The pace of change is unprecedented. How will the evolving global trends in financial services impact the realization of your vision? Birchall will share the latest key research findings and insights to shape your strategy, support your actions, and achieve your goals.

In today’s hyper-competitive and ever-changing marketplace, customer focus leads the way. Mossman will reflect on trends and opportunities, and what it will take to win in this Brave New World.

Fraudsters are more sophisticated, better organized, and have a greater impact on our industry more than ever before. A recent U.S. LexisNexis Risk Solutions study reported that for each dollar of fraud loss, financial services firms face US$3.25 in costs — an 11.3 percent increase from $2.92 in 2018. Aside from the immense tangible cost to recover customer accounts and settle potential fines, legal fees and lawsuits, companies also incur reputational risk and the erosion of consumers’ trust. Anderson, Askew and Stathopoulos will crack the code on fraud trends in Canada and the U.S., and reveal the mitigation actions taken in response. They will also demo the FraudShare solution developed by LIMRA, LOMA and the Secure Retirement Institute in conjunction with the industry.

The life insurance industry continues to encounter the exact same challenges it has faced for many decades, including low public trust, aging advisor population, declining ownership, weak financial literacy, price/value misperceptions, and so on. But it is also said “the only constant is change”. And change — or disruption — is coming from things like new advice models and pandemics. If this is the new normal, shouldn’t the industry change to not only combat the new disrupters but finally address the old ones? Miller and Miemiec will socialize the challenges and propose some steps that aim to grow the industry.

As we enter a decade of increased public exposure and scrutiny through regulations, Board governance, social media and so on, insurers are confronted with greater risk and the imperative for continuous change. Their ability to mitigate risk and identify, respond to and implement strategic transformation throughout their organization is crucial. Ultimately, protecting their customer interests, shareholder value and corporate brand is paramount for their survival and success. Grimes will take a close look at six crisis management lessons acquired from public relations scenarios that had taken place over the last 30 years, and advise on how we can be better prepared for the next wave.

The global economy staggered as COVID-19 infected millions and measures to contain its spread shuttered businesses. In Canada, the economy slumped and job losses soared. As the number of infections slowed, the economy reopened fueling a partial recovery in the labour market and rebound in activity. Assuming no further lockdowns are required, the economy will continue to recover in the second half of the year, although even as conditions improve, the hole created by this crisis will take a long time to fill. In this session, Desjardins will share her insight and outlook for Canadian business and our industry.