When you try to think what our industry could look like in 15-20 years it’s hard to visualise, but in my opinion, a lot will change:
Customer demands and use of technology will evolve, resulting in more customized products with transparent pricing.
Reinsurance will develop new risk categories, requiring an integrated, global perspective.
The speed with which we do business will increase.
The industry will attract new players and become significantly more competitive.
If the reinsurance industry evolves as a whole – the players within will need to change too. Change cannot happen without the appropriate people driving and delivering an organisation forward.
And - it may be that new market players bring fresh talent to the forefront of our industry. But when we plan and prepare for our own future we need to understand what type of talent is required within our organisations.
In my opinion skills, mindsets and behaviours will evolve over the next 15-20 years, for example:
Well-Networked Communicators: well-connected people that can use a variety of communication styles, formal and informal. Comfortable with all communication channels: digital mediums, instant messaging and the traditional large scale briefing. Open and at ease with information sharing.
Analytical Decision Makers: people who have an in-depth understanding of the intelligence and insights that come from big data, and are able to confidently apply data to their decision making.
Holistic Agile Professionals: both analytical and people-oriented professionals, able to work across physical boundaries and seniority levels, able understand the wider picture and business landscape.
The umbrella term that brings these together is an organization’s ‘corporate culture’. But what exactly does this mean? I personally like to define ‘corporate culture’ as: Leadership, Values, Communication, Decision Making and Collaboration.
We all know that changing corporate culture in an organisation takes time, sometimes up to 10 years, and of course there are many dependencies and influencing factors.
One thing is certain - to be ready for the future, we need to start thinking about this topic now!
Knowing all this – where should you start?
Pro is hosting a Roundtable to debate this topic in Zürich, Switzerland. Watch this space for a high-level summary of our findings. Alternatively feel free to contact our experts to discuss how we can help people adapt to your future culture in reinsurance Inken.Schaeppi@pro-global.com