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Insurance Agenda - November 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.

Our first article ViewPoints reflects conversations and insights from the European Insurance Governance Leadership Network (IGLN) meeting held in London on 28 June. At this meeting EY, Tapestry Networks and industry leaders discussed today’s changing regulations. Some of the themes emerging from this discussion include:

 
  • The industry faces major speed bumps on route to a global risk-based capital standard.
  • Consumer protection is an increasingly central theme.
  • The industry needs to adopt long-term sustainable business models and to engage more effectively in changes to regulation and supervision.

Our second article provides practical solutions for addressing IT complexity, an issue many insurers are facing. IT complexity is increasing as is evident by a combination of rising IT costs and decreasing IT agility. The article looks at four practical changes an insurer can make to their IT decision making process to help alleviate the IT complexity within their business.  

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.
   

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