Franck Riboud

Congratulations: the topics you have chosen to work on are the right subjects. These are the stakes that are going to change the world tomorrow. But, while discussing, be sure of the reasons why you are talking about these topics: the WHY is what really matters. Is it to make more money? Wrong answer. Is it to be more efficient? Wrong answer. Is it to really build the futur of the world? Yes, that is the right answer.

Danone
France
Dr. Jacques Bughin

Many summits are show horse, not workhorses. Many summits have too many people gathering to listen to big figures, but in an impersonal building. Many summits are just an excuse for a good escape and business card exchange, but not about days of learning about themes/new people. A great summit - is the one where you learn new things, you meet new peers, and you get inspired- all that with a zest of close community, and of marvelous natural surroundings and arts. The G-20Y Summit is just that, especially for the set of young leaders ready to take a step up in their career, and build new leadership.
It has been a pleasure and honor to attend the G-20Y Summit and support the G-20Y Association.

McKinsey, McKinsey Global Institute
Belgium
Rachel Barger

I'm most certainly going to take back my experience at the G-20Y Summits to my customers and to my company. The more people we can have come into environment like this, the more diverse ideas we can have on how we leverage the power and the opportunities that exist with digital transformation.

SAP
Singapore
Daniele Agostini

I have been moderating and facilitating a large number of sessions across the world and it is the first time that I find such type of diversity of very focused and motivated people - it is really a great thing about the G-20Y Summit!

ENEL
Italy
Gregor Pilgram

The G-20Y Summit is a unique platform for insurers, where many insurance sector representatives from all over the world could meet.

Generali
Czech Republic
Barbara Kreissler

I feel very honored that G-20Y Organizing Committee has asked me to be part of this. I’m really excited just reading the program, the agenda and the list of participants on the kind of interaction and discussions that we are going to have on global issues that affect us all.

Signify
Netherlands
Olga Ryabova

I loved the whole idea of top executives coming from different industries and delivering their professional experience to make the best of recommendations for G20 countries heads and for international organizations. You know there was such mood of cooperation, of future understanding I would say. That was really great.

Former Deputy Chairwoman of the Board of Rosbank
Russian Federation
Onur Taysu

G-20Y Summit brings a magnificent group of people together who have adopted a global philosophy and perspective.
The G-20Y Association has utilized an effective selection process and following this selection came an in-depth work, consultation, evaluation and idea-sharing platform. In my opinion, G-20Y Summit is an efficient international think tank and networking platform that will mark the future.
The way the Summit was organized enabled me to learn and at the same time, thanks to the positive synergy existent, led me to contribute as well.
I would like to congratulate everyone who contributed and who attended the summit. I wholeheartedly will continue to support the G-20Y Summits and the G-20Y Association.

UCOM Global GmbH
Germany
Holger Erchinger

I believe the vision of the G-20Y Summit is to make a real and independent contribution regarding what the young generation of business leaders think around the issues the G20 has on its agenda. The G-20Y Summit brings together devoted participants from around the globe with diverse professional backgrounds onto a platform of creative thinking in order to develop some fresh ideas regarding potential solutions.

KPMG LLP New York
United States
Jorge Lukowski

I think the most important thing is to have different cultures, different people, different companies with different interests and all of them in different committees; that they are working together, merging ideas and arrive at consensus. And I think the young perspective which is a different thing – we don't need to make recommendations under any precision of politics or different kind of pressure you have if you are only a company or if you are only representative of government. So I think we can have an opportunity to be fresh, innovating, and creative in order to present a proposal that more recommendations could be actions. I think that the young people would like to take action more than make recommendations.

President & Founder
Argentina
Ekaterina Petelina

The whole idea of G-20Y Summit is that young people bring their ideas that might be controversial, that might be a little provocative, but are fresh. And they share it with the business community. I think and I hope that what we accomplished during these three days will actually be meaningful and will impact the decisions and discussion of G20 leaders.
I just have a habit – wherever someone asks “who?”, I just put my hand up. And this is not the best habit I have but when they asked the volunteer to be Co-Chair – I just thought that I have relevant experience as a former consultant, as a former Head of Strategy of VTB group and a business leader now. I think I have the relevant experience to talk about financial stability and financial regulation, which was the topic of our committee. And I think it’s a very important topic and it’s really one of the top items on G-20Y Summits agenda. Because without financial stability as we’ve seen before it’s really impossible to deliver growth, to deliver prosperity. I really enjoyed working with our committee members, we had ten people from different countries, different economies: Europe, UK, Russia, Malaysia, and Japan. It was interesting to see what similarities we have, what differences we have and different and similar ideas that we share. I think it really enriched my understanding of the industry at the global level and I believe we were able to deliver some meaningful and practical recommendations.
The most interesting moment for me of the Summit was the dancing master-class, because I’d never thought that you can learn how to dance tango in 30 minutes. I think our teachers did a very good job: very simple moves that everybody could repeat and learn within 30 minutes. It was a very good G-20Y and a very fast delivery of results.

