In this Insurance Institute of London (IIL) London Market lecture Ulrich Seega will talk about how managers can make behaviour based decisions to conquer two big challenges in an ever so changing world: hiring and developing the best person a) for the job at hand and also b) for culter, performance and individual potential.
The abundance of capital, the speed of technology development, and changing regulation have an unprecedented and direct impact on the world of insurance. Underwriting and broking processes are under review. Efficiency wins over top-line growth and tasks that were previously conducted twice a year are now happening in real time. The concept of hard and soft markets does not seem to exist anymore.
The impact on people is huge: The technical functions need to be faster and a higher emphasis on relationships, presentation skills and strategic thinking is required. Front-line staff need to be more technically savvy and are required to know more about the product detail. A higher level of strategic input is required from functions that in the past were rather removed from business strategy. All in all, change is more present and more complex than it has ever been.