ACA Insurance Day 2023: Highlights from the 11th Edition

The ACA Insurance Day 2023, a flagship event in the Luxembourg insurance sector, returned this year with a conference format. The hybrid conference was followed by the prestigious ACAdemic Session. The event thus reached an audience of 1500 people.

Recap of the 4 Highlights of this New Edition:

1. A prestigious event: The traditional ACAdemic Session

In the evening, the ACAdemic Session once again drew a full house, welcoming over 650 participants.

In his address, Christian Strasser, President of the ACA, discussed the challenges facing the sector for the next 5 years, addressing them to the new government. He highlighted 3 common challenges for both life and non-life insurance companies: Corporate Social Responsibility (CSR), (over)regulation, and the current hindrance to innovation posed by insurance professional secrecy. The major local issue he raised is related to pensions, emphasizing that the sector supports the first pillar and advocates for significantly encouraging private retirements as a supplement. He concluded his speech by emphasizing the importance of actively defending the single market, given the international orientation of Luxembourg’s (re)insurance sector.

The new Minister of Finance, H.E. Gilles Roth, addressed the audience to revisit the coalition agreement and underscored 4 main objectives for the sector:

• Ensuring the sustainability of public finances
• Boosting purchasing power
• Enhancing the competitiveness of our businesses
• Making our financial center more attractive

Je pourrais tout aussi bien conclure avec les mots de Marc Hengen : « D’Lëtzebuerger Assurance a Réassurance fir d’Zukunfkt stärken »

Gilles Roth, Ministre des Finances

2. An afternoon conference addressing 2 fundamental themes that impact the insurance industry, both at the national and international levels.

After three years of unforgettable digital experiences, ACA is delighted to have been able to offer around 200 participants the opportunity to attend our conference in person. Although physical attendance was limited by the venue’s capacity, we thought of each one of them! That’s why we are excited to have enabled an additional 700 participants to join us by following these exchanges live through our online streaming broadcast. This moment truly provided a platform for discussions and expertise sharing among several insurance industry personalities. For this edition, we selected two fundamental themes that impact the insurance industry, both at the national and international levels.

The ‘Expert Talk’: How are new technologies transforming the insurance sector?

Renowned experts – Vincent Arnal, Head of the IT Department at Lalux Assurances, Jean Elia, CEO of Sogelife Luxembourg, Habib Guergachi, Independent Director, and Patrice Witz, Technology & Digital Partner at PwC Luxembourg – discussed the rapid evolution of new technologies in the field of insurance. From simple algorithms to advanced artificial intelligence, new technologies have become essential. The discussions provided insights into the current impact of these technologies and their role in the future of insurance.

The importance of the human factor in this transformation was emphasized, highlighting the essential skills that employees at all levels must acquire to succeed in this rapidly transforming digital environment.

The ‘In Discussion With’: The consumer’s voice in insurance distribution.

The other highlight of this conference was the discussion with Valérie Mariatte-Wood, Head of the Consumer Protection Department at EIOPA. This interview shed light on how the consumer’s voice influences the distribution of insurance products, taking into account recent regulations, notably the European Commission’s Retail Investment Strategy. Consumer expectations have stimulated regulatory changes related to the future distribution of insurance products.

3. A short and impactful video format to assert attractiveness: ‘The Question Box

4. A competition aimed at rewarding the solution actively contributing to the transformation of the sector: The ACA Insurance Innovation Award

In a constantly evolving context, where disruptions multiply at a rapid pace, the insurance sector must be able to adapt to various changes. Innovation emerges as one of the keys to address these challenges and seize emerging opportunities. It is in this spirit that ACA initiated the “ACA Insurance Innovation Award” competition, highlighting the crucial role of innovation within the insurance sector in Luxembourg.

The ACA Insurance Innovation Award demonstrates that innovation is at the heart of concerns for Luxembourg insurers. After pitching in front of a jury composed of professionals from the insurance sector, we also invited our community to participate and voice their choice in selecting the winner of the 2023 edition.

The jury and the audience have cast their votes, and the big winner of this edition is SOPIAD. SOPIAD offers personalized investment portfolio diagnostic solutions for life insurers, aiming to reassure investors and simplify investment decisions, all while fully complying with the latest European directives (IDD, SFDR). Watch the presentation of SOPIAD at the ACA Insurance Innovation Award: