Article

Czech Republic Insurance Conference 2017

Profiting from technological and regulatory changes

December 17, 2017
| Czech Republic

Willis Towers Watson held its annual Czech Insurance Conference on 16 November 2017, under the theme of “Profiting from technological and regulatory changes”.

This year’s conference focused on two themes: technology and reporting. Our survey of the Czech insurance market in 2020 clearly illustrated that the ability to adapt to new technologies will be key to success in the near future. However, the survey highlighted that insurers still struggle with legacy IT systems, which are not only regarded as the most significant risk facing their company, but also the greatest obstacle to progress.

At the same time, insurers are faced with an ongoing and seemingly incessant flow of new reporting and regulatory requirements. With Solvency II having already been implemented, new requirements for distribution have the potential to fundamentally change how products are sold to customers. IFRS 17, though first-time reporting will be in 2021, requires insurers to commit scarce resources to their implementation projects now if they are to meet the deadline.

40 participants from insurers, reinsurers and the Czech National Bank heard contributions from some of Willis Towers Watson’s experts in Prague, London and Warsaw covering a broad range of topics including:

  • Cloud solutions; achieving flexibility and efficiency in the IT environment
  • Usage-Based Insurance – is the future already here?
  • Data analytics in action
  • IFRS 17 – more than just an accounting change
  • Public reporting under Solvency II; how much or how little was disclosed and what did we learn?
  • IDD: making sense of the legislation (external speaker)
Roger Gascoigne speaking at the Willis Towers Watson Insurance Conference 2017 
The confluence of regulatory pressures and technological opportunities means insurers in the Czech Republic, as elsewhere, need to be able to call on a wide-range of skills and expertise. Willis Towers Watson' insurance consulting capabilities, allied to market-leading technological solutions, enable us to provide a unique offering to our clients. It was a pleasure to welcome such a senior and engaged audience to this event.

Roger Gascoigne, Insurance Consulting and Technology, Prague