It is July and the Global Insurance Forum always adds an extra fillip to the insurance industry. But this year, the mood in London is so sombre, says even the Queen. What rabbits can we draw at the GIF to give the global insurance industry the oomph and impetus to shine and be loved?
With disruptive technology holding sway, InsurTech is gaining more credence. Technology is seen as not just improving operational efficiency or cost-cutting, but as the panacea that will let insurers create better engagement with customers. Pipe dream or reality? Do customers want to engage with insurers? This is a core critical issue that can stop the cows coming home no matter how loud the bells ring.
Moving on, in the real world, claims are rising and insurers must therefore be more vigilant as they are now even more dependent on underwriting results given the tough global investment climate, persistent low interests, rising political tensions and terrorism to boot.
Our Cover Story, timed as Asia’s contribution to the GIF, looks at the state of things to come in Asia with its exciting growth lures that come with cyber panic, disruptive innovation and the need to spur risk management awareness in a riskier world.
Our Country Profile is on Hong Kong which starts a new Chapter with the new IA. It is a brave new world out there with the life market reaching dizzying heights with rich mainland Chinese looking for protection.
The IFRS is now officially confirmed coming into force for all annual reporting starting 1 January 2021. The world of insurance contracts must change as this is a paradigm shift. Already there is software ready to help the process.
June was a hectic month for AIR with five conferences – CFO, Bancassurance, Claims, Cyber and Nat CAT. Each conference was indeed an eye-opener highlighting the ying and yang for each sector for the 600-odd delegates collectively. My verdict after this stint and great salute to the industry is that: Insurers genuinely work hard to understand the needs of the clients even if the clients seem unaware of what they want and what they need. Insurance is still a “sold” product. But fret not, for that is its very unique specialty – to be ready for the product even before the client realises he needs it. How forward thinking the industry is!
In our list of offerings this summer, my personal favourite is about using AI to make people become more human. This is not a tech-marketing ploy, but a true belief in mankind.
Still on life, this July, aside from our regular Asia Trusted Life Agents & Advisers Awards, we launch the first-ever International Training Summit in Asia for Agents to add our CSR in the march towards greater excellence. Despite all the saga about agents mis-selling and disintermediation theories, we believe that the industry needs agents. So we want to see them nurtured with the right message of higher standards and greater professionalism, with sustainability beyond just that one last big sale.
I take this opportunity to wish our Muslim readers the very best for Eid and a great summer to all. Though times look hard, remember, you can always strive to get the best out of every great challenge you face. It is all in the mind and your attitude to the problem. Rise with your own gung-ho spirits.
Sivam Subramaniam
Editor-in-Chief
Asia Insurance Review