PNreowosf TUESDAY
17.10.17
Anticipate change and innovate: Sampson
The property/casualty industry is facing
a time of unprecedented change, David
Sampson, the president and chief executive
officer of the Property Casualty Insurance
Association of America (PCI), told delegates in
his opening address at the PCI Annual Meeting
on Monday October 16.
“We know that our future will look different
from our past. The risk profile of the economy
will change and we’ll have to adapt with it,”
Sampson told attendees. “We’ve done it in the
past and now, as an industry, we’re going to need
to do it once again.”
He said that the PCI 2017 conference
programme was designed to help executives
manage their business operations, and help with
anxieties related to change while allowing them
to embrace new business opportunities.
“Our goal is to anticipate and facilitate
innovation through our role in helping consumers
and business manage the risks of the future. We
are living in an unprecedented time of change, in
terms of the nature and the pace of that change.
Innovation and disruption are fundamentally
changing the very fabric of modern American
society,” Sampson said.
“Change comes from many sources and from
many social, political and demographic forces.
Change is supercharged by new technology. To
effectively lead the industry during these times
we need to understand how these forces are
shaping the business operating environment.
And as part of that understanding we should not
underestimate the lasting impact of the financial
crisis that still reverberates through society a
decade later.”
Sampson said this effect was being amplified
by local supply chains and technology. He added
that most people in the room and indeed most
economists would agree that the new technology
and a more globally integrated economy have
brought tremendous growth opportunities, for
the US and for the world. However, at the micro
level it has caused significant disruption to certain
industries, regions and demographic sectors.
He stressed that these disruptions on
so many levels have fed into unrest and
disturbance the like of which the industry has
not seen since the 1930s.
“All of this has expanded into a rising tide of
nationalism and populism,” Sampson warned,
citing recent events such as the Brexit vote, the
issue of Catalonian independence and even the
US presidential election of 2016, adding that a
rising tide of populism was leading to distrust
in existing establishments, something that the
industry will have to cope with. n
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