From the Inside Flap
Since the first edition of Life Insurance in Asia was published, the global life insurance industry has faced unprecedented challengesfrom extremely low interest rates and highly volatile capital markets to a flood of new regulations. While Asia has fared well in this environment, it has not been immune to these events, and will be faced with a set of issues very different from those seen in the last decade.
Nobody understands this better than authors Stephan Binder and Joe Ngai. With the second edition of Life Insurance in Asia, they draw on their experience from working with leading life insurance companies in the region to provide a fresh look at the dynamic Asian life insurance market and how it may develop over the next several years.
Fully updated to reflect today’s business conditions, this reliable resource offers valuable insights on what it will take to adapt to a new industry paradigmshifting from a strong growth focus to a more value-oriented approachand reveals how firms, from multinational insurers to local players, will have to operate in order to be more effective in the region. Along the way, it touches on timely topics that will help readers prepare for this new reality, including revisiting distribution models; exploring potential opportunities from new technologies and innovation; strengthening invest-ment management capabilities to address challenges in more volatile market environments; and adjusting product portfolios to cater to specific customer segments.
While Life Insurance in Asia, Second Edition is not intended to be a comprehensive country-by- country analysis, deep dives into specific marketsfrom China, India, and Japan to South Korea, Taiwan, Hong Kong, and Singaporeare performed to reveal the differences and nuances of each, and put you in a better position to excel within them.
Written by practitioners with a wealth of experience in the Asian life insurance sector, this new edition provides readers with a practical perspective on the inner workings of the industry and key challenges for market players. With the information found here, you’ll discover what it will take to capture the opportunities that are emerging in this competitive arena.
From the Back Cover
“This book encompasses many of the most relevant insights on the industrysustaining growth is the most pressing topic for all insurers in the region today. Joe and Stephan have lived up to their reputation as the most sought-after thought leaders in the industry. A must-read!”
Peter Ma, Chairman and CEO, Ping An
“The life insurance business has evolved interestingly, with Asia occupying the central stage both in terms of growth and innovation. We have lessons from different parts of the world, and this book by Stephan and Joe provides deep insight and knowledge for managing one’s life insurance business.”
Sandeep Bakhshi, CEO, ICICI Prudential
“Asia represents an unprecedented opportunity for value creation in life insuranceand Stephan and Joe have captured both the current and emerging opportunities and challenges extremely well. This is a book written by real insiders, rich in detail and exampleshighly recommended!”
Sachin N. Shah, COO, MetLife Alico Japan
“Across the region, local and multinational insurers are all faced with new challenges, including changing customer preferences, maturing distribution channels, and heightened competition. All these trends highlight the difficulty for executives to sustain growth in the next decadethis book captures perfectly the mood in the industry.”
Nam Gyu Cha, President and CEO, Hanwha Life Insurance
“Yet again another insightful contributionthe last edition was an enjoyable read, and the authors have again given us their latest practical insights into the industry. The range of topics and the depth of experience are truly impressive. Congratulations!”
Bernard Chan, President, Asia Financial Holdings and Asia Insurance
“Stephan and Joe have worked with most of the leading Asian insurance players and have observed the industry evolve across many markets. Their knowledge and practical insights into the industry are captured in Life Insurance in Asia, making this a must-read for industry executives.”
Ajay Srinivasan, Chairman, Birla Sun Life
About the Author
DR. STEPHAN BINDER is a director in McKinsey & Company’s Shanghai office and leader of the Insurance Practice in the Asia-Pacific region. He has been with McKinsey since 1995 and is an advisor to many of the region’s leading insurance companies and banks, with a long track record of successfully working with leading local companies and multinationals in Asia, Europe, and North America. Stephan has been published widely and is a prominent speaker at conferences on financial services topics. A German national, he holds a PhD from the University of M??nster and a master of business administration and economics from the Witten/Herdecke University. JOSEPH LUC NGAI is the managing partner of McKinsey & Company’s Hong Kong office, and leads McKinsey’s life insurance practice in Asia. He has advised several leading domestic and multi- national insurers and banks in Asia, counseling many of them through multi-year transformation journeys. He is a sought-after speaker on financial topics, and has appeared frequently at industry conferences as well as in the media. A Hong Kong native, he holds an AB from Harvard University, a JD from Harvard Law School, and an MBA from Harvard Business School.
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