This paper attempts to look beyond the immediate focus on renewal rates and investment returns onto a series of game-changing developments in areas ranging from the shifts in global investment and growth to greater retention, capital market convergence, more exacting customer expectations, growth in computing power and availability of data and greater government intervention.
The lines between insurance and reinsurance are also blurring. The attributes for success and even what we understand by ‘reinsurance’ could be transformed as a result.
In this paper, we advise reinsurers to stay close to clients needs in order to have the greatest chance of securing and retaining business. As customer expectations and sources of capacity continue to evolve, the market is going to demand more specialised, creative and finely targetted solutions from their reinsurer, and companies will need to focus on risk insight and innovation to break away from competitors. Reinsurers must compete on more than just price now, capitalising on internal expertise to get closer to clients and understand their needs.