VISA
Russian Federation
Philipp von Girsewald

I think it's great to have young business leaders, participating in the G-20Y Summit, who come together from a broad variety of expertise and cultural background, and who come together to discuss certain topics of particularly interest at these times and who try to find the solutions. I think it is not important to have technical expertise in each of the subjects, discussed at the G-20Y Summit. I think it's great to bring in your general expertise, your cultural background and a lot of common sense to come to some proposals which otherwise couldn’t be brought up.

Deposit Solutions
United States
Rolf T. Pasel

You have many business meetings during the year, you have many seminars where you learn something, but these are always in your industry with the same people talking about the same topics. So bringing together business leaders from different industries, geographies, different levels across the G20 – this is interesting. I mean you don't often have the opportunity to talk freely, open-mindly about these kind of topics and discuss the challenges and thoughts of G20 of today.
The Co-Chairing was an interesting experience, because in the end of the session you had a different perspective, different people to integrate. I thought about it before doing the Co-Chairing: one of the important things is not to lose somebody during the process.

Atos International
France
Frank Klaas

Arriving here I saw very fascinating group of people, acting together, discussing together and for me the first step towards understanding G-20Y was to see that this is like a market place where international global people can, without borders in thinking, be together and this is for me the most important aspect.
G-20Y for me stands for creating a global world of communication. We don`t have problems understanding each other and we are probably not creating results, but we are creating the right solutions to create results in the future.
My job was always communication; I’m probably an expert in crisis communications. I think G-20Y is a fascinating opportunity, where people can start to communicate and start to discuss with each other, have the opportunity to meet people from Europe, from Brazil, Australia or Russia, and Italy, and Spain and to share experiences. That is the fascinating world of G-20Y.
I’m a part of a huge financial organization. The whole financial world is today seen a lot in the media. We have here the opportunity to show that we are interested to have a dialog with a lot of people who want to change the world, to develop a new way of acting together. I think it’s very important not only for me but especially also for the industry to have this opportunity to be in an international dialog. I think it’s a great opportunity!

Deutsche Börse Group
Germany
Ananthakrishnan C. Bhoopathy

It's a really good opportunity for people from India because this is the second time we had a delegation to G-20Y Summit. I'm only one person but I hope that probably the message from us will be that more and more Indian participants should be here, because it gives real good chance to interact with people from many countries and to get to know all sorts of issues, global issues which are current and which need to be addressed in future.
The evening events were really enjoyable – especially the day before we had concert over here – it was really enjoyable.

Hindustan Aeronautics Ltd.
India
Manuel Ortigao

Having read the information that was sent to me I immediately concluded that it’s a very interesting organization with very ambitious objectives and for me to be part of the G-20Y Summit would be a challenge and I immediately accepted the invitation and I`m very happy to be here.
I expect that we will be able to put together a few recommendations to the G20 governments and that these recommendations will contribute to improving the working conditions and living conditions of citizens across the world.

European Foundation for the Improvement of Living and Working Conditions
Ireland
Anton Kotov

I think we all, participants of G-20Y Summit, care about our planet and we are not indifferent to what is happening in the world.
The organization is fabulous. I can only say the words of compliments and I have been very impressed with both: the quality of participants and the way the event is organized.
I would be very delighted to continue and I definitely recommend this event to my colleagues in Schneider.

Schneider Electric
France
Valerie Diele-Braun

Having been nominated by DSM, I felt very honored to be able to attend this event as it had always been a dream for me to participate in such a venue. The G-20Y is for me the small version of the WEF and a learning ground for young executives to exchange thoughts and ideas, make connections and work on the future with other smart people. Having more and more burning issues in the world, such as the economic crisis, the change of demographics and the environmental shifts to name just a few, I think it’s fantastic to exchange views with a wide variety of people and to come up with suggestions that might help to shape our future positively.

