Michael Morrissey, President & CEO, International Insurance Society, Inc.
Last month we presented our first report on the joint IIS and Institutes’ Global Concerns Survey of senior insurance company executives and other industry thought leaders. The objective of this annual effort is to examine “what keeps insurance CEOs up at night”. After delving into the survey’s responses on Economic Concerns in the last edition, we share results in May on Social & Environmental (S&E) Concerns.
What is the biggest challenge facing the industry in the next decade?
The ongoing technological developments – such as artificial intelligence (AI), robots, e-processing, big data and multi-cloud – represent the biggest challenge facing the industry, even though they also create opportunities. They will have far-reaching consequences for (re)insurers.
What did being named an RGA Leader of Tomorrow mean to you?
The University of Alabama has a proud heritage of teaching Risk Management, Insurance & Financial Services (RMI) and Actuarial Science (AS). The first insurance course was taught here in 1921, only five years after Dr. Solomon S. Huebner taught the first university course in the subject. Students have been qualifying for actuarial designations for decades and in 2007 a formal actuarial science program was established. Beginning in fall 2019 students may elect to take a newly established minor in RMI or in AS.
One of the main roles of Axco’s Global Risk Intelligence and Data (GRID) team is to monitor emerging risks around the world, particularly those which affect the strategic activities of governments, companies and individuals. Each month, the GRID team newsletter will offer you recent highlights of our global analysis of significant geopolitical developments, and possible implications for Axco’s core insurance and risk management markets.
While the banking sector has made significant progress extending access to credit and savings to the 3 billion people in the emerging middle class, this population remains particularly vulnerable to risk but lacks effective safety nets, such as insurance. The estimated size of the microinsurance market is 3-4 billion policies and $30-40 billion in annual premium revenue.
Michael Morrissey, President & CEO, International Insurance Society, Inc.
Each year the IIS and The Institutes conduct a Global Concerns Survey, an evaluation of the issues that keep insurance CEOs awake at night. This survey derives its results from senior life and nonlife executives, brokers, consultants, law firms and other industry thought leaders from every geographic sector of the insurance world. The survey’s outcomes are therefore a valuable measure of industry concerns and priorities.
IIS Executive Insights Regulation Expert: Bill Marcoux, WCM Advisory LLC
Andrew Kuper shares his insight on the biggest opportunity facing the industry and the proudest accomplishment in his career.
Carmony Wong shares her insight on being a Leader of Tomorrow.
What did being named an RGA Leader of Tomorrow mean to you?
It was a great surprise and honor, but most importantly, it confirmed that my paper was of value to others. The paper enabled me to share the learnings of my career journey, from starting as a female scientist to leading a team and managing a business. I wanted to help my fellow industry colleagues avoid feeling so alone in their journey as I sometimes felt over the past 20 years.
