The Future of Insurance – Luca Russignan, Head of Insurance, Capgemini Research Institute

Episode Info

Luca Russignan is an insurance expert with more than 15 years of experience with industry-leading consultancies and insurers. At Capgemini, he enables CxO conversations in the insurance sector through data-driven thought leadership to shape insurance business strategy focusing in particular on North America and Europe. He holds an MBA in Strategy and Finance from Hult International Business School.  

Episode Summary

The interview discusses the future of the insurance industry, focusing on demographic changes and the role of technology, particularly AI, in shaping this future. Overall, the interview provides a forward-looking analysis of the insurance industry, urging stakeholders to consider demographic trends and technological advancements in their strategic planning.

Key Points:

1. Demographic Shifts:
   • The interview highlights a significant demographic shift where the population pyramid is flipping, meaning there will be more older people than younger ones. This change is expected to fundamentally alter who buys insurance, the risks they face, and how these risks interconnect.
2. Actionable Insights:
   • The discussion emphasizes the importance of making insights actionable. The goal is not just to provide new information but to explain why it matters and how to start acting on it. This involves connecting future forecasts with present-day actions.
3. Role of AI:
   • AI is seen as a silver lining, offering opportunities to address challenges like a shrinking workforce and climate change. It is viewed as a tool that can enable successful aging of the population and unlock productivity gains.
4. Strategic Conversations:
   • The interview stresses the need for integrating demographic considerations into strategic conversations today. This integration is crucial for preparing for future challenges and opportunities.
5. Future Projections:
   • The interview looks ahead to 2050, considering how current trends will evolve. It encourages taking "no regret" actions today that will be beneficial regardless of how the future unfolds.

This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

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