Royal DSM
Netherlands
Ann Haugh

Thank you so much for a challenging, entertaining and worthwhile G-20Y Summit event. I thoroughly enjoyed the people, the atmosphere and the challenging opportunity presented to us.

Zurich Global Corporate
United Kingdom
Paolo Sarcinelli

It's pleasure for me to be invited for the G-20Y Summit. It's been interesting two and a half days of work. There was a lot of discussion. I think at the end we have been in a position to have a positive dialogue between different members of the Committee. And we have been able to find and put together a nice compromise on a number of controversial matters.

Intesa Sanpaolo
Italy
Alistar Rose

We are fortunate that we had participants across a multiple different countries across the world, from different types of organisations, from different sectors. We had a very interesting lively debated times. I think it was of a very high quality. I realized the depth of the conversation to be going on in the each of different committees. I think the whole concept behind the G-20Y is great.

Tesco Plc
United Kingdom
Kartini Sally

The working process was wonderful. Because we can see a lot of people from other countries: Brazil, from Malaysia, even from UK –a UK person works in China, he shared his experience in China and also from US. We share all information and all the practices of how to fight corruption in our country. We are very surprised that there is actually only one conference – United Nation Conference about fighting corruption and also UOECD conference against bribery. But I think not all the countries have ratified and implemented the conference, maybe we should give some views, some recommendations that all G20 countries and other countries can implement the United Nation Conference and UOECD conference against bribery. There have been discussions that fighting corruption, money laundering and also bribery and financial terrorism are linked together, so every country should be aware about these issues, this not only a problem of developed countries.
My president attended G-20Y Summit last year in Mexico, he asked senior level manager in Bank Mandiri, he shared his views of G20 of last years, so this is a good opportunity. We are going to send our senior manager to G-20Y Summit.
I think it's a very good opportunity for me to attend G-20Y Summit. This is first time I have attended an international Summit with different views and different subjects. I usually attend workshops or meetings about banking, just only banking but there are more issues we can discuss together.

Bank Mandiri
Indonesia
Caio Ramos

For me it was a big honor to come here because I think it's a good forum in which many countries in the world including the emerging countries can discuss and debate all the problems that they have and try to come up with some suggestions for the future.

Suape Port and Industrial Complex
Brazil
Mathieu Staniulis

I think G-20Y is such an important event in the world because as the young leaders we have to tell the world what we think and what we should accomplish in the next few years, because we have a responsibility to make things change and make a better world.
I worked on the “City of tomorrow” Committee – we had a broad issue to talk about, we tried to figure out what the city of tomorrow would be like and one of the things that I’m very happy to see in the result is that we talked about local communities – how we should design the cities of tomorrow with strong local communities where you can actually get involved as a citizen in your community to share services and actually go further with the challenges the city now faces.
The G-20Y events are nice because you actually have a lot of real work during the day it's so much fun to work with a bunch of people from all around the world with different backgrounds – this is very interesting. And then at night you can socialize, talk to those same people by the way with a more personal feel – this makes the entire experience, so much fun.
My favorite event was the opening Gala ceremony. Our company Desjardins, we got an award for our 3-year friendship with the G-20Y. So it was quite nice experience for us to receive that award.

Desjardins
Canada
Irina Bakhtina

There was no question of whether to participate or not actually when the invitation arrived because, for our company, it is incredibly important what exactly is on G20 agenda, not only this year, but in general. Over the last period of time Unilever was Co-Chairing the “Food security” Committee on the B20 initiatives in Rio with a quite valuable contribution, I hope, to the Communiqué which was produced by this committee. For us food security is not just an empty word and we really look to this agenda and how it’s being approach by the government on the G20 level.
What was specifically interesting about the Summit, actually, was the combination of participants which attended. The executive level of the biggest international corporations and some of the real big and significant Russian corporations, as soon as we are in Russia we are speaking about this, representatives of the international non-governmental organizations as well. I believe, this is an incredible group of people, I believe, team of people, who got together in St. Petersburg are really invested their time, not having to open e-mail and stuff which we left behind in office, but really invested our time, being focused on the agenda, which is with us today; and really trying to share the best ideas, many fresh ideas by the way, the most creative ideas I’ve ever heard, on those important areas of real G20 interests.
The program is really sophisticated: dance master-classes, the whole atmosphere of the classical music, combination of it and really amazing atmosphere of the city itself. It's the best season in the city. I believe it's something that going to be quite memorable.

