Nicolas Faquet

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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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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How is the Thai Life Insurance Industry really doing? What do you think about the short report I have produced to encourage Life Companies to reflect on the "reality"? #CEOs, #Leadership, #Lifeinsurance, #Learninganddevelopment, #Performance, #Strategy

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What is really happening in the Thai Life Insurance Industry in 2024? Having seen several posts about the Thai Life Market, especially the Thai Health market, I thought I would add a broader picture for you to reflect upon. Rather than headline the details from the attached article I would ask you to read it, reflect upon it and draw your own conclusions. Let’s put Thailand at the Top of the Asian performance tables. #Leadership, #Thailand, #360F, #AngelaHunter

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As life expectancy rises, managing longevity risk becomes essential for insurers. Our latest PD activity explores the challenges life insurers face and the innovative solutions needed to safeguard portfolios in the future. Special thanks to Bryan Jones, Head of Underwriting at Munich Re, for his expertise in reviewing the content. Complete the activity here: https://lnkd.in/gyga9J5A #LifeInsurance #ProfessionalDevelopment

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🚀 Ready to #Supercharge Travel Insurance? 🚀 We just wrapped up a 2 days workshop, #Supercharge Travel Insurance, co-organized by AXA Partners and Ancileo teams. Here’s what made it special: 🤝 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐩𝐨𝐰𝐞𝐫:: When Ancileo outside the box thinking meets global insurance expertise, sparks fly! 😎 𝐁𝐫𝐚𝐢𝐧𝐬𝐭𝐨𝐫𝐦𝐢𝐧𝐠 𝐛𝐫𝐢𝐥𝐥𝐢𝐚𝐧𝐜𝐞: Fresh ideas, bold debates, and plenty of laughs along the way. 💡 𝐋𝐢𝐯𝐞 𝐰𝐨𝐫𝐤𝐬𝐡𝐨𝐩𝐬: Real-time problem-solving to tackle industry challenges head-on. 🌍 𝐆𝐥𝐨𝐛𝐚𝐥 𝐦𝐮𝐥𝐭𝐢-𝐝𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞𝐬: Bringing together tech and industry experts to reshape travel insurance. We walked away with actionable strategies that are ready to roll out, not just theoretical talk. 💪 Big thanks to the AXA Partners teams for their trust🙏 #Supercharge: To make an engine more powerful by forcing in more air and fuel than usual. 🚀

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Thailand Life Insurance H1 results – your early feedback Thank you for your early feedback on my Post that reviewed the first 6 months of the Thai Life Insurance Industry results. In addition to your feedback which was very helpful you also asked me what solutions I would suggest for improving results in the second half year. The new document attached includes both your feedback and my ideas. Thank you for supporting my posts and especially for your response. Hope you find the updated document helpful. Let me know what you think please. #CEOs, #Leadership, #LifeInsurance, #Learninganddevelopment, #Performance, #Strategy, #AngelaHunter (GAICD), #MichaelGerber

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The first 4 months of 2023 saw the Thai Life Insurance Industry enjoying healthy double-digit growth rates but by the year end the overall growth had fallen to just 6.6%. The first four months of 2024 has seen the Industry continue to fall with Year-On-Year growth to April showing negative 1.4%. Why? In this paper I try to understand what is happening to cause this negativity. #Insurance, #leadership, #CEO, #CFO, #Strategy, #Learning

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Great thoughts Angela and youvare right International Life companies have changed their approach towards Asia. Certainly European companies are now chasing ROE for shareholders. The strange thing is they are doing it by cutting investnent and expenses. NO COMPANY GROWS BY COST CUTTING! The key to growth is investing in products that customers appreciate and buy because they need them. Health is a great example. Pricing needs to be attractive. Keep up the great work Angela. Companies will have to eventually listen.

