John Morley

*** Event: Pricing and Professionalism – Protecting the Public and the Profession *** Presented by Colin Priest and Peter Baker This sounds like a very interesting and relevant session for #Actuaries to be up to date with the thinking around pricing issues. Note: Session is available to Actuaries Institute members only. Event Date: Jul 25, 2024 Event Time: 12:00pm to 2:00pm (Australia/Sydney) "Insurance pricing has been receiving plenty of media attention lately and it hasn’t always been good news. ⭐Price gouging, ⭐inflation, ⭐discrimination and ⭐loyalty penalties have been just some of the accusations made. The Working Group for Professional Support for Actuaries in Pricing has produced a paper and a set of principles to guide actuaries working in this environment. The Working Group has been careful to align their guidance with the Code of Conduct. This session aims to bring the many complex issues to life by discussing two case studies in a workshop format – one in each of general insurance and life insurance. Online participants will also be invited to join in the discussions. This is an opportunity for actuaries, especially those working in pricing roles, to learn and reflect on the intersection between professional principles and commercial practice. " #actuary #pricing #optimisation https://lnkd.in/gFqC-s82

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Insights worth discussing... The second edition of our APAC report provides new perspectives at an individual market level and unpacks trends shaping the region. The Gallagher Re APAC Strategic Solutions team is looking forward to connecting with you at #SIRC2024 to explore further. Jim Attwood Micia Yong Yuan Tian Evonne Ho #Reinsurance

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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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A recent article from Commercial Risk details how Asian risk managers are stepping up to new challenges and why insurers need to improve their services. Steve Tunstall, a seasoned risk management consultant, participated in Commercial Risk's Risk Frontiers Asia survey. This annual survey examines the latest trends in risk and insurance management across Asia. Steve is one of the founders of PARIMA, an association dedicated to advancing the risk management profession and helping managers connect, along with Franck Baron and Kelvin Wu. Read more: https://lnkd.in/gf6zSfhS #RiskManagement #Insurance #Asia #BusinessContinuity #Innovation #Leadership #Strategy

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Reflecting on this year's Singapore International Reinsurance Conference SIRC, I feel confident about the Cyber insurance growth outlook in APAC. A big Cyber protection gap exists in that region, therefore "It's time for a decade of Cyber in Asia", as Giv Kahrom says. #swissre #cyber #SIRC #weareglobalspecialty https://lnkd.in/e9r2smtc

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🤖 AI: The New Lifeline for Insurance Companies Under Pressure? Here's the real challenge: Insurance companies are caught in a vice grip. Distribution costs are largely fixed due to industry structure, loss reserves are historically determined and/or modelled for among other things CAT. This leaves operational expenses (OPEX) as the critical lever for improving profitability. That's where 🤖 AI is proving transformational: 1. Cutting call center handling time by 3.5 minutes per call 2. Enabling 60-second claims settlements 3. Automating manual processes across the value chain The result? Lower OPEX AND improved customer experience - a rare win-win in an industry where margins are under intense pressure and public sentiment for Insurers is among the lowest within the financial services sector. Although this is just the tip of the iceberg, the opportunity for transformative change will dramatically improve outcomes which will improve the customer experience which will translate into better financial outcomes making for a vibrant sustainable industry. What an exciting time to be part of the change! Yet surprisingly, only 38% of insurance CEOs 🤔 are actively exploring generative AI. In a sector where OPEX efficiency can make or break profitability, this technology isn't just an innovation play - it's becoming a survival strategy. 📈 Read this the Deloitte analysis on how AI is helping insurers square the circle of cost control and customer satisfaction. #InsurTech #AI #OperationalEfficiency #Insurance #DigitalTransformation #Deloitte #LloydsofLondon #InsuranceUnderwriting #InsuranceBrokers #Multimodal

