith.
“This multi-party engagement will continue to address issues of critical interest to the insurance industry and consumers in both markets,” added McRaith.
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