The rise of family offices in #HongKong and #Singapore is creating new opportunities for insurers, as high- and ultra-high-net-worth families are set to transfer around $5.8 trillion in #wealth by 2030. Insurers are adapting to this shift by offering tailored estate planning and wealth transfer solutions, according to a McKinsey & Company report. To capture this market, insurers are shifting away from traditional offerings and forming specialized teams to cater specifically to the complex needs of family offices. Industry experts highlight that many family offices in #Asia are not fully aware of the potential for insurance products to address these needs. Some insurers are already responding with bespoke policies that cover multiple generations and jurisdictions, a departure from standard, one-size-fits-all products. Beyond traditional life #insurance, insurers are increasingly looking at options that provide liquidity during estate transfers and protect assets during generational shifts. Article from InsuranceAsia News. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/g8qHzkqx
About us
People-centric protection, tailored to your needs. We are a specialised commercial risk mitigation consultancy headquartered in Singapore.
- Website
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www.straitsure.com
External link for Straitsure
- Industry
- Insurance
- Company size
- 2-10 employees
- Type
- Privately Held
Updates
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#IDC's 2024 FutureScape report forecasts transformative changes in the #AsiaPacific insurance sector driven by #AI and emerging technologies. By 2027, 40% of insurers will use synthetic data to ensure fairness and comply with regulations like the EU AI Act. #GenAI is predicted to boost sales by 5% and ROI by 10% by 2027, while #insurtech consolidation will drive the adoption of outcome-based pricing models. Insurers are also ramping up digital investments, with 25% expected to enhance app development by 2024 to increase digital revenue. Key innovations include embedded payments in #property and casualty #insurance, #telehealth collaborations, and the adoption of digital twins in auto insurance to reduce claims costs. Article by Surya Narayan Saha, Miguel Antonio Carreon and Mike de la Cruz for IDC. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/gVxzFnMG
IDC: 40% of Insurers to Use Synthetic Data in AI for Fairness, Compliance by 2027
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The inaugural #Singapore #Cybersecurity Health Report reveals that over 80% of organizations faced cyber incidents in 2023, with 99% experiencing negative impacts such as #business disruptions and #data loss. Ransomware attacks are notably prevalent, exacerbated by a lack of cybersecurity knowledge and expertise. Singapore has seen a surge in scams and cyberattacks, with cumulative losses since 2021 nearing S$2 billion, driven by rapid digitalization and high internet penetration. Greater awareness and combative efforts are crucial for safeguarding Singapore's digital landscape. The report emphasizes the need for enhanced public education, alongside stronger cybersecurity frameworks. Is your company safe from cyber attacks? Article by Ronald Lee and Edmund Lim for The Diplomat. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/grhYtZqr
Is Singapore Doing Enough to Safeguard Itself Against Cybersecurity Attacks and Scams?
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Today, the #insurance industry is undergoing a transformation of #digitalization, shifting consumer expectations, and emerging business models like embedded insurance. In the #AsiaPacific region, low insurance penetration and emerging market potential are driving demand for health and life insurance, particularly post-pandemic. Embedded insurance is gaining traction, making insurance more accessible by integrating it into everyday transactions, which could significantly increase market penetration. Personalization is becoming a key trend, with insurers using #AI and #data to offer tailored products and real-time services. The future of insurance, especially in Asia, is expected to see substantial growth, with emerging markets driving premium increases. Article from Tech Wire Asia. Read more on how traditional insurers are modernising their offerings at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. SAP Fioneer https://lnkd.in/gejsREBq
The digital transformation of the APAC insurance industry
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A recent survey by Prudential Hong Kong revealed that while salary remains the primary factor for small and medium-sized enterprise (#SME) employees to stay in their jobs, non-financial benefits also play a significant role. Key non-monetary factors include job stability (85%), relationships with colleagues and supervisors (81%), and employee benefits (80%). Notably, 71% of SME workers prefer medical #insurance as the top benefit. Despite this, only 59% of SMEs offer medical coverage, compared to 80% in larger companies. Satisfaction with employee benefits dropped to 49% from 62% in 2022, highlighting areas for improvement in SME benefit offerings. Article from Insurance Asia. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. #health #wellness #WLB https://lnkd.in/g79As3Jh
Medical insurance tops SME employee benefits: Prudential
