Droesch highlighted lifestyle changes, an ageing society and a demand for customisation and personalisation as mega trends affecting insurance markets worldwide.
Looking ahead, Droesch told the 500 plus delegates, he expects the insurance industry to adopt a multi-channel distribution model and described the internet as a "game-changer".
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He said: "Clearly, we live in a mobile economy and we need to take that into account when dealing with customers."
He said: " There is a lot of things to do to make our industry much more simple."
Droesch said low interest rates and uncertainty in financial markets are are obstacles for the insurance industry.
Gaining trust in the insurance industry; the need for simplicity; and delivering pricing that is acceptable for customers, yet also sustainable are other key challenges, added Droesch.
Asked about the insurance market in Bahrain, Droesch told Life Insurance International: "In Bahrain, I think you will see a growth in the healthcare market. We want to see more and more international and local groups asking for proper life coverage as well as health insurance coverage. Clearly, protection is needed."
