ALEX KING

"The Plays Of GameChangers in The Insurance / Financial Planning Industry" Happy Monday UnConquerable Financial Consultants , Financial Advisers , Agency Leaders , Colleagues , Partners and Peers. We at The Insurance Collective trust that you are well rested and charged up for the Final Week of May. We often ponder upon what makes the Game Changers or History Makers in our Industry Achieve MDRTs , COTs & TOTs year after year. Their success sometimes seems to Defy all Odds and Adversities and they have a ClockWork Success Model that never fails. How do they do this and what keeps them motivated to achieve their goals year on year? We at The Insurance Collective have been speaking with several Motivational Speakers and Life Coaches who have worked with Financial Consultants and Agency Leaders to understand the Psyche of Success and what drives them towards Continued Success. Here is What We Gathered: 1. Capitalization of Their Industry & Market Space The Top Performing FCs & ALs had in common , Dedication , Commitment and Drive to maximize all their Talent and Opportunity into Focusingon their Client Demographics and Carving Financial Solutions for selected Target Markets. They focused on High Value Activities. In short they had a Game Plan and never deviated from the Tasks and Activity in the Execution of their Game Plan. 2. Freedom From Distraction These Top Producers were able to Simplify and Streamline their Daily Business Schedule. They were Disciplined in not being distracted by trivial matters and Focused on the Bigger Goals that they had set for themselves. 3. Personal & Professional Mastery  The Legendary Performers had a common habit of constantly Upgrading their Skills and Knowledge. They functioned with a High Level of Adaptability and their Daily Practices defined their RoadMap towards Phenomenal Success. They Consistently worked on improving their Personal Lives and Through that built the Motivation for Great Success in their Professional Lives. 4. Celebrating Small Victories The Consistent Producers took the time to celebrate small victories on their path towards greater success. They set Milestones and set Rewardstowards their Road Map to MDRT , COT and TOT. These rewards were not just about Receiving but Giving as well. These Successful Producersunderstood the Balance of Giving with Abundance and also Receiving their Rewards with Equal or Greater Abundance. They Practiced Gratitude for all the small and big victories alike. The Insurance Collective is working very closely with Motivational Speakers , Life Coaches , Fitness Coaches , Industry Pioneers and Mentors to bring you InsurAcademy - A Transformational Platform for Your Insurance Business. As you kickstart your week with a Fearless and Anti Fragile Mindset , here is a video from a true Pioneer and Trailblazer in our Noble Industry. https://lnkd.in/gSy-h_GA

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Delighted to share my thoughts with Asia Insurance Review on how AI and automation are likely to impact actuaries and the skills required to help insurance companies evolve and embrace the new tools and technology available #asiainsurancereview #actuaries #actuary #ifrs17 #insurance #reinsurance #chiefactuary #chiefriskofficer #actuariesontap #ai

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Apac HNW insurance demand tipped for double-digit growth. Insurers and brokers across the region expect double-digit growth in premiums from high-net-worth individuals over the next two to five years. https://lnkd.in/giczRg2V #insurance #apac #highnetworth

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During our last Plenary Meeting in Singapore, the last 3 June, among the other things we talked about non-insurance brands and the requisites for a successful partnership. If ANY company can be an insurtech company, shall EVERY company be an insurtech company? We think there are four key elements to consider in a brand you want to partner with: ·     Maturity - Is the core value proposition of the brand well established among its customer base? If not, why should customers consider additional products/services offered by that brand? ·     Data Strategy - Is the brand ready and equipped to share customer data with the insurance partner? ·     UX - Do the brand offer a knock-out user experience that distinguish it from its competitors? ·     Embedded strategy - What's the synergy between the brand's core value proposition and the embedded insurance? Is it pursuing a trigger strategy or an holistic one? Happy to hear your experience on the requisites to make of an embedded insurance partnership a successful one. #EmbeddedInsurance #InsurTech #Partnerships

