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 2017 Outcomes
Outcomes of the G-20Y Summit 2017: Global Financial Industry Committee - Insurance
Gregor Pilgram - Advisory Board Member, Term Chair of the Insurance Committee video interview
Outcomes of the G-20Y Summit 2017: Global Financial Industry Committee - Insurance
The G-20Y Summit 2017 was held from 27 September to 1 October in Evian, France. The Summit was officially kicked-off with the Opening Ceremony in the morning of Thursday, 28 September, where invited panelists shared their insights of the de globalization problematic. The opening speech made by Dr. Henrik Naujoks - Senior Partner, Bain & Company also framed the discussions of the subsequent debates held by the Global Financial Industry – Insurance Subcommittee.
In particular, Dr. Naujoks stressed that the potential implications for businesses from Post-Globalization can be significant: Orient around regional trade zones – the worldwide trust architecture supporting globalization is likely to devolve into smaller preferred trade networks. Arbitrage global pricing disparities – greater regionalization will potentially generate more exploitable price disparities.
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.
Today speed of change and potential for disruption have accelerated, therefore in 2017 the Insurance Subcommittee members agreed to focus on the following topics effecting the insurance industry:
- How will digitalization, big data and the emergence of the sharing economy shape the business model of insurance companies in the future?
- Can the changes motor insurance business substantially change the business model?
- New emerging risks and exposure: is the industry addressing the needs on cyber?
- Which are the regulatory challenges accompanying the envisaged reshaping of the insurance industry? Can overregulation in total endanger the business model?
- How is the cross border insurance, co-insurance, re-insurance going to further develop? What is the regulatory view on the development?
- The enhancement of consumer protection on most of the markets and the impacts on insurance industry. Can over-protection endanger the future business development?
- How to address key Data protection challenges?
- Emerging markets & protection gap. How to find a win-win solution for market development?
Speaking about the digitalization, Mr. Naujoks mentioned that digitalization will disrupt the insurance industry.
Key technologies that will be at scale already midterm range from cloud & productivity solution, advanced analytics and machine learning up to connected devices, distributed ledgers and virtual reality solutions. They are likely to be a boon for insurance customers, bringing more choice, better services and lower prices. For insurers they will impose the need to rethink all their operations, from underwriting to customer service to claims management. The impact on both revenues and costs can be enormous.
In addition, digitalization has lent new urgency to the need for insurers to reimagine what they do. Forward-looking insurers are redefining the very nature of what it means to be an insurance company. Insurers that position themselves at the hub of an ecosystem can do much more than assess risk, sell policies and process claims. No longer simply allocators of capital, they can provide comprehensive and innovative solutions to their customers’ needs – helping them protect their health, wealth and property – while accessing new pools of data and gaining new insights.
It was agreed by the majority of Committee members that in the transformational period of digitalization, the focus of the insurance companies should be customer-driven as seen in other industries: Customers will benefit from greater transparency, simplicity, risk mitigation and loss prevention. Overall customer experience, via additional touchpoints and value-added services, will improve and mitigate the risk of excessive commoditization. Insurers could be in a leading position to provide an ecosystem of additional services built on consumer trust.
It was also recognized that data ownership/access and management is key during this transformational period. For instance, customer data ownership and management bring regulatory challenges which will have to be addressed by the industry (e.g. monopoly position, misuse of data, etc.).
Another important aspect highlighted in the Perspectives is that from a market structure perspective the industry may face an increasing need for partnerships with tech/service providers.
With regards to the regulatory challenges accompanying the envisaged reshaping of the insurance industry, the Committee members benefitted from the presentation of Dr. Yoshihiro Kawai - Secretary General, International Association of Insurance Supervisors (IAIS), Member of Financial Stability Board (FSB).
In his presentation Dr. Kawai spoke about the Global insurance regulatory reform and covered key international insurance policy developments.
In particular, he mentioned that since insurance markets are increasingly global, insurance policy makers/regulators need a global solution. The IAIS in cooperation with FSB has been developing international insurance regulatory and supervisory standards and policy measures. In particular since the financial crisis in 2008/2009, the IAIS has developed policies to address global systemically important insurers and global basic capital requirements. The IAIS now enhances these initiatives and develops global insurance capital standards applying to all internationally active insurance groups and also formulating activities based approach to insurance sector’s systemic risk.
Dr. Manuela Zweimueller – Head of Policy Department, European Insurance and Occupational Pension Authority (EIOPA) added that dealing with FinTechs is a major challenge for regulators globally: keeping a technology-neutral approach, considering a non-penalising testing environment (e.g. sandboxes and innovation hubs) whilst still providing for a level playing field and ensuring adequate consumer protection.
Underwriting processes more and more data and can thus offer highly customized products and services. However, it must be ensured that the use of Big Data does not lead to unfair pricing, less choice or eventually exclusion from insurance in extreme cases; ethical standards need to be established.
Insurance-linked securities continue to be used by (re)insurers to place portfolio risks in the capital market whilst alternative investors become interested in the (re)insurance business. Green/sustainable investments will become an important driver to manage the transition to a carbon-free environment; policyholder protection and robust risk management must equally be pursued.
In 2017, regulation ranks no longer as #1 “insurance banana skin”: change management made it to the top position, followed closely by cyber risks[1].
What will shape the industry in the coming decade is the risk and opportunity of change. Only those companies embracing change whilst managing it well, including human resources, will gain a competitive advantage.
Further the Committee members agreed that an increase of non-harmonized over-regulation can have negative consequences on the insurance industry which is already going through unprecedented technology-driven changes. It was also stressed that increased protectionist measures through regulation will ultimately lead to less choice and increased costs for the customer. One of the most important aspect on regulation matter highlighted by the Committee in the Perspectives is that the insurance industry should consider self-regulation regarding the ethical use of customer data to avoid abuses and over-regulation.
Another important aspect raised in the debate was the emerging markets & protection gap. The question raized by the Committee members was wow to find a win-win solution for market development?
The Committee agreed that the vast protection gap remains a key concern for the industry and that the widening insurance protection gap in both emerging and mature markets needs to be addressed through innovative re/insurance solutions with the support of public/private partnerships
The key to tackling the protection gap will be through innovative risk management solutions (e.g. indexed products, parametric covers, compulsory pooling of risks, microinsurance, etc.) and limiting regulation and reducing barriers to trade with respect to cross border re/insurance will support the industry’s efforts to narrow the protection gap.
Given the fact that in 2018, the G-20Y Summit overarching theme will be devoted to the question of Digital transformation: a new role for technology … a new role for humans? Harnessing the power of technology to create a better future for all, the Insurance Committee will discuss the impact of the digitalization on the insurance sector putting a special emphasis on the aspects of how will digitalization, big data and emergence of sharing economy shape the business model of insurance companies in the future; Cyber-security and online data privacy.
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