Every company has its mission to achieve Customer Satisfaction (CS). In Millea Group, it is also an integral part of its “Corporate Social Responsibility” and is not a separate issue. Our Guest Editor, Mr Takaai Tamai, CEO of Millea Asia explains how they link CS with motivation for employees and ultimately making it part of its Corporate Social Responsibility trust.
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The world today
is facing a slew of increased and new risks – catastrophes, pandemics,
terrorism – but Mr Thomas Hess, Chief Economist and Head of Economic
Research & Consulting, Swiss Re, remains upbeat about the insurance and
reinsurance industry. Ms Irene Yeo,
our Deputy Editor, caught up with Mr Hess when he was in Asia and found out
the reasons for his optimistic outlook on the industry.
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The Singapore branch
of US insurer ACE is focusing on increasing its visibility and brand presence,
says its new chief Mr Kenneth Brown.
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HSBC Insurance
(Asia Pacific) Holdings Limited has obtained approval from Bank Negara Malaysia
to form a joint venture Takaful (Islamic insurance) company in Malaysia in partnership
with Jerneh Asia Berhad and The Employees Provident Fund of Malaysia (EPF).
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In the wake of
intensifying competition, Australian giant Insurance Australia Group is looking
to Asia to sustain growth and expansion, having entered into four negotiations
in the last four months. Mr Michael Hawker, CEO of IAG, speaks to our
Editor, Ms Wendy Koh on his plans
in Asia and at home.
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Determined not
to engage in a price war with its competitors, Vero is focused on building value-added
services around the customer and specialisation to maintain its leading position
in the market, said Mr Duncan West, Chief Executive, Vero Insurance Limited
(Vero).
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In an interview
with our Editor Wendy Koh, Mr
Tom Karp, Executive General Manager, Supervisory Support Division at APRA,
admitted that the industry had gone through a lot of regulatory change in recent
years, following the HIH episode, to strengthen the general insurance regulatory
framework and the industry.
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Mr Alan Mason,
the name most closely associated with the Insurance Council of Australia over
the past 16 years, the last nine of which he was its CEO, stepped down last
month. Here, we bring you a quick interview with him on how far the ICA has
come, and what some of his major points of satisfaction are, and what unfinished
work he leaves behind for his successor, Ms Kerrie Kelly.
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Australian insurance
brokers have welcomed the results of a six-month Government inquiry clearing
them of misconduct of the kind uncovered in the US insurance industry.
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In an increasingly
complex and highly competitive financial services marketplace, it is not only
professional/technical skills and knowledge that will provide competitor differentiation.
It is also the ability to build and manage valuable relationships and to effectively
lead others and ourselves. Business partners want to work with people who have
excellent interpersonal and management skills as well as sound technical knowledge.
Mr Gordon Russell, General Manager Corporate Services, Munich Re Australasia,
talks about the importance of human capital, and how companies should have a
strategy and dedication to encourage staff to develop both subjects of knowhow;
technical expertise and leadership skills.
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Mr Oliver Threlfall,
CEO of BMS Cat (Australia), explains how his company uses cutting-edge technology
to recover valuable paper-based data damaged by water for its clients.
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Mr Kim Smith,
Australian Sector Leader for Insurance, PricewaterhouseCoopers, looks at an
acute challenge facing CEOs in Australia – the need to roll out new products
and services without increasing unnecessary complexity in the business.
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Insurance premium
funding in Australia has experienced massive growth over the last 15 years.
The value of policies being funded in Australia and New Zealand has grown from
approximately A$100 million in 1991 to an estimated $4.5 billion in 2006. Mr
Peter Williams, Managing Director, Red Planet Software, looks at this billion-dollar
industry which represents about 25% of all commercial premiums and has attracted
numerous market entrants.
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Bancassurance is
still in its infancy in most parts of Asia. While many insurers and banks are
eyeing each other for a successful partnership, this is easier said than done.
While there are many success stories, there are also the fair share of failures
and withdrawals. Take a tour with Asia Insurance Review’s update
on the region’s bancassurance scene, and find out why this form of distribution,
although still in its infancy, is considered an established channel.
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In the wake of
the tremendous growth of bancassurance throughout the Asia-Pacific region in
recent years, Mr Sean Gilday, Vice President, Market Development, RGA
International, and Mr Greg Goodfliesh, Director of Business Development,
RGA Reinsurance Company of Australia, look at the capabilities the Australian
market has developed to sell life and health insurance products, how successful
the Australian banks have been at selling these products, and what the key success
factors are for this important insurance distribution channel.
