Author Binder, Stephan
Title Life Insurance in Asia : Sustaining Growth in the Next Decade
Imprint Singapore : John Wiley & Sons, Incorporated, 2012
book jacket
Edition 2nd ed
Descript 1 online resource (256 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series Wiley Finance Ser
Wiley Finance Ser
Note Intro -- Life Insurance in Asia, Second Edition: Sustaining Growth in the Next Decade -- Copyright -- Contents -- Acknowledgments -- Introduction -- What Is New in This Second Edition? -- Chapter 1: Emerging Themes in Asia -- A New Paradigm -- Asia as the Emerging Powerhouse in Insurance -- Solid Fundamentals Supporting Growth -- A Shift toward Quality -- A Heated Battle between Multinationals and Locals -- Multinationals in Asia: Survival of the Fittest -- The Coming-of-Age of the Asian Insurer -- The Changing Face of Distribution -- Agency: The End of an Era? -- The Bancassurance Revolution -- Growth of Third-Party Distributors and the Direct Channel -- Driving Innovation in Insurance -- Asian Consumers Moving Online -- Rapid Pace of Technological Development -- An Opportunity for Insurers to Innovate -- Changing Product Mix to New Needs of Asian Consumers -- Investment-linked Products: Managing the Cyclicality -- Protection Products: Closing the Gap -- Annuities and Retirement Products: Pockets of Growth -- Health Insurance: Potential for Private Insurers to Play a Greater Role -- Takaful (Islamic Insurance): Continued Rapid Growth -- Conclusion -- Chapter 2: China: Yes, Size Does Matter -- A Winding Road to the Top -- Rise of the Chinese Giants -- Foreign Multinationals in China: Scaling the Great Wall -- Key Challenges to Overcome in China -- Tied Agency: Transforming the Traditional Model -- Bancassurance: Extracting Value from the Relationship -- Addressing Diversifying Customer Needs -- The Future: Growth in Uncertainty -- Chapter 3: India: Dance of the Elephant -- Dawn of a New Era -- Near-term Slowdown, but Attractive Growth Prospects over the Medium-to-Long Term -- Shift toward Long-term Savings and Protection -- Need to Focus on Value Creation -- Changing Landscape of the Life Insurance Market -- Continued Regulatory Changes
Shifts in Consumer Behavior -- Digital Revolution -- Intensifying Competition Ahead -- Path to Sustainable Growth in the New Normal -- Revamping the Agency Force -- Responding to the Bancassurance Discontinuity -- Developing Alternative Distribution Models -- Shift toward a More Balanced Product Portfolio -- Managing the Large Geographic Expanse -- Driving Breakthrough Innovations through Technology -- Capturing Value from Existing Customers -- The Future: India Life Insurance 2.0 -- Chapter 4: Japan: A Giant Awakening? -- Continued Stagnation in the Overall Market -- Lack of Economic Growth -- Shrinking Addressable Market -- Saturated Insurance Market -- Shifting Competitive Landscape -- Slow Decline of the Japanese Incumbents -- Giants Awakening? -- Consolidation of Select Foreign Players -- Emerging Opportunities in Certain Product Submarkets -- Health and Medical Insurance -- The Retirement Opportunity -- Individual Annuities -- Increasing Scope for Innovative Sales Models -- Professionalization of the Agency Channel -- Bancassurance Deregulation and Japan Post Privatization -- Emergence of Direct, Multichannel, and Internet Distribution -- The Future -- Chapter 5: South Korea and Taiwan: An Increasingly Localized Game -- Highly Mature Markets -- Mismatched Book of Assets and Liabilities -- Entrenched Position of Leading Domestic Players -- Foreign Players Fighting to Gain Share from Local Incumbents -- South Korea: Solid and Resilient -- Domestic Insurers: Solidifying Market Positions -- Large Retirement Opportunity -- Bancassurance as the Dominant Channel -- Emergence of Independent and Direct Channels -- The Future -- Taiwan: Darkness before Dawn? -- Surprising Economic and Insurance Premium Growth -- A Challenging Market to Navigate -- Changing Dynamics with an Exodus of Foreign Players
