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Jul 2020

Hong Kong regulator will support insurers to apply FinTech to business

Source: Asia Insurance Review | Dec 2016

Hong Kong insurance regulator, John Leung, said it welcomed the insurance industry and the Fintech community to develop more innovative insurance products and services and are ready to provide support and guidance to the insurers in applying Fintech to their business. 
   In a keynote speech at the third Financial Times Asia Insurance Summit in Hong Kong, the Commissioner of Insurance, Hong Kong, added: “As an insurance regulator, we need to keep reviewing whether our regulatory regime is flexible enough to allow the industry to embrace new technologies and innovative business models without compromising customer protection and other regulatory concerns. Closer dialogues and engagement with the insurance industry will be the key to find the right balance.” 
   More than 200 professionals, leading insurers, investment managers and regulators gathered at the third Financial Times Asia Insurance Summit in Hong Kong in October to discuss the complex economic, investment and regulatory challenges facing the insurance industry in Asia.
   The summit is a landmark regional event in the insurance industry, which this year focused on the theme “Best Business Strategies in Uncertain Economic Conditions”. The event was co-chaired by the Financial Times’ insurance correspondent, Oliver Ralph and its Asia Financial Correspondent, Don Weinland. 
Wide range of topics discussed
Senior executives from regional and global companies participated in open and strategic discussions on regulatory developments in Asian markets, data-driven decision-making, and investment strategies in a volatile and low-interest rate environment. 
   Oher topics discussed included opportunities in the world’s most under-insured region, methods that effectively prevent mis-selling and low customer retention, new regulatory requirements that are affecting the management of asset liability, top strategic objectives buyers are trying to meet, the role of technology in providing effective tools to better price risks in Asia, as well as focusing on insurance in China.
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