The Fourth Industrial Revolution and Its Impact on the ASEAN Insurance Industry

 

The Summit will explore how innovative approaches and technologies would transform the way insurance business is conducted

 

KUALA LUMPUR, 26 October 2018 - The ASEAN Insurance Council (AIC) will hold the 3rd ASEAN Insurance Summit to bring together insurance leaders, regulators, stakeholders and insurance industry players in the ASEAN region. Highlighting the theme "The Fourth Industrial Revolution and Its Impact on the ASEAN Insurance Industry" the 3rd AIS will be held on 28 November 2018 at Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur.

 

Insurance leaders, industry players, and regulators will discuss how the Fourth Industrial Revolution will have an impact on the insurance industry and showcase the most innovative approaches and technologies that can help to sustain the growth of the industry.  Discussions will also be on strengthening existing frameworks and brainstorming new initiatives to improve the quality of life of people in this dynamic and fast-developing region.

 

ASEAN is arguably the most exciting insurance market in the world, with a large and rapidly growing population ready to take advantage of new services offered in the digital era. This Summit aims to bring together key stakeholders to share the cutting edge of strategy and policy making.

 

Organised by the AIC, the Summit is supported by the Life Insurance Association of Malaysia (LIAM) and the General Insurance Association of Malaysia (PIAM) under the guidance of the ASEAN Secretariat.

 

Mrs Evelina F Pietruschka, Secretary General of AIC, said that the Summit is a platform to promote public awareness, preparedness, and participation of ASEAN regulators and Insurance leaders as a part to expedite the inclusive implementation of the regional economic and financial integration under the ASEAN Vision 2025.

 

“The AIS will be organised as a symposium and senior insurance industry leaders and practitioners from ASEAN will have an opportunity to voice and share their perspectives during the panel sessions and contribute to the ASEAN Economic Community (AEC) policy-making process. At the same time, they will be kept abreast of the AEC progress and updates on the insurance sector towards Vision 2025,” Mrs Evelina added.

 

Another important topic which will be covered is an update on the liberalization of the insurance industry.  ASEAN countries are at different stages of liberalization; some have started this long ago and some are still in the transition phases.  It will be an interesting platform to understand the various stages and the challenges involved.

 

In response to the Fourth Industrial Revolution, some ASEAN Member countries have adopted FinTech solutions to facilitate insurance transaction and stimulate efficiency of insurance businesses.   Some ASEAN regulators have implemented sandbox solutions to ensure compatibility of FinTech with the domestic ecosystem. Given the changing financial landscape due to this revolution, we believe that the ASEAN Insurance Summit plays an important role as an active forum for the ASEAN insurance authorities, regulators, insurers, practitioners, and other stakeholders to exchange views on new developments, technologies and innovation as well as their impact on the regional cooperation and integration in the insurance and reinsurance sectors.

 

Bank Negara Malaysia will officiate the opening of the 3rd ASEAN Insurance Summit, as well as deliver the Official Keynote Address. This will be followed by a Plenary session with updates from the ASEAN Secretariat on the AEC Progress and the Insurance Sector. A Panel Discussion engaging high level entrepreneurial speakers led by the moderator Rico Hizon, World News Journalist, will deliberate on  “How the Fourth Industrial Revolution Will Shape the Insurance Industry and Its Impact on the ASEAN Insurance Industry” The panel will discuss the potential impacts, opportunities and challenges that the insurance industry may face from the disruption era.

 

Meanwhile, Ms Anusha Thavarajah, LIAM President said that the life insurance industry is embracing the digital transformation brought about by the Fourth Industrial Revolution by undergoing various developments in its businesses and operations.  These include online/SMS public enquiry facilities, Customer Portal, online channels, online affordable insurance plans, mobile apps, upcoming comparator website and upcoming online critical and medical products.

 

“With the support from the various stakeholders and regulators, the life insurance industry will continue to remain focused in pursuing its transformation agenda, fulfilling its aspiration to increase the penetration rate from 54% to 75% in life insurance and takaful and achieving the financial inclusion agenda”, said Anusha.

 

The Deputy Chairman of PIAM, Mr. Chua Seck Guan stated that both PIAM and LIAM are extremely honoured to host the 3rd AIS in Malaysia.  The selected theme is most appropriate given the current trend for digitalization in the country.

 

He further stated “Digital economy in Malaysia is expected to grow rapidly.  From 2010 to 2016, the expansion was at 9% per year.  This growth was faster than the overall GDP growth.  Digital technologies have been widely adopted across Malaysia and the same trend is seen in other ASEAN countries.  We are fortunate that the Malaysian Government is very supportive of the transition to digitalization.”

 

The 3rd AIS expects more than 250 participants comprising industry leaders, including Chairmen, Board Members and Senior Management from the ASEAN insurance industry.   For more information on the 3rd ASEAN Insurance Summit, please visit: http://aseaninsurancesummit.com/

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