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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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"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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Mental health coverage is becoming a key factor in health insurance choices across the Asia-Pacific, according to a survey. A notable 18% view it as essential, while 41% find it important. Indonesians lead the way at 28%, with Australians close behind at 21%. Plus, 63% are willing to pay more for better mental health services, showing it’s gaining traction. #mentalhealth #healthinsurance #mentalhealthcoverage

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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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In AXA’s latest Integrated Report "Unlock the Future", we're excited to shed light on AXA's vision, initiatives … and ambition for inclusive insurance. We started the journey by launching across AXA’s emerging market footprint to serve the protection needs of un(der)served populations. There are similar needs in mature economies where there’s a growing tendency to neglect or reduce/arbitrate against insurance coverage due to a lack of information or resources - or both. In emerging markets, AXA’s inclusive insurance business aims to offer protection to low income / mass market populations with irregular, unpredictable, volatile incomes, who represent 70% of the active population. These solutions are designed to be accessible, affordable and suited to the specific needs of these customers, their families and their work, covering health & protection, property & casualty, as well as climate-related risks. In Europe, our goal is to target micro-business owners, young retirees, employees with modest incomes, and modest youth, with adapted insurance products, simper, more transparent, more affordable, easy to access. The lower middle class, that earns 60-90% of the median income of any given market represents 25% of the active population and this number is unfortunately growing due to the many headwinds these economies have been facing. Today, we are providing an inclusive insurance coverage to over 14 million customers. Our aim is to reach 20 million by 2026, covering both emerging countries and European markets. ➡ https://lnkd.in/dW9rW3yk Stay tuned to see the next steps! George Stansfield Patrick Cohen Guillaume Borie Mirjam Bamberger Hassan El-Shabrawishi Gordon Watson Sally O'Hara Alice Holzman Celine Callard Quentin Gisserot Laura Elena Rosado Michal Matul Solene Boutoille Nadia Boughaba #InclusiveInsurance #AXA #UnlockTheFuture #IntegratedReport  

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It’s wonderful to be back in Asia! I had the honor of speaking at the 20th Singapore International Reinsurance Conference. This year’s theme, "Revolutionize (Re)insurance," is not just a call to action but a necessity in our rapidly evolving environment. In my speech, I emphasized that to truly revolutionize reinsurance, we must focus on two fundamental elements: partnership and data. These components are critical for our industry as we strive to narrow the protection gap in APAC. https://lnkd.in/dKSKTFns Swiss Re #SIRC

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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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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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Investment linked insurance policy (ILP): an encore?! While discussing with industry participants in The 15th Worldwide Chinese Life Insurance Congress, it is interesting to observe how ILP made a comeback in several Asian countries. In Indonesia the trend has been the opposite for the last couple of years with data from insurance industry association indicates c. 40% YoY drop in ILP (combined basis, Bancassurance and Agency) for Q1 2024. Historically ILP with medical rider has been the backbone to life insurance sales in Indonesia. For the past years new PAYDI regulation and medical repricings caught some of the distribution channels off-guard. Investment return added insult to the injury: Jakarta Composite Index (JCI) returned c. 40% for the last decade (end Jul 2014 to end Jul 2024) compared to c. 570% the decade prior (end Jul 2004 to end Jul 2014). While PAYDI regulation offers positives steps in customer protection and industry governance, the ripple effect travels futher. Collaboration between insurer and asset manager is needed to contain the unintended consequences. ILP cohort in the asset manager portfolio is traditionally stickier compared to high churn-rate of retail investment portfolio, this allow asset manager to implement the strategic conviction (long term) vs. tactical play (short term). There is a plethora of articles and publications that provide in-depth analysis on ILP. To me, if ILP were to make an encore at home, it boils down to three main factors: improved financial literacy (customer and financial advisor alike), affordable health product/rider (in the light of persistent medical inflation), and attractive investment return (in risk-adjusted basis).

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How is Bancassurance doing in Thailand? On the surface Bancassurance in Thailand is growing – but like most numbers you need to drill down to understand the real picture. In this post I share how the market is performing and what it takes to be market leader. How do you measure up on these critical performance factors? #CEOs, #Strategy, #Thailand, #Performance #DavidMatthews, #DavidKorunic

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