Looking back at my 2024 (2)

2024 was also a good year for some, because on 11 May Nemo won the Eurovision Song Contest in Malmö for Switzerland with the song The Code. The next contest will take place in Basel from 13 to 17 May. On 30 May, in New York City, Donald Trump became the first former US president to be found guilty of all 34 charges in the criminal case ‘The People of the State of New York v. Donald J. Trump’. On 24 June, WikiLeaks founder Julian Assange left the UK after his release from prison. And on 5 November, it was finally clear who had won the 60th presidential election in the United States in 2024. After an unforgettable, polarising, racist, at times disgusting election campaign, Republican Donald Trump was re-elected president.

After the months January to June, the remaining six months now follow.

July 2024

On 23 July, thebroker reported on something that may be unknown to most of you. The non-profit Jewish ambulance service Hazoloh (rescue in Hebrew) was founded in Zurich in 1987 by an American woman based on the model of the service in New York. You may ask why. Here is the answer: of the approximately 6,000 Jews in Zurich, a third are Orthodox. Hazoloh offers them the advantage of speaking Yiddish and Hebrew, and the paramedics are aware of the religious feelings of the patients and know that in the event of death, the clothing of the accident victims is important.

Here is the article: ‚Hazoloh: Jewish ambulance service in Switzerland‘

August 2024

It was important to me, because I myself also belong to the baby boomer generation, to report on the work beyond the statutory retirement age at insurers and brokers. According to the Federal Statistical Office (FSO), three quarters of SME employees will be employed beyond retirement age to counter the labour shortage, according to the 2023 labour market study by AXA and Sotomo. At ASSEPRO, only 3.5 per cent were working beyond the reference age of 65 in 2024, while at Allianz Suisse, 29 employees were working beyond the reference age of 65.

It is certain that in the next few years companies will be desperately looking for people over 65. They are not only considered to be workaholics, but have often held management positions and, above all, outnumber everyone else on the labour market.

Read the article here: ‚Working past retirement age at insurance companies and brokers‘

In August, I also have to mention the 2nd Helvetia Cyber Symposium, which highlighted the importance of cooperation between business, government and science. ‚The volume of cyber insurance doubles every two years, which highlights the necessity of insurance products, especially against systemic cyber attacks‘, said Martin Jara, CEO of Helvetia Switzerland. The gap in coverage for major incidents remains, because only 7 % of companies in Switzerland have cyber insurance.

Read here: ‚Helvetia: 2nd Cyber Symposium shows the importance of cooperation between siness, government and science‘

September 2024

The first Broker Security Forum 24, organised by Guido Markowitsch, CEO of WMC IT Solutions AG, also attracted a lot of attention. Insurance brokers are increasingly exposed to cyber attacks that can cause not only financial but also massive reputational damage. Therefore, both proactive risk assessment and rapid response are essential. Cybercrime is now considered the third largest economy, with an estimated annual turnover of USD 9.5 trillion, and the business segment is growing by 15 % annually.

Here you will find the article: ‚Broker Security Forum 24: Cybersecurity in the focus of the insurance industry‘

Once again, I have to share a second post with you. The interview with Amir Liberman and Mauro Nadav from EmotionLogic should not be missing here. The InsurTech start-up has developed AI and voice analysis tools for fraud detection in the insurance industry with FeelGPT and AppTone. Validated tests of the core technology show amazing capabilities that exceed 95 % markers, which is why the reported savings potential is very high and the accuracy is second to none after validation in practice.

The interview: ‚FeelGPT & AppTone: AI and Voice Analysis Tools for Fraud Detection in the Insurance Industry‘ can be found here.

October 2024

On 21 and 25 October, I had the good fortune to talk to John Madelin, a world-renowned expert in cyber security. In the first part, he said, among other things: ‘It is not realistic to expect insurers to be the safety net for all eventualities, especially since “cyber” is such an abstract term. Many cyber insurance policies today exclude state-sponsored attacks or cyber terrorism, which are often considered acts of war. As these attacks become more frequent and sophisticated, insurers are likely to maintain or even expand such exclusions and require government-backed insurance or multilateral protection agreements to cover attacks involving nation-state actors.’

In the second part of the interview, the training of cyber experts was discussed, including the fact that cyber security was treated as a technical niche field that was unfortunately often isolated from broader business and operational concerns. There is a demand for cyber security professionals who can deal with new and complex environments, but who can also integrate security into business processes, legal frameworks, risk management and corporate governance. Graduates from universities may be technically up to date, but they are unable to deal with the topics mentioned above.

Be sure to read here: ‚Cyber Security Month 24: Interview with John Madelin, one of the world’s most rekognised Cyber Security Experts (part one) and here: Part 2.

November 2024

In November, we attended Future-Talk 3/2024 in the new auditorium (by Herzog & de Meuron) of Helvetia in Basel and reported on a fascinating event. The topic of whether the customer really is at the centre of attention was discussed. Helvetia Switzerland, AXA Switzerland, Zurich Insurance and Wavestone (a consulting firm in the insurance sector) came to the conclusion that the customer is increasingly the focus of attention. AI serves as a tool to accelerate progress, although the human aspect must never be lost sight of.

Read here: ‚Future.Talk: Is the customer really the main focus?‘

Also in November, and because we care deeply about InsurTechs, thebroker attended the third ‚Swiss InsurTech Hub (SIH) Summit and Awards‘ at Google Auditorium in Zurich. The tireless Silvia Signoretti, SIH president and co-founder, emphasised the event’s goal: to build a global community of insurance technology innovators. The InsurTech of the Year award was given to Calvinrisk, an ETH spin-off founded in 2022 that provides a platform for companies to assess and manage the risks of AI systems. The responsible use of AI and the potential for development in the insurance industry were emphasised at the end.

Read here: ‚Swiss InsurTech Hub Summit and Awards: A Celebration of Innovation‘

I cannot help but also recommend the exciting interview with the macroeconomist Christian Takushi, who predicted Donald Trump’s massive victory. I am also pleased to report that he will be writing a monthly column for us starting next year. He is my absolute dream candidate, as I know of no one else who can better analyse the global economic and political situation.

Be sure to read the interview here: ‘What are the implications of Donald Trump’s landslide victory for Switzerland?’

December 2024

Finally, in December, I was able to talk to Dr Yael Benvenisti about the topic of longevity, which interests us all. She said that research into longevity has the potential to revolutionise the insurance industry, but that it will take a long time because many factors are involved. The main goal of this research is to delay the onset of age-related diseases and thus improve quality of life. This would extend the period for which life insurance is needed and increase the growing demand for services focused on the early detection and prevention of disease.

Here you will find the interview: ‘’Long and healthy life: Interview with Dr Yael Benvenisti‘

As you can see, I was unable to limit myself to six articles. It only remains for me to say goodbye to you and thebroker at this point. But only because I will be reporting back as the owner of thebrokernews from the new year. Supported by Mirela Dimofte, Christian Takushi and Amélie Beauregard, we will continue to be there for you and write about newsworthy stories in the future.

Thank you for your loyalty!

Binci Heeb

Also read: A look back at my 2024