VIRTUAL DISCUSSION Operational Resilience: From Surviving to Thriving The disruptive impact of financial technology seems a dominant megatrend for the next generation. This megatrend creates challenges and opportunities for existing insurance core processes, forcing them to improve and disrupt in new ways. It Will Hawkins also questions the wider value proposition Director of Research – Europe of insurance within the bigger universes Keefe, Bruyette & Woods of risk and investment management, as the global insurance industry may be in a bigger state of flux than many observers appreciate right now. Mastering Operational Resillience According to the UK’s Financial Conduct Authority, operational resilience is the ability “to prevent, adapt, respond to, recover, and learn from operational disruptions”. The Right Balance The real question for insurers is to what extent we are talking about operational resilience being a product that you provide to the customer, or a service that means your customer doesn’t need the products as they’re currently structured? Indeed, an active investor assumes that market efficiency occurs in the future, not the present and therefore plans for uncertainties and any disruption in macroeconomic trends. While often centralized, operational resilience requires the right balance between risk management, business management and customer engagement. 36