Philippe Demangeat

3 life lessons we can learn from Roger Federer: 1. Leveraging Setbacks as Opportunities for Reinvention: After a serious knee injury in 2016, Federer took a significant break from tennis, the longest of his career. During this time, he not only focused on physical recovery but also re-evaluated his playing style and strategy. When he returned in 2017, he came back stronger, winning the Australian Open and Wimbledon, and displaying a refined backhand that had been a focal point during his rehabilitation. 2. Strategic Patience and Long-Term Thinking Federer’s decision to skip the French Open in 2017 to prepare for Wimbledon was a strategic move that paid off. By prioritizing his long-term fitness and performance, he was able to extend his career and achieve greater success. This kind of foresight and willingness to make short-term sacrifices for long-term gains is a hallmark of his career. 3. Cultivating a Team-Oriented Mindset Federer’s long-term collaboration with his coach Severin Lüthi and later with Ivan Ljubičić has been instrumental in his success. He also involves his family in his career, ensuring that their support and presence positively impact his performance. This team-oriented mindset allows him to draw strength from a collective effort, reducing the pressures of individual competition. Collaboration and support networks are crucial, even in fields that appear to be highly individualistic. #Success #Mindset #Rogerfederer

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Discover Thai’s inspiring story in our latest “Changing the Face of Insurance” video.

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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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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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An interesting dichotomy - while dental costs are rising, employee benefits are not keeping pace, leading to some workers having to pay more out-of-pocket for treatment. This raises important questions about the adequacy of healthcare coverage and the role employers play in supporting employee well-being, especially for essential services like oral healthcare. That said, some organisations are proactively addressing this by offering more robust dental benefits as part of their employee benefits package, funded either through flexible benefits/wellbeing budgets or insurance. Revisiting employee benefits to address this gap could be a strategic move for employers. It not only demonstrates a commitment to employee health and wellbeing, but also serves as a differentiator for talent attraction and retention. By staying attuned to evolving employee needs, organisations can enhance their overall benefits offerings and foster greater engagement. #employeewellbeing #Lockton #locktonpeoplesolutions #LocktonSingapore #employeebenefits #flexiblebenefits

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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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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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What do you need to know about the health of Singapore residents? "Our findings [in the latest Cigna Healthcare International Health Study 2024] draw a clear picture of the factors affecting vitality," says Raymond Ng, CEO & Country Manager of Singapore and Australia. Get the detailed insights into the health and well-being of Singapore residents in the full report. Download it here: https://lnkd.in/gYHir2cj #Healthcare #Health #Wellness #Vitality

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Pacific Prime’s Cost of International Health Insurance Report 2024 is out! Across the world we see global inflation driving up medical costs but in the #APAC region, we see a lot of insurers consolidating or leaving the market entirely. Additionally, we are seeing more and more industries exploring alternative employee benefits solutions like #FlexibleBenefits. Learn more about insurance costs and global trends in our report today!

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Asian Insurance Claims & Business Heads: Claims Fraud Deterrence & Prevention is Less Intrusive: Pre-emption is Key! Estimated fraud losses of up to 35%in certain LOB will distort premiums and lower the affordability of insurance for customers. Claims fraud deterrence is working well particularly in case of opportunistic fraud. Prevention and deterrence are non-intrusive and targeted claims control measures that are built on influencing and nudging of claimant’s behaviour when filing a claim. And it make commercially sense to pre-empt claims fraud rather than investigating suspicious claims at length. The proven model of fraud deterrence used in claims management is successful in deterring otherwise honest policyholder when they’re tempted to commit fraud. Insurers are familiar with the principle of nudging and influencing potential buyers of insurance cover. A similar consumer behavioural method applies in the area of claims fraud deterrence. Are you building your robust reactive and pre-emptive claims fraud controls to mitigate exorbitant fraud losses?

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【Hong Kong Vehicles Travelling to Mainland China: Purchasing Only "Statutory Automobile Liability Insurance" May Not Be Sufficient】 Read the article: https://lnkd.in/gVcDAahV All Hong Kong vehicles travelling to Mainland China must purchase the third-party insurance, which is the automotive liability insurance, and this coverage must be obtained in both Hong Kong and Mainland China As the automotive insurance policies in Hong Kong and Mainland China are not interchangeable, in the past, vehicle owners had to separately purchase the Statutory Automobile Liability Insurance (#SALI) from a mainland insurance company, which is the mandatory third-party liability insurance in the mainland, to cover third-party personal injury and property damage in the event of an accident. However, SALI only meets the minimum legal insurance requirement, and the coverage amount is often inadequate. Furthermore, to align with the new "Northbound Travel for Hong Kong Vehicles" policy, the Hong Kong Insurance Authority has also implemented a new automotive insurance policy. In this article of my column in the Hong Kong Economic Journal, I will be joined by Chief Financial Planner Mr. Thomas To, to share more details on the above issues. #HongKongEconomicJournal #HKEJ #AssetInheritance #WealthManagement #AssetManagement #FinancialPlanning #InvestmentStrategy #RiskManagement #FinancialFreedom #insurance #finance #WealthManagementManager #FinancialPlanner #AIA #AIAHK #WaveChow #HongKong #MainlandChina

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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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👥 Male vs Female Insurance Agents: A Unique Blend of Strengths 👥 In Singapore’s dynamic insurance landscape, both male and female agents bring distinctive skills that cater to a diverse range of client needs. While empathy and relationship-building often highlight female agents, analytical thinking and assertiveness can be seen in their male counterparts. 🌍 Together, they create a balanced and thriving industry! 💡 Explore the unique traits of male and female agents and see how gender diversity is shaping the future of insurance. 🔗 https://lnkd.in/emh_3rVt #InsuranceInsights #DiversityInInsurance #MaleVsFemaleAgents #FinancialAdvisors #SingaporeInsurance

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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/9upF30sHx8r

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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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"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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The general insurance market in Singapore is expected to grow significantly, reaching $8.1 billion in gross written premiums (GWP) by 2029. This represents a compound annual growth rate (CAGR) of 6.2% from $6.0 billion in 2024, according to research by GlobalData Plc. https://hubs.la/Q02-6MPk0

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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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