The insurance landscape is changing rapidly, and AXA Group’s Chief Underwriting Officer, Nancy Bewlay, is at the forefront of this shift. In a recent interview, she discussed the challenges and opportunities in today’s interconnected risk environment, emphasizing the need for insurance companies to adapt to a world marked by multiple crises.
Bewlay pointed out that businesses today face a "polycrisis" environment. This means that various risks, whether political, social, or economic, are intertwined and affect each other. She believes that the insurance industry must rethink how it serves clients and respond to their evolving expectations. “We provide economic stability if we do what we do right,” she explained, highlighting the industry’s role in supporting clients through these turbulent times.
One of the key changes Bewlay sees is the need to move beyond traditional insurance products. While classic coverage is still important, there is a growing demand for preventive solutions that help clients prepare for future challenges. Bewlay, who has extensive experience in risk transfer, believes that combining insurance with risk prevention offers a more comprehensive approach.
In her view, AXA aims to lead the market rather than follow it. She stressed the importance of understanding global trends and preparing both the company and its clients for future developments. “We have to look at what’s occurring globally and prepare for it,” she said.
Bewlay also addressed the interconnected nature of today’s risks. Unlike in the past, when crises were often isolated to specific regions, modern supply chains mean that a risk in one area can quickly affect others. She noted that technological advancements and social media have made information travel faster than ever, making it crucial for insurers to grasp how events in one part of the world can impact another.
To stay relevant, insurance companies must balance immediate risks with emerging concerns. Bewlay warned that failing to evolve could lead to obsolescence. She emphasized the importance of building trust with clients and brokers by taking informed risks and being there when things go wrong.
AXA is focused on fostering partnerships with brokers and agents to better understand and meet client needs. Bewlay mentioned that there is a shift towards collaboration, where industry players work together to address significant issues and develop new products. This partnership approach helps AXA not only serve its clients better but also influence regulations and anticipate future risks.
As the insurance industry navigates this new landscape, Bewlay’s insights highlight the importance of adaptability and foresight in providing effective solutions for clients in an ever-changing world.