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At the #SingaporeActuarialConference2024 I had the privilege of engaging with leaders dedicated to the bigger healthcare picture: Sarah Leong(Director, Finance Partnership & Governance, Ministry of Health), Wai Kit C.(Executive Director, Life Insurance Association, Singapore), Mark O’Dell (CEO, Life Insurance Association, Malaysia), and Arjan Toor (CEO Health, Prudential Services) We explored sustainability in private health insurance in South East Asia and how to align industry incentives with policyholders. Key discussions included: - Shifting how insurers purchase care to optimize health of the risk-pool while ensuring sustainable costs - Building on the Ministry of Health's actions against unreasonable claims, focusing on mitigating fraud, abuse, and moral hazard - Studying clinical outcomes to better understand the effectiveness and costs of various providers and treatments Later panel discussions provided insights from medical providers and policyholders, highlighting areas for improvement: - Benefit structures that limit early intervention in appropriate facilities and have minimal impact on moral hazard - Uncertainty among doctors about inclusion in panels and the burden of completing different applications for different insurers - Extraordinary premium increases leaving policyholders with little bargaining power While these challenges persist, the conversation brought out encouraging notes: - A recognition that insurers cannot transform the industry alone & need to collaborate closely with stakeholders, especially medical providers, facilities, & regulators - Some larger insurers have successfully developed partnerships with medical facilities Without sector changes, private health insurance will become more unsustainable each year. With a significant proportion of the middle class relying on this product for critical needs, stakeholders need to work together, learn from each other, discuss solutions, and implement changes that ensure stability. Collaboration is critical, but differing negotiation strengths and reluctance to let go of short-term successes supports the need of an independent party to support decision-making and arbitration. The Multilateral Health Insurance Committee #MHIC in Singapore provides an example of such a forum and includes government, consumer representatives, doctors, hospitals, and insurers. As actuaries, insurers, and associations, we have a vital role in pushing the industry to develop solutions for the long-term welfare of the communities we serve. We can support multilateral forums with our experience and time, create such forums where they don’t exist, or work with industry partners to build sustainable solutions for policyholders' health. I’m grateful to the distinguished speakers for their time, insights, and candid discussions, and to the Singapore Actuarial Society for inviting me to moderate.

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How will the rise of artificial intelligence (AI) impact actuaries? Bernice Lim, FCIA, is exploring AI’s influence on the industry and how actuaries can effectively adapt and harness the transformative power. Bernice recently attended the International Actuarial Association (IAA) AI Summit in Singapore, where she joined the IAA AI Task Force alongside global industry leaders. This task force aims to advance the competency of the actuarial profession in relation to AI through five different workstreams. Learn more about the task force in Bernice’s latest interview on AI > https://lnkd.in/gdC25QSj #OWActuarial #ArtificialIntelligence #AIForActuaries

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The digital asset industry is evolving at a rapid pace, bringing unique regulatory and risk challenges. The ANZIIF article correctly highlights this complexity. It also underscores the significant market opportunity for digital asset insurance, and the increasing need for specialized expertise. The industry is evolving, demanding a deep understanding of the unique risks. Qubit Underwriting Limited, with our deep understanding of these nuances, is dedicated to providing innovative, reliable, and comprehensive insurance solutions to protect businesses operating in this exciting yet volatile sector. #digitalassetinsurance

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Kita's Carbon Political Risk Cover is now available! We are proud to be working in partnership with Tokio Marine Kiln on this comprehensive insurance policy, which covers key risks currently holding back investment in the carbon markets. We provide protection against traditional political risk and contract frustration perils (for example confiscation, nationalisation, forced abandonment, license cancellation and political violence), as well as bespoke coverage for carbon delivery failure. For example, should a host country either revoke a project’s Article 6 authorisation or fail to apply a corresponding adjustment as promised, insurance would cover the costs and prevent wider financial impact that may inhibit progression of the project and its success. We will be putting out more information on this policy and its use cases in coming weeks and months, but please don't hesitate to get in touch if you wish to understand how it could work for you. #politicalrisk #carboninsurance #voluntarycarbonmarket #article6