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Competitive pressure, increasing compliance and shifting consumer requirements are putting the heat on insurers to use technology effectively to support their business goals. Asia Insurance Review speaks to technology analysts and vendors to find out what has been done and what can be improved.
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Faced with intense
competition, insurers need to re-evaluate their business models and find ways
to meet today’s challenges, two of which are reduced operating costs and
meeting the expectations of the well-informed consumers. Here, Mr Debneel
Mukherjee, President, Asia Pacific, 3i Infotech, discusses the importance
of being able to launch innovative products ahead of the competition and using
IT solutions to support this.
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Mr Suresh Dhanushkoti,
CEO of iMantras, and Mr Peter Coates, CEO of Axiom Asia Pacific, summarise the
key components of the claims management process for insurers in the region,
and examine the ways technology can support improved management of the claims
supply value chain.
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In most industries
today, high-impact employees recognise that they need every tool available to
leverage their high performance advantage. Increasingly this takes the form
of new technology solutions at their fingertips. Mr W Thomas B Curtis,
Managing Director (Asia Pacific), RI3K Ltd, looks at how, in the high performance
work arena, innovation is now the trigger for competitive advantage.
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The increasing
amount of content and the growing need to comply with regulatory standards mean
that data consolidation has become a key issue for insurers. Information Lifecycle
Management (ILM) is a strategy which promises to store and deliver the right
information to the right media at the right time, but how can companies use
it to their benefit? Messrs Rob Nieboer, Storage Strategist and David
Piesse, Head of Insurance, Sun Microsystems, examine the issues.
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In June 2005, the
Barlows column focused on the decision of the UK’s Commercial Court in
Goshawk v Tyser & Co Ltd. This case has now been appealed, and the eagerly
awaited Court of Appeal ruling has confirmed that, at least in the Lloyd’s
market, brokers must make available to underwriters placing and claims documentation
previously shown to them and premium accounting documents which are necessary
to the operation of the contract. Mr Ed Stanley, a Partner, and Mr
Denis Whelan, an Associate in the Reinsurance & International Risk team
at Barlow Lyde & Gilbert, look at this landmark decision and the implications
which seemingly vindicates practice which was common in the Lloyd’s market.
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Mr Gordon Perchthold
and Ms Jenny Sutton have over 40 years of combined experience assisting
banks and insurance companies with the selection and implementation of a wide
range of solutions allowing these organisations to evolve. This article is a
continuation of a bi-monthly column on the selection of external service and
technology providers – this month, considerations in selecting the right
management consultants.
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It is probably
only a matter of time before risk-based insurance regulation becomes the norm
in Asia. However, companies need not be fearful, says Mr Richard Rodriguez,
a Senior Consultant of EMB, Europe’s largest non-life actuarial consulting
firm. The process is manageable and has all kinds of business benefits.
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Mr Neil Robertson,
Chief Underwriter, XL Insurance Fine Art & Specie, traces the devastating
impact of three fires involving art in various circumstances, and highlights
the importance of having adequate fire insurance cover to protect treasured
assets.
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In the wake of
rising liability cases, Mr Robert McCabe, Regional Manager, Director
and Officers Liability, Financial Lines, AIG Southeast Asia and Greater China,
looks at the common exposures, and why liability insurance is becoming increasingly
important among managements.
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Dr Wimal Wickramasinghe,
Managing Director/CEO of Prudential Assurance Lanka Limited, gives an update
on the Sri Lanka life market.
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With just four
months to go till the 23rd EAIC in Bandar Seri Begawan, more than 600 delegates
have already registered. We take a look at what to expect and some of the topics
that will be discussed.
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Today, with 300
Islamic financial institutions in more than 75 countries, and total assets estimated
to exceed $250 billion and growing at an estimated annual rate of 15%, Islamic
financial services has transformed from a “nice to have” into a “must
have” system. The recent 2nd Seminar on Regulation of Takaful gathered
some 200 delegates from all over the world. Our Takaful Journalist Mr
Hafiz Mohamed reports on the proceedings.
