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The days when a relationship between an insurer and their client was based solely upon straightforward risk transfer are long gone. They have been replaced by a mutual desire for deeper, longer-term relationships and a more consultative approach to risk, one that prevents the worst from happening in the first place.
This transformation was a key focus in a panel discussion that Vanesa Herrero, CEO of Tokio Marine Europe, joined at the recent Reuters Future of Insurance Conference in Amsterdam. The conversation explored how insurance companies can stand out in a crowded market and for Vanesa, the answer was straightforward – stay close to the client, understand their business, and together, find ways to make that business more resilient.
She argued that true resilience could only be achieved through genuine partnership, understanding the unique challenges of individual businesses, developing innovative solutions in response and, above all, using the expertise and ingenuity of people to solve those problems.
“Our main point of differentiation is achieved in four ways – through client service, engagement, claims and proximity,” Vanesa told the audience.
“As the risk landscape becomes more and more volatile, we need to help clients become more resilient. From climate change to war in Europe and disruptive AI to cybercrime, there’s so much going on, but understanding what our clients do and what their challenges are, both today and tomorrow, allows us to provide the service they need,” she added.
Differentiating through transparency
Vanesa stressed the importance of early and ongoing engagement with clients and explained that in the past, insurers tended to only engage with clients at renewal or during a claim. But that has changed significantly in recent years.
“Our offering has to be constantly evolving because our clients’ risks are evolving. We need to provide innovative coverage, ensuring that the insurance we provide genuinely reflects the risks clients face, and to keep evolving with their businesses and with the changing risk landscape,” Vanesa said.
Paying claims fairly and promptly is of course still central to the offering. Having spent most of her career in claims management, Vanesa said she had seen firsthand how an efficient and transparent approach to claims can act as a strong differentiator.
“It’s important to be a technical expert but it’s just as important to offer a seamless, fair, transparent and honest claims service. It’s about gaining the client’s trust, showing them you’re on their side and when there has been a positive claims experience, they will be far less inclined to change insurer at renewal,” she said.
Finally, Vanesa highlighted the importance of being physically close to the client: “Proximity matters which is why we have 10 branches across Europe, with local underwriters and experts who really understand their markets and clients.”
Playing a vital role in the green transition
As an example of the scale and complexity of today’s risk landscape, the discussion turned to renewable energy and the transition to a carbon neutral economy. Momentum towards the transition is building but it’s not a foregone conclusion and insurance has a vital role to play, as Vanesa highlighted.
“The transition poses huge challenges but it also represents a huge opportunity. Insurers, in close partnership with clients, have a pivotal role to play in unlocking those new opportunities,” she said.
She pointed out that Tokio Marine HCC already has leading expertise in this space in the form of GCube Insurance, one of the largest renewable energy insurers in the world, having supported 2,000 projects in 38 countries and paid out over $1bn in claims in the last 25 years.
This strong foundation recently evolved into a more comprehensive green energy proposition – Tokio Marine GX – which draws expertise from across the global Group to provide products and services that will equip businesses, innovators, entrepreneurs and investors – private and public – with the support they need to secure funding and build their sustainable initiatives.
“The renewable energy share of global power generation is forecast to grow from 30% in 2023 to 46% by 2030. This year, for the first time, renewables are expected to overtake coal-fired energy,” she said.
“These are not just statistics - they are the result of the very real, long-term commitments that we, and countless other businesses, have made to support the green transition. For Tokio Marine HCC, it’s evidence of our ability to develop our proposition to meet the evolving risks, and to use our expertise and long-term partnership model to enable renewable energy clients to scale with confidence.”
Using technology as an enabler
Vanesa also highlighted the role technology plays in enabling insurers to evolve their models but stressed that it cannot be viewed as the answer to every problem.
“The future won’t be defined by technology alone but by how wisely and responsibly we choose to use it,” she said, adding that the successful insurers of the future will do three things well:
• Combine human judgment with the use of technology.
• Stay globally informed, but locally relevant.
• Build trust with clients, regulators and society.
As the discussion drew to a close, Vanesa was asked to identify the one thing that could make an insurer stand out in a crowded market and her answer was simple: help businesses become more resilient.
“We are enablers of stability in an increasingly uncertain world. Whether it’s the risks posed by cybercrime, the disruption caused by AI, geopolitical tensions, or fragile supply chains, our value lies in helping clients prepare for all this change, to withstand it, and to emerge stronger,” she said.
“By working with clients and communities, we can drive real progress in risk reduction and resilience while not forgetting our core purpose - being there when it matters most and providing timely claims payments and a robust disaster response.”
Disclaimer: This article is for informational purposes only and does not constitute legal, regulatory, or financial advice.