Domestic Players Saddled with Large Negative Spread Portfolios -- The Future -- Chapter 6: Hong Kong and Singapore: Refusing to Mature -- Profitable and High-Growth Contributor -- Small but Stable Market for Latecomers -- Attractive Asian Base for Multinational Insurers -- Hong Kong: The China Opportunity Offshore -- Continued Strong Growth -- Channel Segregation between Agency, Bancassurance, and Broker -- Intensifying Competition between Traditional and Bank-owned Insurers -- The Future -- Singapore: Structured and Profitable -- Active Management by the Singaporean Government -- Prominent Role of Central Provident Fund -- Shift toward Multichannel and Independent Distribution -- The Future -- Chapter 7: Southeast Asia: The Underappreciated Growth Engine -- Increasing Competition between Foreign and Local Players -- Tailored Products for Market Niches -- Channel Upgrades to Reach More Customer Segments -- The Future: Reaching Scale -- Indonesia: The Next Growth Frontier -- The Most Favorable Macrofundamentals in Southeast Asia -- Agency and Bancassurance Both Experiencing Explosive Growth -- Investment-linked and Takaful Products Dominate -- Foreign Players Capturing Much of the Market Growth -- Looking Ahead -- Vietnam: Little China? -- Underdeveloped Life Insurance Industry -- Fierce Competition in a Very Young Market -- Simple Products Sold through Traditional Channels -- Looking Forward: Major Challenges Ahead -- Chapter 8: The Road Ahead: A New Paradigm for Life Insurance in Asia -- Changing Context: A Much More Difficult and Nuanced World -- Seven Priorities for Winners -- Priority 1: Value-based Management -- Priority 2: Ensuring a Sustainable Agency Model -- Priority 3: Finding Value in Bancassurance Relationships -- Priority 4: Tapping into Asia's Affluent Middle Class -- Priority 5: Embracing Innovation and New Technologies
Priority 6: Revamping Investment Management -- Priority 7: Engage in Inorganic M&A Opportunities -- Sustaining Growth in the Next Decade -- Appendix -- Reference Sources -- Methodology -- Notes -- Chapter 1: Emerging Themes in Asia -- Chapter 2: China: Yes, Size Does Matter -- Chapter 3: India: Dance of the Elephant -- Chapter 4: Japan: A Giant Awakening? -- Chapter 5: South Korea and Taiwan -- Chapter 6: Hong Kong and Singapore -- Chapter 7: Southeast Asia -- Index
An incisive look at the war for market share in the Asian life insurance market Although the life insurance industry in Asia has emerged from the financial crisis stronger than ever, it has not escaped unchanged. As the general focus of insurance companies across the continent moves towards profitability beyond growth, tightening regulatory measures, shifts in consumer preferences, and risk tolerance, battle lines have been drawn between local incumbents, attackers, and foreign players. Life Insurance in Asia: Winning in the Next Decade, Second Edition looks at the ways in which small local agencies and multinational companies alike are seizing control of as much of the market as they can by aggressively recruiting new agents, leveraging new channels, and selling new products to cash in on the explosive Asian markets. Thoroughly revised and updated, this new edition offers a comprehensive introduction to the booming Asian life insurance markets and outlines exactly what it takes to capture the opportunities that are emerging. Drawing on the research and experience of the McKinsey Asia financial services team, it includes everything you need to know about the battle for the life insurance market in Asia. Looks at how China and India are becoming increasingly important players on the international life insurance scene Goes behind the scenes of the Asian life insurance industry and the contentious battle for market share Outlines the steps to successfully entering, and prospering, in the Asian market The life insurance industry in Asia is changing like never before. What the future holds, no one knows, but with Life Insurance in Asia in hand, you'll have a clear idea of the factions in play and the rules of the game
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: Binder, Stephan Life Insurance in Asia : Sustaining Growth in the Next Decade Singapore : John Wiley & Sons, Incorporated,c2012 9781118323175
Subject Life insurance -- Asia.;Insurance companies -- Asia
Electronic books
Alt Author Ngai, Joseph Luc
Anderson, Gregory