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The planned acquisition of Income Insurance Limited is expected to elevate Allianz’s presence in the fast-growing and attractive Singapore insurance market and establishes the company as one of the largest composite insurers in Asia. Anusha Thavarajah, regional chief executive officer at Allianz Asia Pacific, commented, “We are excited at the prospect of the coming together of Allianz, the number one global insurance brand, and Income Insurance, Singapore’s trusted and leading insurance brand. Asia holds great strategic importance for Allianz, and we are committed to investing in Singapore by partnering with a well-respected local institution.” Meanwhile, Renate Wagner, member of the board of management at Allianz, said, “We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence. This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.” #insurance #acquisition #asiapacific ------ -[Awards] MARKETECH APAC is launching its inaugural "Marketing Technology Awards" where we recognise the groundbreaking achievements in marketing technology, uniting the brands and tech organisations within the region’s marketing community. Learn how your brand can be a part of it by checking it more details HERE: https://bit.ly/3SVtoIa -[Conferences] Learn about the latest trends, strategies, and technologies that converge to shape the future of commerce with our upcoming "E-Commerce Marketing 2024" conferences happening in Malaysia this July 25 [https://bit.ly/3Wg1PvW] and in the Philippines on August 14 [https://bit.ly/3WeZW2M]. -[Report] Discover the latest trends in business communication, and explore how mobile messaging channels are preferred by consumers to seek deeper connections with brands by checking out this report HERE: https://bit.ly/3RckF4z

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🌟 Rising Insurance Premiums: A Wake-Up Call for Indian Healthcare and Insurance Industry! 🌟 Malaysia is grappling with skyrocketing insurance premiums, with insurers blaming rising hospital costs and claims. 🏥💸 But a deeper look reveals a systemic issue: the same procedure costs nearly double when billed through insurance compared to self-paying customers! 🤔 This brings us to India 🇮🇳—are we facing similar challenges? Let’s unpack: 🔹 Rising Premiums: Families are struggling to afford health insurance renewals due to increasing costs. 🔹 Inflated Hospital Charges: The gap between cash-paying and insured patients' bills is a concern, hinting at unethical pricing practices. 🔹 Systemic Risks: If unchecked, this could lead to delayed treatments, canceled policies, and eventually a broken healthcare ecosystem. 💡 What needs to change? ✔️ Transparent and standardized pricing for medical procedures. ✔️ Stronger governance and accountability from both insurers and hospitals. ✔️ Innovative, customer-centric products that ease affordability. ✔️ Collaboration between stakeholders to fix systemic inefficiencies. This isn’t just about healthcare or insurance—it’s about sustainability, ethics, and governance. 🌍 If we claim to be customer-centric, why are families left struggling? 🤷‍♂️ It’s time for a collective rethink to ensure healthcare remains accessible, affordable, and ethical for all. 🛡️ What are your thoughts? Are we heading towards a similar crisis? Let’s discuss! 💬👇 #Healthcare #Insurance #ESG #CustomerCentric #Strategy #India #Innovation #Sustainability

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It’s not Event Insurance, it’s Event Cancellation Insurance. #insurancetechtips #insurancetechnicalconsulting With the 2024 Olympic Games running on schedule, take a look back at the 2020 Olympics which were to be held in Tokyo starting in July. In March 2020, the Games were postponed to 2021. This was better news than a total cancellation for the athletes, the advertisers and the tourism industry of Japan. It was also good news for insurers.   Many insurance professionals are familiar with Event Insurance. It primarily provides general liability, and often liquor liability for an event or series of events. Usually such events are short-term, and can be sporting, parties, fundraising, festivals, conventions, performances, etc. The policy defends against and settles claims of property damage and bodily injury, just as any GL or LL policy would do.   Event Cancellation is a slightly different animal, and is what came into play (pardon the pun) for the Olympics. According to publicly available information, Event Cancellation coverage has been purchased since at least the 2004 Games in Athens. Many other event organizers purchase this specialty insurance, but the 2020 Games may be the most public example of its use.   This type of coverage protects expected revenue or unexpected expenses from the cancellation of an event. Cancellation can be due to a variety of causes, such as: weather terrorism cyber attacks labor disputes earthquakes non-appearance of speaker or performer failure of public transport damage to venue or infrastructure disease failure of broadcasting power failure civil or political unrest   In the case of a cancellation, many event costs do not disappear. For the Games, the costs are in the billions. At the same time, expected revenues do not flow – from sponsors and advertisers, ticket sales, and exhibitors. In addition, new costs arise to administer the cancellation: refunding tickets, advertising, etc. Unearned revenue from tourism likely goes uninsured, but the other investments and loss of revenues are insurable. Moving the 2020 Games to 2021 is estimated to have cost insurers $2 billion.   Many event organizers are familiar with the fact that they need event insurance, if only because the hosting venue requires it. But to provide broader coverage that will protect the organizers’ revenue as well as liability exposures, consider offering event cancellation insurance. https://lnkd.in/gqaCUCAG

