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Insurance Agenda - EY - Australia

Global Consumer Insurance Survey 2012

Global Consumer Insurance Survey 2012

Insurance giant chooses integrated Asia-Pacific FSO teams

Our reputation as the most globally integrated professional services provider is earning success in Asia-Pacific. It was one of the reasons why insurance giant Prudential appointed an integrated global Financial Services Organization (FSO) team including Asia-Pacific colleagues from Hong Kong and Singapore to assist in its response to the US Foreign Accounts Tax Compliance Act (FATCA).

How to address FATCA is an issue facing many clients and targets across Asia-Pacific and globally. It's a new legislation that requires affected financial institutions to identify their customers and prove whether or not they are US citizens. Our joint Advisory and Tax approach to helping clients comply with FATCA, along with our ability to provide an integrated global team, was an important factor in winning the assignment with Prudential, which has operations in 10 markets across Asia-Pacific.

"By teaming across Tax and Advisory in Singapore and Hong Kong, as well as with our FSOs in EMEIA and Americas, we were able to demonstrate to Prudential how our integrated global network matched their global needs," says Insurance Practice Leader, Asean, Graham Handy.

Included in this edition of Insurance Agenda is the latest Group of Thirty (an international forum of public and private sector financial leaders,) report titled ’Toward Effective Governance of Financial Institutions’. This report states that although many financial services companies have drawn lessons from the 2008-2009 financial crisis and implemented substantial governance reforms; governance in leading financial institutions has not yet been fully addressed.

‘Toward Effective Governance of Financial Institutions’ provides both the first post-crisis detailed governance action plan developed by the private sector and 45 improvements focused on enhancing risk governance. The report is based on an examination of governance at 36 of the world's largest financial services companies, interviews with leaders of financial institutions, regulators and supervisors, which was carried out by Tapestry Networks in collaboration with EY.

Enjoy reading and please use our tools and resources to help you remain at the forefront of topical local and global industry issues.

Much has been done to improve governance at the world's largest financial institutions but in its recent report, Toward Effective Governance of Financial Institutions, the Group of 30 said improving corporate governance across the industry at large is a matter of great urgency.

The stability of individual financial institutions and the global financial system itself demands far-reaching governance reforms on the parts of boards of directors, firm management, regulators and supervisors, as well as long-term shareholders. Improvements in governance need to fully complement the extensive regulatory reforms that are now being implemented.

The G30 report concludes that proper behaviours are the key to effective governance. It describes the behaviours required and provides ideas for implementation. The report provides board members, management leaders, supervisors and shareholders with a practical and productive way of thinking about effective governance.

The full report contains a host of insights and recommendations with the potential to shape thinking on effective governance. We hope you enjoy the ideas and insights within this report.

Click here for more information.

Please feel free to request a meeting and as always we welcome your feedback.

Paul Clark
Paul Clark
Asia Pacific Sector Leader, Insurance
Phone: +61 2 8295 6967

Capital, risk and regulation Operational effectiveness Customer
Risk and capital management functions are facing significant challenges. Against a wave of regulatory reform and highly uncertain macro-economic trends, getting the right balance between capital levels, ROE and growth has never been more important. Insurance companies around the globe are refocusing their efforts to improve overall operational efficiency, squeezing costs out of the system without impairing the overall customer service experience. In an intensely competitive and capital constrained market, attracting and solidifying customer relationships is central to achieving sustained growth.

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