Unilever Rus Ltd.
Russian Federation
Jose Joao Batista Stival Jr.

It`s important to be here: from the political part and also from the private part.
It's a unique experience to meet 20 countries partners and discuss the same themes. It’s shows that we are going to the same direction – we want to have the same result. For sure a discussion of the mid or long term will be useful for me and for Brazil and for all the countries.
About the organisation I just have to say that everything is perfect!

Cooperfrigu
Brazil
Raimund Kirchleitner

In my eyes, the G-20Y Summit is a unique opportunity to interact and communicate to motivated young ambitious c-executives; and to also interact with people from other business sectors.
I think it is super important to have the young generation of c-executives round one table at such aconference to exchange ideas,and to forward these ideas to those who are really on the steering-wheel regarding the future of our planet. I believe by havingworked out our papers we can somehow, let’s say contribute to the future and a better development of the world, whereby in our working group`s case especially regarding the financial world.
I believe it was quite useful, quite interesting, even if we were discussing theoretical topics mainly,but this is the purpose of this one. It was in any case also interconnected withreal life and with taking concrete action in the future. I was also able to extend my network, meet interesting people, which I will follow up with in the future. I found it quite useful, also to experience St. Petersburg, which is truly a nice place for this event. I also enjoyed very much the side events.
My favorite one was the yachting regatta – it was really good fun. We had perfect weather, even if we were lacking wind, so we were not really going that fast, but nevertheless it was good fun. Unfortunately we only got the second place – so we were the first loser. But nevertheless it was not really about competition – it was much more about fun and communication. For me it was alsoa nice opportunity to have my daily swim in the Gulf of Finland. I really enjoyed it very much.

St. Moritz Bäder AG
Switzerland
Alastair Grier

G-20Y benefitted both me personally and also RBS. The different cultures and points of views were interesting and refreshing. What came out most is that the challenges that our customers have in the UK are also the same challenges that customers have in many different countries from India to France. This gave me excellent insight into new solutions for our customers and also into how RBS could better support at a macro level, the UK economy.

The Royal Bank of Scotland
United Kingdom
G-20Y Summit 2015 Online
Outcomes of Global Financial Committee - Insurance Subcommittee's Sessions
September 25, 2015








