Mei Eng CHAN

Good commentary but sentiments aside - there is ZERO justification of the deal in terms of the go forward strategy and what Allianz brings to the table. The structure of the deal in and of itself is appalling - Allianz as majority shareholder will be calling the shots period. All this deal does is for shareholders to cash in on their chips- there are other mechanisms to allow this to happen instead of selling Income. Income - stay home, remain local and look after the insurance needs of all Singaporeans - you can do it as there is enough talent and capital in our country to help you to do what is right.

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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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I attended the Insurtech Connect Asia (#ITCA) in Singapore yesterday, first and foremost to listen to a panel discussion by our regional Chief Analytics Officer Lee Sarkin on emerging risks in #underwriting but also to catch up with friends and clients in the industry. Lee spoke about risks related to the deployment of #AI models in the underwriting process, not only from a responsible AI perspective but specifically about risks related to the impact these models could have on the insurer's bottom-line. It's a bit one-sided to only look at the upside of AI models without having in detail quantified (actuarially) the potential downsides and established plans & processes place to manage or mitigate these. It was one year ago at the ITCA 2023 (refer to my previous LI post: https://lnkd.in/gMgcYkzu) where we presented together with Munich Re Automation Solutions Ltd (MRAS) our new AI platform "Predictor" that integrates directly with MRAS's underwriting engines (ALLFINANZ, SPARK, NOVA) to quickly enable the entire MLOPS process - and this includes tools assess and monitoring the actuarial risk implications of AI deployment. A final thought on the new format of the ITCA with it being almost exclusively brief panel discussions and almost no slides. Frankly, I didn't learn or remember much and maybe that is just because of my advanced age :) but I do miss talks where sufficient time is given to the presenter to somewhat deep-dive into a topic - like we usually do at actuarial conferences. Panels often just end up being rather fluff and high-level unfortunately and that's not because of the panelist but rather the format.

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Heat waves are a deadly and increasingly severe #naturalcatastrophe with a large and growing #protectiongap. There is a real need for #policymakers and the #insurance sector to identify how we can increase resilience to the deadly consequence on human health and address increasingly severe economic and social impact of extreme heat. Looking at the temperatures in south east Asia this past week draws a scary and stark picture.

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I’m feeling inspired after an afternoon in Singapore being part of an industry roundtable discussion on how to accelerate growth of #health & #life #insurance in Asia via #disruption and #transformation organized via Hello Health Group and Boston Consulting Group (BCG). Thanks Hien Lane for organizing. We challenged ourselves to consider the barriers and potential solutions for the #underserved #consumer segments which require very different skills, capabilities, technology and business models to help close the #protectiongap. I’m looking forward to seeing where these discussions lead. It was a great reminder of how much the industry still has to do and the amazing opportunity that exists. In South East Asia life insurance penetration is as low as 1- 2% in some countries. This highlights the need collectively to seriously address #financial #literacy, #product #design for underserved #customers and #distribution #channels, as well as all #players in the #ecosystem #workingtogether to help close the #protectiongap. Susan F. Stephen Appleyard Charles Toomey Anurag Agrawal Alan Ong Yamin Gröninger Dieter Schlosser #purpose #community #customer #somethingbiggerthanme

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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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In Indonesia, roughly half of who is considered insurance literate ended up buying the product, while leading insurance players’ current operations are concentrated in few major provinces. Those nuances are hard truth the market is facing and it calls for solution from every stakeholders so the growing population and economy of Indonesia could get the protection they and their family deserve. It was a pleasure to speak with Yashish Dahiya, Co-Founder of Policy Bazaar & Group CEO at PB Fintech, and Roopa Malhotra, Head of Customer & Digital, Asia Pacific at Zurich Insurance and discuss how various stakeholders can work together to close protection gap in our region through multi-faceted approach that involves education, government support, industry innovation and consumer awareness. You can watch the full episode below… #insurance #protectiongap #innovation #emergingrisks #insuranceawareness #ZurichInsurance #ZurichIndonesia #ZurichTopasLife #createabrighterfuturetogether

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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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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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Aside from this clear conflict of interest, I think there are other pertinent issues to consider relating to this potential sale:- 1. The lack of information on Income’s role as a “local insurer serving the needs of Singaporeans”. How well has Income actually served this objective? Are its insurance offerings really providing the best value? What is the cumulative profits earned by Income to-date (difficult to assess as Income recently converted from a cooperative to a corporate..)? 2. Why has Income ventured into non-core insurance activities and regional expansion when this was not its core competency? The latest annual report indicated losses after tax of about $95m. Has there been an objective evaluation of this strategy? 3. Will information such as embedded value, Value of New Business and VNB margins be made available as these are pertinent information relating to the value of a life insurance business? 4. Unlike most other insurers, Income has delayed the implementation of FRS17 which should have been implemented in 2023 to 2024. No information has been made available on the impact of adopting this accounting standard, which has significant impact on the recognition of profits. 5. Is Allianz paying a sufficient premium to gain control of 51%? How can we embed clear parameters for income to remain true to its core values after ceding control? The offer is currently expressed as a premium over NTA when this more aptly associated with a non-life business. As Income remains dear to all Singaporeans as a local homegrown insurer, I hope that the above issues will be resolved soon and addressed for all stakeholders.