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The Increasing Demand for Health Actuaries: A Critical Role in Today’s Healthcare Landscape 🏥📊 As the healthcare industry undergoes rapid transformation, the role of actuaries is becoming increasingly vital. The demand for health actuaries is on the rise, driven by several compelling factors that highlight their critical expertise in navigating the complexities of health-related risks. One significant driver of this demand is the ongoing evolution of healthcare systems worldwide. 🌍 With the advent of value-based care models, health actuaries are essential in analyzing the financial implications of these changes. Their expertise enables healthcare organizations to assess and manage risks associated with patient outcomes, cost containment, and financial sustainability. By providing valuable insights based on robust data analysis, health actuaries help ensure that organizations make informed decisions that enhance patient care while maintaining fiscal responsibility. 💡 Additionally, as healthcare costs continue to soar, insurers and providers are looking for innovative ways to mitigate financial risk. 💸 Health actuaries utilize their skills in statistical modeling and predictive analytics to assess trends, manage reserves, and predict future healthcare costs accurately. Their ability to forecast the financial implications of chronic diseases, emerging health technologies, and demographic shifts is invaluable in an industry where uncertainty is the norm. Moreover, the rise of big data and advanced analytics in healthcare is creating new opportunities for actuaries. 📈 With access to vast amounts of health data, actuaries can employ sophisticated algorithms to identify patterns and risk factors, enabling healthcare organizations to tailor their services effectively. This data-driven approach not only enhances decision-making but also contributes to improved patient outcomes. 🤝 Finally, the COVID-19 pandemic has underscored the importance of health risk assessment. As healthcare systems globally adapt to the challenges posed by pandemics, actuaries are crucial in modeling potential scenarios and preparing for future health crises. 🌐 In conclusion, the increasing demand for health actuaries reflects their indispensable role in the evolving healthcare landscape. As organizations strive for innovation and sustainability, actuaries will continue to be at the forefront, shaping the future of health financing and management. For those considering a career in this field, the opportunities are not just abundant but also impactful, making it a rewarding path in today’s dynamic environment. 🚀✨ Please reach out to me for a private discussion if you are interested in knowing more about the Actuarial recruitment market! #ConnectedGroup #CGActuarial #stayconnected #healthactuary

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🔍 Understanding Liability Risks for General Insurance Agents 🚀 General insurance agents face various liability risks daily, including: 1. Professional Errors & Omissions: Mistakes in advice can lead to claims of negligence. 2. Failure to Procure Adequate Coverage: Not recommending sufficient coverage can result in client losses. 3. Honest Misrepresentation: Misleading information can cause legal issues. 4. Litigation from Dissatisfied Clients: Clients might sue for perceived errors or breaches. 5. Professional Relationships & Conflicts of Interest: Managing multiple insurers can lead to biased advice claims. 6.. Changing Client Needs & Expectations: Failure to adapt can result in liabilities. AgentGuard Pro offers: - Coverage for legal costs - Compensation for negligence claims - Protection against employee dishonesty - Public relations expense coverage - Inquiry costs Understanding these risks and securing appropriate coverage is vital. Learn more about: https://lnkd.in/d28kbF-3 #Insurance #GeneralInsurance #ProfessionalIndemnity #InsuranceAgents #RiskManagement #CareerProtection

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Having spent the last 10 years in Asia and 6 of those in Thailand as CEO of a #lifeinsurance company that until recently grew well above the market, the below paper from Mike Plaxton resonated with me. What is even more stunning regarding the facts and data is that growth in premiums mostly came from premium increases particularly in the #health portfolios with most insurers increasing premiums across the board due to post Covid increases in claims. In addition, when you look at renewal premiums very few insurers saw #growth despite increases in prior years in new business premiums meaning persistency is worsening. The few companies who have continued to grow have continued to #invest in their #capabilities internally and across distribution, product and technology. There are no secrets or shortcuts to #success. It requires smart investments, #localleadership and buy-in to successfully execute. Getting more data, reports and measuring more KPIs will not make you more #competitive or make your people or distribution teams believe in your #purpose or your #proposition, be better trained or motivated to sell your propositions. Getting back to the basics of #understanding and meeting the needs of your #customers and #partners with strong local #leadership, #teamwork and execution is key. I’m hearing from many sources for some of those companies struggling with growth, the focus is switching to cost reduction. I have been fortunate to be a successful leader in and be part of world class companies over the last 20+ years and I have never seen any of these companies save their way to #greatness. I recently attended an industry roundtable in Singapore where a well know consulting group showed data highlighting insurers in Asia are now covering less risk (fewer lives) in the fight for more margin. Have we lost perspective of what insurance is really about? This means we are moving further away from #closingtheprotectiongap in Asia which is a much bigger concern. #Long-term #sustainable #growth is #hardwork. What are your thoughts on this topic?

