Skip to main navigation

Insurance Agenda - August 2012 - 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.





Welcome to the latest edition of Insurance Agenda

Claims management has become an area of strategic focus and significant investment as insurers look for ways to differentiate themselves in the minds of their customers. Included in this edition, is our insights into the challenges insurers face today around claims management as well as a roadmap for those carriers who are ready to move forward to effective claims transformation.

Also included in this edition, we discuss the immediate impact of the recent changes to the NSW Workers Compensation legislation. We discuss the retrospective changes to benefits and what this means to the profitability of the scheme and how the legislation creates the potential for privatisation of the scheme without the need for further regulation.

Enjoy reading and please use our tools and resources to help you remain at the forefront of topical local and global industry issues. Please feel free to request a copy of any of these publications and as always we welcome your feedback.


Paul Clark
Paul Clark
Asia Pacific Sector Leader, Insurance
Phone: +61 2 8295 6967
Email: Paul.Clark@au.ey.com

   
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.
   

Return to overview















Member benefits

This edition includes the following benefits for our alumni members:

In this issue



    Insights and publications


    Request a meeting


    Want to learn more.. set up a meeting with us today.

    Request now

    Connect with us


    Join us on Facebook
    Visit us on LinkedIn
    Follow us on Twitter

    Back to top