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GLP-1 weight loss drugs like Ozempic and Wegovy are reshaping obesity management, offering a lifeline for those unable to sustain weight loss through lifestyle changes alone. The impact? Beyond personal health benefits like reduced heart disease and diabetes risk, these drugs are set to shift the landscape in insurance. By lowering morbidity and mortality, GLP-1 drugs could significantly influence underwriting processes and claim trends, with potential cost implications across the industry. For insurers, this marks an opportunity to support healthier policyholders and, ultimately, healthier populations. Read more in this Swiss Re article: https://lnkd.in/eHqX3wA2

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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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I’ve witnessed firsthand how climate change devastates lives—crops destroyed, homes submerged, and families struggling to rebuild. Arup Chatterjee’s article on Asia-Pacific’s protection gap reveals a staggering reality: only 9% of economic losses are insured, leaving countless lives exposed to climate shocks. Without action, the region risks losing 26.5% of GDP by 2050, with up to 1 billion people facing lethal heat waves. His emphasis on innovative solutions like microinsurance and community engagement resonates deeply. By investing in accessible and affordable insurance/Takaful solutions, we can address these gaps and create a safer, more resilient future for vulnerable communities. I strongly agree with the need to make insurance/Takaful inclusive and affordable, aligning with our vision at Salaam Takaful Limited of fostering resilience and economic growth in Pakistan. Asian Development Bank (ADB) Arup Chatterjee Senator Sherry Rehman #InsuranceForAll #ClimateAction #AsiaPacific #Resilience #ArupChatterjee

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Is Allianz behaving like a corporate raider? "Allianz had proposed, as part of the deal, to return S$1.85 billion to shareholders over three years to reduce the company’s capital holdings." So as part of the deal, Allianz gets its hands on the S$1.85 billion cash horde that Income with the help of Government and Singaporeans have build up over time? “We find it difficult to reconcile the proposed substantial capital reduction, soon after the transaction is completed, with Income’s representations to MCCY during the corporatisation exercise, that it was aiming to build up capital resources and enhance its financial strength.” So Income is going back on its words that it was trying to build up capital resources to fulfill its social mission by converting from a cooperative to a corporate, so soon after the conversion? In other words, Income lied to the Government and Singaporeans? Ooo...What a big Ka-Ba-Boom! What are your thoughts? https://lnkd.in/gWFSCa-2

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As an ex-regulator from the HK #InsuranceAuthority, I recently had a great opportunity to share my experience with other Asian regulators on the topics of Enterprise Risk Management, Risk Based Capital and effective use of actuaries within regulatory bodies. This was part of a 4-day event organised by the Access to Insurance Initiative (A2ii), in conjunction with the IAIS and UNDP-Milliman GAIN (Global Actuarial Initiative), that included attendees from 15 Asian regulators. It's interesting to listen to, and reflect upon the different operational challenges that are driven by global regulatory development, and consider whether additional regulatory complexity is always driving progress. #ERM #RBC #insuranceregulation

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Great opening session at the 20th SIRC (Singapore International Reinsurance Conference) this afternoon. Great to hear insight from our Swiss Re Group CEO Andreas Berger on the protection gap, the importance of data, AI and natural disasters, and many other topics affecting the industry, great hosting by Jane Cheng of NMG. Looking forward to catching up with friends, colleagues and partners over the next few days and to having some enlightening discussions. #insurance #reinsurance #riskmanagement #swissre #climate

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In early April, the AI Summit in Singapore brought together more than 50 actuaries from 17 countries to discuss AI's transformative impact on the actuarial profession. 🤖 Sponsored by the International Actuarial Association (IAA), the event highlighted how AI is creating new roles and solutions for actuaries. Explore key takeaways from the summit in a new article by Jing Lang, FCIA, to learn how the IAA's AI Task Force is gearing up the profession for the future. And, with interviews featuring AI Task Force members and FCIAs Tim Bishop and Bernice Lim, discover the future implications of AI on the industry. 💡 Matt Bartley, FSA, FCIA #ActuarialExcellence #AI #ArtificialIntelligence #ProfessionalDevelopment #AIforActuaries

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