Insurer of the future video series

Tapping into the GBA: Top 5 challenges facing the Insurance industry and our recommendations

Speakers:
Joanna Wong, Insurance Sector Leader
Leslie Foo, Consulting Partner
Amanda Jia, Audit and Assurance Partner
Aileen Jiang, Tax & Business Advisory Partner
George Han, Risk Advisory Partner
Sammie Shum, Consulting Partner

Priorities and preferences of insurance products for the Greater Bay Area (“GBA”) mainland GBA consumers are influenced by recent shifts in digital and wellbeing, accelerated during COVID-19, requiring innovation in services and products to cater to their specific needs. There are unique, complex challenges facing the insurance industry which are critical to their success in the GBA market. Varying customer acquisition, talent management, complex regulations and taxation policies are all factors for new entrants to consider in order to thrive in this environment. Hence, a comprehensive understanding is vital for insurance providers to navigate through and enjoy the full benefits offered by the latest policy and regulations.

The unique GBA market holds both key opportunities and challenges, and this episode will feature the Deloitte approach at utilize the opportunities and bypass the challenges: market assessment and proposition design, finance & licensing strategy, optimizing tax exposure, managing risk & regulatory requirements, and sourcing talent in the GBA.
 

GBA market trends and opportunities for the Insurance industry

Speakers:
Joanna Wong, Insurance Sector Leader
George Han, Risk Advisory Partner
Aileen Jiang, Tax & Business Advisory Partner

With new opening-up measures and policies being enacted, China is creating a new financial landscape. The Greater Bay Area (“GBA”) particularly is undergoing establishment to become an international financial hub. While promoting financial connectivity, regulators are also pushing for the expansion of the insurance industry in this region.

To attract international companies to set up their business in the GBA, the specific incentives provided by governments and regulators span from company benefits to individual employee perks, encompassing a wide range of benefits beyond pure financial assistance. The policy support and growing market demand encourages establishments of insurance services in the GBA as well as innovation in cross-border insurance products and services. This video shares the changes in the GBA post-pandemic such as the market trends, opportunities for insurers, as well as potential implications to be addressed.

Harnessing the Power of Technology in Your Finance and Actuarial Function

Finance and Actuarial Transformation

Speakers:
Phil Gough, Finance Transformation Partner, Insurance Sector
Ophelia Au Young, Actuarial Transformation Partner, Insurance Sector
Laura Blainey, Finance Systems Partner, Insurance Sector
Franck Barbarella, Technology Partner, Insurance Sector

While complex regulatory requirements like IFRS 17 and risk-based capital have been requiring insurance companies to significantly enhance their tech-related capabilities, going forward, finance and actuarial functions will focus on value creation which means generating deeper business insights from more sophisticated analytics and better visualizations.

It is critical for insurers to seize the moment now and power up their finance and actuarial transformation journey in order to stay competitive and bring higher value to their customers. This video provides insurers insights on how to approach the transformation agenda and the role that technology plays in the transformation journey.

Digital Ecosystem Connectivity - Creating a Competitive Advantage 

Speakers: 
Joanna Wong, Hong Kong Insurance Leader
Billy Tsang, Partner - Digital
Brad Lin, Partner - Cyber & Privacy
Leslie Foo, Director – Insurance Core Business Operations 

Given the increasingly competitive market landscape, creating a digital ecosystem is key for players in the insurance industry to distinguish themselves from competitors and create competitive advantage. Ecosystem connectivity is a network of interconnected stakeholders enabled by data integration and exchange capabilities. Greater connectivity driven by APIs and micro-services among ecosystem players will allow insurers to digitize and accelerate processes along the value chain. This video provides insurers insights to develop and advance their ecosystem strategy, as well as on how to identify  ecosystem partners, platforms and highlight the potential challenges, risks and solutions.