Term Chair: Dalynn Hoch, Annual Co-Chairs: Gregor Pilgram and Patrick Barbeau
The 2008 Financial Crisis created a trend of greater regulation in the financial industry, which has had a large impact on many sectors, including that of insurance. G-20Y Summit members met in Evian-les-Bains, on the banks of Lake Geneva in eastern France, to discuss possible solutions and propose changes to regulation for the good of society in the future. The Finance and Investment Committee was divided into two sub-committees, one for the insurance industry and the other for the banking industry.
The summit started with the opening ceremony on the morning of Thursday 27th August. After an introduction from the moderator, committee members heard Mr Franck Riboud’s keynote speech about how he approached the decisions he has had to make as the previous CEO and current Chairman of the Board of Directors at Danone. He advised G20-Y Summit members to look towards the future, to develop and animate talent in their companies and to lobby their managers and CEOs to be courageous and take up the recommendations. During the opening panel, Dr Dirk Lubig put the need for banking and insurance recommendations into perspective, calling for strong, sustainable economic growth, the efficient use of resources and the best results for the taxpayer. He acknowledged that the financial industry has achieved major milestones: he was “100% convinced that regulation was & is critically important to create robust and resilient financial institutions & a robust financial system” and congratulated “the G20 [who] played a key role and made significant achievements over the last couple of years by developing and implementing a new regulatory framework that hopefully hinders future financial crises”. Nonetheless, he asked the committee to step back, reflect and ask if the regulation is producing what is intended. He asked for the key focus of discussions to be on ensuring that the reforms devised by regulators are implemented consistently and cohesively.
The insurance sub-committee then presented their plans for discussion, split into two sections, which had been decided in the previous weeks. Their three main concerns in Section A were the sharing economy, privacy and big data. With the sharing economy come gaps in the coverage that have not yet been addressed. Increasing digitalisation brings the emergence of new technologies and big data, which have implications for consumer protections and privacy. Section B also included concerns over consumer protection, including pension plans, as well as regulatory changes. They also highlighted the possibility of taking lessons from recent developments in the banking industry.
After lunch, participants could start their discussion of proposals; the insurance committee decided to start writing their communiqué and editing it as they discussed the various topics. The first subject they broached was Big Data; the more information insurers have on a consumer, the more accurately they can estimate risk. Committee members highlighted the consequential reduction of barriers to entry, prevention and mitigation and increase of accessibility to basic insurance. Whilst some data cannot be used for underwriting and pricing purposes (generally factors over which consumers have no control, for example, gender or gene testing) behavioural data are more socially acceptable and can create incentives for people to lead healthy, responsible lives. The main problem is the clarity of laws around ownership and permission to use personal data. Therefore, members recommended the creation of a global governance framework around varying sources and types of data, with the aim of protecting consumer interests and balancing the risks and benefits incurred.
The sharing economy was next on the agenda. Similarly to Big Data, the sharing economy is evolving so rapidly (1% of people now use the sharing economy) that laws covering the industry are not yet in place. For example, in some countries it is not yet clear whether Über is a legal alternative to traditional taxi services, meaning that insurance companies are unsure whether they should provide coverage. Members acknowledged that the insurance industry is not always well equipped to cover the risks associated with the sharing economy and that coverage gaps may be created during legal debate. The committee proposed policy makers address the legality of the emerging shared economy, to enable insurance companies to improve coverage offered to consumers.
Shadow insurance was discussed next: the team agreed that, whilst self-insurance is not a problem if the end user realises that it’s a commercial risk, the industry is still developing and may be dangerous. Members pointed out that consumers often do not receive the level of coverage that they expect and that in some cases, there is no coverage at all. They decided that it should be regulated, but would finalise their recommendation for this point in a later session. This discussion concluded Section A and led on to the Section B topics of the regulatory environment and consumer protection.
The committee agreed that insurance markets should be standardised across countries, at least within the Group of 20. However, members pointed out that additional layers of complex regulation may be unnecessary and higher capital requirements could put off investors due to lower returns on capital deployed. They agreed that extra layers of capital would increase costs for the industry, the main burden of which would be borne by consumers. Due to the state of insurance regulations seen as fragmented, with extremes of regulation and deregulation in different countries, they recommended that regulations be harmonised across regions and countries, rather than increased.
Discussions of consumer protection recommendations were held on Friday 28th. As insurance products are financially complex and long lasting, it may be difficult for consumers to understand if the percentage is reasonable, with a high potential for misrepresentation. Members pointed out that transparency can better control costs, but that the pressure to be transparent about commission, especially in the U.S. and Mexico, is not required in other industries. They discussed the lack of financial education in schools and agreed that this would be the best way to protect consumers buying insurance products, so that they are better able to understand the risks they face and how to mitigate them or transfer them to the insurance industry. They decided that further regulation may result in decreased advise about and access to insurance products, which could worsen levels of underinsurance and gaps in savings and protection.
The final session for drafting the communiqué, on the morning of Saturday 29th, was used to finalise the shadow insurance recommendation. Committee members agreed that the development of the sharing economy has created a gap in the market for products that are similar to insurance, often called ‘shadow insurance’. They recommended that these be regulated in consumers’ best interests. As they had completed their communiqué well before the deadline, the group decided to use the rest of the session to discuss the impact road map. They agreed that the recommendations should be sent to their respective companies as well as regulators. They recommended sending the communiqué to their networks across ten organisations across the world, including insurance councils such as the Asean Insurance Council, the Canadian Council of Insurance Regulators, the European Insurance and Occupational Pensions Authority, the National Association of Insurance Commissioners in the U.S., Mexico’s CNSF and AMIS, Brazil’s SUSEP, the China Insurance Regulatory Commission, the International Association of Insurance Supervisors and other international associations such as the Financial Stability Board.
The insurance sub-committee co-chairs presented their recommendations at the closing ceremony on Saturday afternoon, highlighting the links of their findings with those of the Digital Innovation and Transformation Committee, who were pleased with these proposals. They clarified that data held by governments that was currently inaccessible, but potentially useful, to the insurance industry did not necessarily include personal data, but gave examples of studies on flooding and flood maps, which could make risk management more accurate. Jacques Cornic, Partner at KPMG France, gave positive feedback and highlighted the benefits of Big Data in improving risk management and pricing systems. He hoped that capital calculation according to the Insurance Capital Standard would become a minimum requirement and a common language in the coming years. The committee’s proposals should make the insurance industry even more useful to society in the near future, improving the accuracy of risk analysis and better serving both the consumer and society as whole.
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