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Thank you AIA Corporate Solutions! Why does employee benefits (EB) matter to employees? I have been fortunate enough to be in the EB industry for a very long time. During this time I have seen different cycles of high claims, low claims, hard markets and soft markets the one thing I am certain of, is that staying the course and protecting our customers and our own health should always be our no.1 priority. Being protected by AIA Corporate Solutions in Asia Pacific, means you are covered by an insurer with more than 15 million group customers. AIA is an Asian based insurer whose home is here and who had a very strong commitment to support corporate customers through good and bad times. Recently I had a need to go to hosp for a minor procedure. It made me think about my Health Insurance. In Asia most of us are very fortunate to have access to employee benefits that can help us when we need it the most. Right now we are at a point in the Health Insurance cycle where globally claims have rebounded since the pandemic. Here in Asia it probably happened earlier than most other parts of the world and it has been interesting to see how insurers, intermediaries and customers are responding. Firstly a number of insurers have reduced their commitment to employee benefits in Asia, some have retracted away from Asia, some have shown no commitment to expand, some priced themselves out of the market. Intermediaries and clients are in the difficult position of trying to ensure sustainability of pricing and that employee benefits can be maintained. Whilst at the same time there are less options available to customers. Medical inflation is running at around 10% in most APAC countries. Insurers like AIA are providing solutions to the market to try and address this. But again I reiterate this benefit is so valuable to employees, but often we forget that until we need it. Having AIA as your Health Partner gives you certainty in uncertain times. We cover more employees on Group Health and Life Insurance than any other insurer in the region. From the moment I arrived at Gleneagles Hospital, the treatment I received was world class. I would like to thank all the staff of Gleneagles for the exceptional care I received. Surgery was performed succesfully and my recovery is going well. It was a good chance for me to reflect on why we do, what we do. The AIA purpose of helping people live Healthier, Longer and Better lives resonates even stronger with me now. #AIA #AIACorporateSolutions #HealthierLongerBetterLives #EmployeeBenefits #Wellness #GleneaglesHospital

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Simplifying Insurance Product Innovation: The Power of IaaS B4E Insurtech | Insurance Infrastructure-as-a-Service https://lnkd.in/gd-Zwvw6 #insurance #reinsurance #insurtech #mgas #insuranceintermediaries #insurancetechnology #insurancedistribution #insuranceindustry #riskmanagement #parametricinsurance #insuranceregulation #insurancebroker #b4einsurtech #iaaS #cloudinsurance #cloudcomputing #apiintegration #insuranceplatform #saas #innovation #efficiency #customercentric #digitization #insuranceproducts #underwriting #claimsmanagement #scalability #agility #costreduction #improvedprofits #customerengagement #riskselection #businessgrowth #businesstransformation #collaboration #partnership #fintech #innovationecosystem #thoughtleadership #futureofwork #digitaltransformation #disruption #insurtechstartup

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Did you know that in 2024, orthopaedic surgeons had a 17% chance of being sued for malpractice? Today I have published what I think is a first for Singapore - statistics on the malpractice claims experience. After years of hearing my competitors talk about escalating claims without producing a shred of evidence, I have decided to inform the discussion. In the attached report you can review the likelihood of a malpractice claim in 2024 by major medical specialty, based on the experience of Howden's portfolio of individual doctors. https://lnkd.in/gPZeUa5x

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Stay prepared for Market Conduct Examinations (MCE) with Lewis & Ellis - Actuaries and Consultants What a MCE is and how to get ready for one is expertly explained by Dave Dillon. Read his article here: https://lnkd.in/gjVDCYHN #lewsiandellis #actuary #MCE #marketconductexamination

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