The 16th Annual Global Ageing Conference of The Geneva Association dissected the most relevant trends in mortality and longevity risk. Insurers have a role to play not only in managing these risks through risk transfer, but in promoting services that can help society mitigate them.
With regard to longevity, insurers can make a direct contribution to helping individuals manage their finances and be prepared for retirement by addressing the pension savings gap. The longevity risk profiles of pension funds are a good match for life insurers. Hence, pension risk transfer is a significant growth opportunity for them.
Managing these risks exposes the limits of automation and disruption.There are no substitutes for human interaction: patients value the interface with their doctors; financial planning professionals are more successful in engaging and advising customers than digital platforms.
The conference concluded with two signature sessions. ‘World Café’ distilled the conference’s key findings and messages via breakout groups. ‘View from Above’, a discussion with Jacques Goulet, President, Sun Life Canada, and Peter Schaefer, CEO, Hannover Re U.S., captured their executive views on topics like genetic testing, the state of the life insurance market and motivating employees.
This annual conference is by invitation only. If you are interested in attending the GA’s Heath & Ageing conference in 2020, contact conference@genevaassociation.org.