Ensuring Compliance Ranks High on the Agenda of Asian Insurers, says IDC Financial Insights
Singapore & Hong Kong – August 11, 2011 – With Asian insurance regulators putting forth a series of preemptive reforms to tighten the management of insurers, carriers are demonstrating proactive risk stewardship and strengthening their ability to comply with higher prudential standards. This move is evident in the results of an April 2011 regional survey conducted by IDC Financial Insights asking Asian insurers on the risk mitigation techniques that their organizations will be focusing on in the next 12 month.
Li-May Chew, CFA, Associate Research Director for IDC Financial Insights Asia/Pacific remarks, "Our international markets have grown increasingly entwined and riskier by the year, and insurers, being in the business of risk aversion, understand the need to astutely manage their personal risk profile. There is also increased pressure from internal and external stakeholders for management to demonstrate better awareness, oversight, and controls around risk."
Numerous potential business benefits can be derived from getting one's risk management house in order. For instance, up-to-date and secure systems would minimize the risks of security breaches and fraudulent activities from occurring. One does not want to be at the receiving end of such incidences, as these not only bring about instantaneous revenue loss but, more devastatingly, create reputational ramifications, loss of confidence from current and potential customers, and potential impact from legal liabilities.
To better evaluate and mitigate risk for risk regulatory compliance, IDC Financial Insights observes that insurers are channeling more resources into technologies. These include tackling issues around their respective countries' regulatory mandates, determining if they should prepare for international mandates like Solvency II and best practices from International Financial Reporting Standards (IFRS), and, developing risk-based performance matrices that are reflective of the long-tenured risk profile of insurance policies.
For instance, with European firms needing to implement Solvency II's economic risk management standards by December 2012, HSBC Insurance, the insurance arm of the global institution, has invested with IBM to create a data management and business analytics solution. The solution would produce fact-based insights and permit the insurer to demonstrate quality, availability, and traceability of all key regulatory information and associated reporting.
For full discussions on how concerns centering round compliance, risk management and fraud mitigation are shaping the Asia/Pacific insurance market in 2011 and beyond, register to participate in the Asian Insurance Congress (AIC) 2011. Senior insurance industry risk practitioners would be speaking on topics around Solvency II, reinsurance, enterprise risk management, the risk implications from new technologies, and the war against insurance fraud. This event will be held at Grand Copthorne Waterfront Hotel in Singapore on Thursday, 25th August 2011. For more information about the AIC, please visithttp://www.idc.com.sg/insurecongress/2011/.
To RSVP for your complimentary press pass for the event, or arrange for media interview with Li-May Chew, please contact Lay-Fang Tan at Tel: +65-6829-7731 or Email: email@example.com.
About IDC Financial Insights' Asian Insurance Congress (AIC) 2011>
IDC Financial Insights' AIC was launched in 2008 by IDC Financial Insights on the premise of providing insurance executives from across Asia/Pacific a platform to discuss the core business, operational, risk and technology issues that they are championing.
The agenda of this year's AIC revolves around the theme “Ascension of Asian Insurers up the Global Order”. It features a panel of 25 visionary practitioners from international and regional insurers, and vendor community. These experts will tap into their wealth of industry experience to address pertinent issues centering around the ascendance of emerging Asia; the return of an emphasis on customer centricity; and, the role of social media in insurance. IDC Financial Insights' analysts will also provide their expert analysis of the insurance landscape in 2011 and beyond. The topics for the concurrent breakout sessions are on alternative delivery models and new growth hotspots; technological innovation; and, issues and concerns over regulations, risk management and security.
IDC Financial Insights will be announcing the winners of the Financial Insights Innovation Awards Insurance – FIIA (Insurance) at the conference. In its inaugural edition, FIIA (Insurance) recognizes the achievements of insurers across the region in the area of innovation in realizing business objectives.
For more information about the conference, visit http://www.idc.com.sg/insurecongress/2011/.