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 2016 Online
Outcomes of the G-20Y Summit 2016: Global Financial Industry Committee - Insurance Subcommittee
September 24, 2016






By Carina Ebling
The 7th G-20Y Summit was held from 21 to 25 September in St. Moritz, Switzerland. The summit was officially kicked-off with the Opening Ceremony in the morning of Thursday, 22 September, where G-20Y Association Advisory Board Member Mr. Michael Miebach gave the opening speech. As Chief Product Officer of Mastercard, he gained experience in seizing white space opportunities for example when Mastercard opened its network for open innovation to address the scale issues they were facing. He encouraged the G-20Y Summit participants to find white space opportunities in their respective areas which also framed the discussions of the subsequent debates held by the Global Financial Industry – Insurance Subcommittee.
Following the opening ceremony, the first of four committee sessions took place. During these sessions, the Insurance Subcommittee discussed a variety of current topics affecting the insurance industry with the objective to compose a set of joint perspectives and to ultimately present those to relevant regulators and industry associations. Given the extensive preparation work of the committee members, a draft outline of the perspectives was already in place when the first session started. This facilitated and guided the debate throughout the summit. Given the variety of trends currently impacting the insurance industry, the committee’s discussion and perspectives captured several topics with special focus on regulatory developments, technological innovation and its effects on the insurance business model, as well as shifting customer needs.
Given the objective of the International Association of Insurance Supervisors (IAIS) to establish first-ever global capital standards for insurance companies (taking effect in 2019), the potential impact of this upcoming regulation was largely discussed among the committee members. While the overarching goal of the International Capital Standards (ICS) was much appreciated, the committee suggested embedding these regulatory and accounting standards in the core business before tackling additional layers of regulation. Otherwise, this might result in a pure reporting exercise rather than effective risk management. Further, the school of thought that higher capital levels make insurance companies more resilient in turbulent times is largely based on the experiences gained in the recent financial crisis. However, the committee noted that capital is only the second line of defense which reinforces the need for proper risk management and prevention tools.
Another important aspect raised in the debate on regulation highlighted that regulators should consider the interplay of all regulations on market liquidity, especially when developing new rules such as the ICS. Due to insurance companies being institutional investors, the fair value requirement for assets in combination with risk sensitive models could result in pro-cyclicality and the so called “crowding-out” effect, i.e. increases in public sector spending are followed by declining private spending. Whereas the combined effects of the different regulations were largely discussed among the committee members, it became clear that e.g. periodic exchanges among the various regulators could foster a more holistic approach in developing future regulations.
While regulation is setting the ground rules for insurers, various technology driven trends could entirely re-shape the insurance business model in the near future. The Insurance Subcommittee elaborated on opportunities arising from mainly two developments. The first one being the Internet of Things and Big Data, which allows insurers not only to conduct more informed underwriting via leveraging more granular, real-time data, but also enhances risk mitigation through intelligent sensors (e.g. fire, water leakage, theft). These two factors allow established insurers as well as startups to alter the risk pools of their insurants and thereby to reduce aggregate risk. While the committee jointly noted the great opportunity for insurance companies resulting from this new form of data analytics, it was also raised that increases in the under-insured population forms a downside risk for society. The second business model change discussed, may result from emerging partnerships between incumbents and tech-savvy new players. Thereby, new insurance-service propositions can be created that will be value-adding for the customers – an example would be the tracking of stolen cars and assistance with their recovery. Before arriving at this joint perspective, the committee largely discussed the role of startups in the insurance industry and how new players could best be incorporated in the heavily regulated insurance market.
Finally, the impact of newly emerging costumer needs was analyzed by the committee members. Especially combined with increasing consumer protection requirements, shifting customer needs could have a disruptive impact on the insurance industry. On the one hand, committee members argued that the upcoming generation shift will likely foster direct distribution and thereby make the role of insurance agents eventually redundant – a good example is the UK market, where the vast majority of car insurance policies is already bought online. This is mainly driven by Millennials having a strong preference for making their own choices while adopting new consumer technologies at the same time. In order to comply with these new customer expectations, the committee agreed that online insurance offerings need to become more easily accessible and understandable. On the other hand, it was noted that consumer protection plays an increasing role due to the current complexity inherent in insurance products and the low financial literacy among society. This was illustrated by an example of the varying definitions of “storm water” among Australian insurers, resulting in many consumers not knowing what exactly they are covered for. Hence, the committee identified greater transparency and enhanced financial literacy (e.g. facilitated by public and privately-sponsored initiatives) being key in shaping the insurer-customer relationship.
In order to raise the identified perspectives with regulators as well as government institutions and industry associations, the Insurance Subcommittee identified 13 specific institutions that it would like to discuss their perspectives with. Among others, the list includes the International Association of Insurance Supervisors, the ASEAN Insurance Council, the European Insurance and Occupational Pension Authority and the Office of the Superintendent of Financial Institutions in Canada. By addressing institutions of several continents, a global reach can be assured. When approaching the selected institutions, the committee will firstly confirm the strategic agenda for each institution to assure that their perspectives are aligned and consistent with the institutions’ focus areas. Further, the Insurance Subcommittee aims to ensure that a regular dialogue will be established with the 13 institutions, which should also continue well into the future. Hence, each local representative has to ensure a regular exchange with the respective local institution and the committee members will establish regular committee touch points to update the group and to discuss progress.
For the 2017 agenda, the Insurance Subcommittee will continue to focus on the key topics identified this year, while following up on some specific developments. This includes for example the adoption of global Solvency II standards and their harmonization with other regulatory regimes, as well as the likelihood for consolidation versus new market entrants as a result of the regulatory capital pressures.
The 2016 G-20Y Summit concluded with the Closing Ceremony on Saturday, 24 September, where the insightful perspectives of the seven committees were presented to and discussed with the summit participants as well as the closing panelists.
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