Is it the right time for the insurance industry to demonstrate its relevance to society, customers, shareholders and employees?

Dr Vina Theodorakpoulou, GAIN's individual membership lead shares the importance of re-thinking operating models to meet the timely and narrow opportunity to demonstrate the industry’s relevance to the society, its customers, shareholders and employees.  

She shares, "I recently read McKinsey’s inaugural report on Global Insurance: creating value, finding focus (2022). For a number of years we -insurance professionals- have been reading industry reports with a degree of confidence and safe anticipation that ‘the knowns’ are outlined and well summarised, carefully seasoned with uncertainties derived from the changing geopolitical, socio-economic landscape.    

"Compound annual growth rate (CAGR) figures, global premium income changes, (re)insurers and broker interdependencies*, underwriting performance by line of business, regional break-down, natural catastrophes and (steadily) alarming levels of underinsured Property risks and uninsured catastrophe models. Closing with a well-balanced future outlook, an eye-pleasing mix of doom and glory.  

"It quickly dawned on me that this report -and I am meanwhile certain others, too- marks the new era of studying our industry: an urge to rethink our operating models runs through its pages in response to a pragmatic acceptance of environmental, social, and governance (ESG) pressures, digital transformations and emerging ecosystems. A timely and narrow opportunity to demonstrate the industry’s relevance to the society, its customers, shareholders and employees.  

"And in proving relevant, both individually and collectively, focus on value-creating delivery, reduce operating costs, minimise multiple outlets that have been commissioned the same output, identify and combine multi-contact points to a joined up, personalised customer experience. Attract and utilise the talent necessary for each of our model-integral functions, design products that cover uninsured risks, even reassess the sign and impact of key agents’ interdependencies. 

"Sure, the traditional industry needs to open up with each organisation driving dialogue internally: What are their (our) strategic strengths, how can they be further enhanced? Are the operational and corporate functions diverse and empowered to fulfil their full performance potential? What are the lessons learnt, are new pathways and skillsets needed to create value?  

"Equipped with the sobriety of the findings we set out to engage with peers, customers and emerging ecosystems, and scale the impact from data and analytics, an antidote to market complexity. Mobilise our working culture, the way(s) we attract and utilise the best talent, embrace cognitive differences, build and nurture diverse workforces. Transform our industry together".    

 *The dynamics of the capital providers and the intermediaries who operate -and sustain- “an asset-light client relationship model”. McKinsey (2022) Global Insurance: creating value, finding focus 

by Vina Theodorakopoulou (Dr) GAIN's Individual Member Lead,

With a doctorate in behavioural economics and 25 years' experience across the wider financial services, Vina is a passionate advocate for diversity of thought in the workplace. 

A polyglot who has led multi-disciplinary deal teams with focus on aligning deliverables with corporate values, she leads GAIN’s individual member stream. 

Vina aspires to an inclusive insurance and financial services industry that utilises talent, embraces neurodiversity and celebrates human potential.  

To start a dialogue, you may email her at [email protected] or contact her on LinkedIn