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Insured losses from natural disasters exceeded the USD 100 billion mark again in 2023. With #natcat losses set to grow, how can businesses harness the power of data and strengthen their corporate resilience? Our Swiss Re Corporate Solutions CEO Asia-Pacific, Jonathan Rake shares his view: https://lnkd.in/dn8nvt9D #RiskDataandServices #AdvancingCorporateInsuranceTogether

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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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[Income - Allianz deal] I joined the debate in Parliament on the proposed Income - Allianz deal and the amendments to the Insurance Act that it trigerred. I said that Income has quite a bit of explaining to do. I pointed out that the top executives of Income when it made representations to MCCY at the point of corporatisation and at the point of the Allianz deal were the same. Hence they should have noticed how the deal would have contradicted the terms that MCCY allowed Income to corporatise and keep its surplus. I also asked whether Income had briefed the NTUC leadership, and whether it had sought legal advice. A good article on the question that I, and other MPs asked, can be found here: https://lnkd.in/gQU8xZqf I also commended the government for taking action that was inconvenient and politically inexpedient. This showed that the government would the right thing regardless. I also said that I understood the regulatory process, and that contrary to what some other MPs alleged, the sequence of events did not show a breakdown of government processes, but was instead, evidence that the system had worked since the government had detected the inconsistencies even before the application had been made and could take action to block the deal. My full speech can be found here: https://lnkd.in/g7Jk8kvz It is also important to watch Minister Tong's ministerial statement on the matter to understand why the government has to block the deal: https://lnkd.in/gJYCFSC7 #parliamentSG

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During a recent webinar hosted by Commercial Risk, Diana Accordi spoke about multinational organizations in Asia, providing insights into the challenges that risk managers should be aware of to remain resilient. Find the details in this article: bit.ly/3QjQmIz #RiskManagement

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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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It was great to meet with InsuranceAsia News and share my thoughts on critical role Chief Risk Officers especially in the evolving and complex environment of Asian insurance markets. Read more on: https://lnkd.in/gzjs6XeT I would like to share 3 aspects I addressed in the interview: 1. Insurance is about taking risks. The best risk managers are those who understand how to take risks smartly. 2. The biggest risk incidents happened in new and unknown territories, often in small parts of an insurer. Therefore, the best risk managers "look around the corner", anticipate, think in scenarios, and have the courage to explore the unknown rather than just manage the known risks. 3. Specific immediate risk challenges are in conduct, cyber and other non-financial risks, given the complex and dispersed nature of these risks. Therefore, strengthening risk culture in the 1st line of defense is most critical.   #insurance #cyberrisk #riskmanagement

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It was a pleasure to moderate Tim Fleming and Bernard Tan in a session on at the InsuranceAsia News Cyber conference yesterday. We had a wide ranging discussion covering: Cyber Risk Perspectives from the Front Lines: Insights from APAC Industry Leaders as the closing session for the event. #risk #insurance #riskmanagement #cyber #cyberrisk #apac

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In the Asia Pacific region, technology and AI are the top emerging risk concerns for businesses and seen as the greatest driver of change in the next 10 years https://ow.ly/mtRw50UoLjU #APAC #Insurance #RiskManagement #WTWPerspective #EmergingRisk

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Off the back of Swiss Re's latest report on excess mortality after COVID-19, we provided some insights to @ANZIIF on how things are playing out in this endemic state, particularly in the APAC region. This 'evolution' must be closely monitored and managed by the re/insurance industry – and most importantly, there must be a continued emphasis on the value of prevention and healthcare measures. Take a read… https://lnkd.in/eTnNquuP #swissre #excessmortality #lifeinsurance

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Ask one question about risk-benefit analyses and the consequence will be that run on replaces bulk transfer.  Such can be the impact of TAS300 V2 as actuaries fill a major gap in their current workstreams. https://lnkd.in/ettPFFsf

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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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The Asia-Pacific region is due to see an 80% rise in its population of high new worth individuals by 2027, a trend seen boosting demand for life insurance solutions and reinsurance cover. Swiss Re experts describe the changing landscape here: https://ow.ly/Gyry30sHvAR

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