IFRS 17 – Products development and future 

Speakers: 
Ka Hei Choi, Partner
Ronald Chan, Partner

Now that IFRS 17 is approaching its final form and implementation projects are gaining momentum, insurance companies will see details of IFRS 17 as projects emerge which may lead finance and other functions to reassess their areas of focus. In this video, our insurance partners share their insights on some unanswered questions on IFRS 17, e.g. how to achieve the objective of comparability of financial statements among insurers and non-insurance companies?

Speakers: 
Joanna Wong, Hong Kong Insurance Leader
Sammie Shum, Partner
Mark Prichard, Director
Candy Ng, Senior Manager

This video focuses on core system modernization as a foundation for growth and innovation in insurance operations. It is an introduction to Deloitte's Core System Modernization approach, providing insights for insurers to redesign technology and business logic to align with its enterprise growth strategy built on a digital foundation. In this video, our multidisciplinary insurance experts shared an in-depth interpretation of the benefits of Core System Modernization, "4R" strategies as well as enabling collaboration for the success of the modernization.

Speakers:
Ka Hei Choi, Partner
Alistair Davidson, Senior Manager

Given the challenges and opportunities in the actuarial modelling imposed by the regulatory changes such as IFRS 17 and HK RBC, Deloitte has formed the "Deloitte Actuarial Solution Hub" (or "DASH") with a team of actuarial model specialist to provide holistic modelling services to our clients.In this video, we will explore the current actuarial modelling market trends and recent hot topics, and how DASH can help our clients enhance and optimise their actuarial models.

Speakers: 
Joanna Wong, Hong Kong Insurance Leader
Phillip Savio, Partner
Ben Quinn, Senior Manager
Loon Lo, Senior Manager

Focuses on transformational change in insurance operations, this is an introduction to Deloitte's Human Centered Design approach to discover initiatives and our agile delivery model, which support transformative change within operations and tackle the key challenges in insurance sector nowadays. In this video, our insurance experts also shared how Human Centered Design, together with Agile, helps unlock transformational change in insurance operations.

Speaker: 
Simon Dai, Actuarial Lead Partner

Regulatory changes such as IFRS 17 and HK Risk-Based Capital (RBC) regime have been driving the evolvement of our roles as actuaries. In addition to learning the new methods, we also need to learn about new technology. In this episode, we will explore the following key topics: how technology has changed the roles of actuaries and how actuaries work; what are some major trends in the insurance industry that could impact the roles of actuaries; and how actuaries of the future can equip ourselves to stay relevant.

Speakers: 
Joanna Wong, Hong Kong Insurance Leader
Louis Lee, Partner
Kenneth Yu, Partner
Arash Ghassemian, Director

"Becoming an Insight-Driven Insurer", an inspiring short video, is an introduction to insight-driven insurer (IDI). It looks into how an insurer transform into an IDI and the five building blocks of an IDI. Big data and analytics enable the insurer to improve basic capabilities such as actuarial, underwriting, claims, and customer services. Leveraging data analytics and transforming into an IDI is the key to making an institution a market leader. In this video, our insurance industry experts will give an in-depth interpretation of IDI from strategic, actuarial and technological perspectives.

Speakers: 
Jeffery Tang, Senior Manager
Sahil Talwar, Senior Manager

Cryptocurrency has grown significantly in the market over the past few years, attracting players from many industries. Insurers would need to ride on the cryptocurrency trend and think innovatively about how we can turn cryptocurrency into big opportunities. In this episode, we will explore the following key questions: what are the key drivers of the cryptocurrency eco-system development, what are common risk factors in using cryptocurrency, and how cryptocurrency can provide opportunity for the insurance market and the way forward.

Speakers: 
Paul Sin, Partner
Christopher Tam, Director

In Hong Kong, the regulatory requirement in enterprise risk management is getting more stringent. Insurers, now more than ever, need to think broader how to enable efficient and automated risk identification and risk assessments on key business decision. In this episode, we will explore the following key questions: how AI machine learning works in financial institution, and adds value compared to using these traditional statistical models, and its limitations.