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#Insurance leaders are evolving their business models to meet changing customer demands, emphasizing #wellness, environmental stewardship, and #AI. At a recent roundtable, executives from Singlife, Manulife Singapore, SunLife Singapore, and HSBC Life Singapore discussed these shifts. Customers now seek more than just affordable coverage; they want access to wellness programs, holistic advice, and customized services. The demographic shift towards an aging population also presents unique challenges, particularly in catering to the demand for retirement and savings plans. Additionally, there's a growing emphasis on #sustainability, with insurers expected to demonstrate environmental stewardship and corporate responsibility. To meet these evolving demands, insurance providers are adopting new digital channels, revising their business models, and forming new partnerships. This includes investing in #technology and talent development to support these changes and ensure they can offer personalized, value-added services that build trust and loyalty. Akhil Doegar Kah Siang Khoo Christopher Albrecht Harpreet Bindra Article by Joan Ng for The Business Times. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/gR2p2BMy
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A Singaporean man has lodged a police report after discovering that his personal details were used without consent to register four companies, including a #crypto #investment firm accused of owing money to investors. The 49-year-old facility maintenance manager, named as a director of the firms, suspects his identity was stolen in 2008. The misuse of nominee directorships in #Singapore is a growing concern. Sometimes unaware of their roles, they can face severe penalties if found negligent or complicit. Proposed laws aim to tighten regulations, increase fines, and combat the misuse of nominee directorships to prevent money laundering and other illegal practices. Corporate service providers will also face stricter scrutiny to ensure #compliance. Article by Aqil Hamzah for The Straits Times. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/gXwsuy2Z
'I will die if crimes were committed': S’porean man unaware he is director of 4 firms
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Workforces today are more diverse than ever, spanning nearly five generations, each with distinct needs and values. In #Singapore, the workforce composition has dramatically shifted: from a decade ago when Baby Boomers and Gen Xers dominated, to now where #GenZ represents nearly a third of the population, soon to be joined by #GenAlpha. This #diversity necessitates a reevaluation of employee benefits. Traditional, one-size-fits-all packages are being replaced by more personalized options like #mentalhealth support, #wellness programs, and flexible work conditions. Employers are leveraging #technology to provide tailored benefits and better understand employee preferences through data analytics and regular feedback mechanisms. As a result, #HR leaders must benchmark against industry standards to overhaul their employee strategies. Find out how at the link below. Article by Arina Sofiah for Human Resources Online. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/gpADcKZK
How to go beyond the one-size-fits-all employee benefits package
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With 81% of employees saying they are more likely to stay with their employer thanks to benefits, it is clear that a comprehensive employee benefits scheme is crucial to attracting and retaining talent in today's market. A 2023 Non-Salary Benefits Global Survey by YouGov reveals varied preferences for non-salary benefits among over 2,000 workers in Singapore, #HongKong, the UAE, the #UK, and #SouthAfrica. Among other key figures, findings show that Singaporean workers place a high importance on contributory pension schemes, #healthcare plans, and flexible working arrangements. Flexible annual and family leave also rank highly, reflecting a strong desire for work-life balance. Additionally, professional #development and study support are notably significant for Singaporean employees compared to their global counterparts. Article by Aditi Sharma Kalra for Human Resources Online. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/gADvYZwV
Which are the most important non-salary related employee benefits?
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According to a report from Cohesity, nearly two-thirds of Singaporean businesses paid ransoms after #cyber attacks, with 36% paying over US$500,000. Despite "do not pay" policies, 80% would pay, with 59% willing to pay over US$1 million. Cohesity strategist James Blake noted that businesses often overestimate their cyber capabilities: "The unfortunate reality for organisations is that destructive cyberattacks are a largest threat to their business continuity." The survey of 504 #IT and #security decision-makers in #Singapore and #Malaysia, found 91% expect cyber threats to worsen, highlighting the critical need for enhanced #data security and recovery capabilities. Article from Singapore Business Review. Read more at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. https://lnkd.in/gTAZ6Ymw
Two-thirds of Singaporean businesses paid ransoms from cyber attacks: report
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