Fri 21 Apr 2023 - The last 12 months have seen the media’s constant desire for a crisis alight upon the cost of living in the United Kingdom. Whilst there are undoubtedly global factors driving near-term inflationary pressures, the insurance industry and the actuarial profession, with long-term thinking as a core capability, need to look beyond the hype and examine and understand the impact of this ‘crisis’ on all stakeholders.
This talk will examine how actors in the insurance industry should consider responding to the reality of the cost of living through four lenses – managing the book; regulatory impacts and headwinds; end customer impact and implications for the design of insurance enterprise.
Its core theme will be that, as with all such shocks to systems, the current cost of living episode will reward those that have placed long-term strategic thinking at the heart of their approach to the insurance market.
Stuart is a Director in Grant Thornton’s Financial Services Business Consulting practice. Stuart is a highly experienced consultant, corporate strategist and programme director with 27 years' international experience across P&C, life insurance and pensions.
He has worked in the UK, the Americas and Asia building and transforming insurance businesses. In addition to consulting he has held Head of / Director of Strategic Change roles for two major FTSE 100 insurance groups.
Sophy is a Manager at Grant Thornton and a Qualified Actuary with several years’ experience advising large retail banks. Her experience has predominantly focussed on large remediation projects and past business reviews. This has involved process and data validation; designing and implementing redress calculations; and providing assurance on regulatory compliance.
Alan is a Senior Manager at Grant Thornton and a Qualified Actuary with almost 20 years’ experience in the Life Insurance Market. He has worked in a wide range of projects and roles including transactions, with-profits management, stress and scenario testing, reporting, business planning, and process optimisation.