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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.

In the March edition of Insurance Agenda, we confirm what FATCA means for life and general insurers; what concessions have been granted; and what insurers need to do now in order to become FATCA compliant. For more information, you can download the report below.

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

FATCA is not just another global change programme. It is the first tax provision to require uniform global change, impacting your customer interaction with a fixed deadline.

In our August 2011 edition of Insurance Agenda we outlined how the Foreign Account Tax Compliance Act (FATCA) would potentially impact insurance companies. Following the release of the FATCA draft regulations in February 2012, this edition of Insurance Agenda confirms what the regulations mean for life and general insurers; what concessions have been granted; and what insurers need to do now in order to become FATCA compliant.

While it is important to understand FATCA and its impact, it is critical that the requirements be operationalised to minimise its impact on the business and manage the customer experience. The timeframes before commencement of the rules require insurance companies to start their FATCA programs now.

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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