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More than 100 delegates
from around the world attended the 2nd International Symposium on Takaful in
Langkawi, Malaysia, in February which gave updates on the takaful industry and
continued the discourse in takaful being a realistic alternative to conventional
insurance. Organised by the Islamic Conferences Group, the conference saw both
speakers and delegates debating on the huge potential of this class of business
in light of the fact that, although Muslim countries represent 25% of the world
population, it accounts for only about 5% of the global insurance premium. Our
Takaful Journalist Mr Hafiz Mohamed
fills in on the details.
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Rating methodology
for conventional banks is well-established, but it currently remains a work-in-progress
for Islamic financial institutions (IFIs). Islamic finance is an alternative
system with its own unique structures and, therefore, there are key differences
to its conventional counterpart. Recognising that specific adjustments, refinements,
and criteria are required to more adequately account for the specificities of
Islamic issuers and issues, the IFSB organised the Workshop on Ratings Assessment
for IFIs, which identified terms and set tones for the industry. Our Takaful
Journalist Mr Hafiz Mohamed reports.
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If you ever had doubts about what the insurance industry was doing; Or if you really don’t believe in the very merits of the products you are selling; If ever you feel that you are but a fraud parading under the guise of offering the nobility of protection; If ever you doubt that the insurance industry can get professional; Just sign up for the next MDRT Experience to get a real feel of what true professionals in the industry think of the business they are in and see for yourself what really selling protection is all about. Mr Leslie Lenus of Asia Insurance Review found that it could be a tremendous eye-opener, even for regulators. Be warned that even tears flow freely at this inspiring MDRT experience which is an event of a lifetime for many.
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In a runup to our
Healthcare Conference in Seoul later this month, Ms Paulina Casal, Head
of the Swiss Life Network, looks at the growth of expatriates in Asia which
has led to a boom in medical insurance cover for this niche segment of customers.
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With the growing
array of choices offered in the market and increased competition, companies
should move away from merely paying lip service to the importance of the customer,
and re-look at the ways that they sell. This was one of the main themes highlighted
at the 6th Asian CEO Summit, held in Bangkok, under the banner of “A Renewed
Focus on the Market and the Customer”, and organised by Asia Insurance
Review together with the Geneva Association.
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During a one-day
workshop on Business Contingency Planning and Disaster Preparedness for Avian
Influenza in Singapore in January, business executives gathered to share information
on what is needed to prepare for the Avian influenza pandemic should it strike.
Presently, it seems that while governments and regional political organisations
are hard at work to avert any pandemic. On the business front, all is quiet
and, in most cases, are relying on the governments to handle the crisis should
it happen. The workshop showed that this is a dangerous stance, and that more
must be done by all parties to handle this very real risk at our doorstep. Our
Deputy Editor, Ms Irene Yeo, reports.
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In the second of
a series of three curtain raisers to the IIS conference in Chicago this July,
Mr Patrick W Kenny, President and CEO, International Insurance Society
Inc, USA, talks about the growing concern of corporate governance in the wake
of high-profile incidents in the market.
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The success of
tied-agency channels in Asia is recognised worldwide. The question for most
companies operating in the region today is “How do we build on our success
as markets evolve?” In a lead-up to the LOMA/LIMRA Strategic Issues Conference
in Hong Kong this June, Mr John M Wellborn, Corporate Vice President,
Consulting Practice, LIMRA International, looks at the key drivers of profitable
sales growth, and their implications for sales-channel managers.
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Today’s perpetually
changing environment requires regulatory frameworks and processes to constantly
adapt. In this article, extracted from the Geneva Papers, Mr James J Schiro,
CEO of Zurich Financial Services, looks at some regulatory risks impacting the
insurance industry, and stresses that the process of designing new regulation
is not always perfect. Too often, regulators react to political pressure or
regulation emerges through litigation, and not in response to sound economic
criteria.
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This month, our
Editor Wendy Koh chats with Mr
Michael Wilkins, CEO and MD of Promina Group, and the Personality of the
Year 2005 at the Australian and New Zealand Insurance Industry Awards, about
his children, and how he sees the future generation of customers through their
eyes, helping him in product innovation and market trends.
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In spite of the
robust business environment, the issue of sustainability, maintaining cost efficiency
and coping with the increasingly intense competition are key challenges, said
participants at a recent CEO Roundtable for the General Insurance Industry in
Australia jointly organised by Asia Insurance Review and KPMG.
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