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Insurance Agenda - June 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

This month we release the findings of our global survey of major financial institutions entitled Progress in Financial Services Risk Management. This survey, the third conducted by EY in conjunction with the Institute of International Finance (IIF) and the first to include global insurance firms, highlights how the global regulatory landscape is impacting the banking and insurance industries.

Key findings include:

  • Insurance firms are facing challenges similar to the banking industry
  • Insurance firms are focused on strengthening their risk culture throughout the organisation through enhanced communication, training and alignment of compensation
  • Development and implementation of risk appetite across all businesses has become a management priority.

Also included in this edition, we discuss the recent documents APRA have released in regards to the Life and General Insurance Capital (LAGIC) standardsand the processes and key issues that management need to be addressing to become LAGIC ready by January 2013.

Click here to read more.

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

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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