TII hosted the East Asia Pacific Insurance Forum 2022
Amid Omicron outbreak, the Taiwan Insurance Institute (TII) had no hesitation to host the “East Asia Pacific Insurance Forum 2022” on 12 May 2022 at the Chang Yung-Fa Foundation International Convention Center, Taipei. International speakers of the Forum, invited to deliver on-line speeches, included representatives of insurance supervisors and insurance associations from the United States, Europe, Cambodia and Japan such as NAIC, EIOPA, IRC, GIIJ. Local experts and scholars were also invited to share their valuable experiences and expertise in person. A total of 140 participants comprised of senior executives and representatives from the regulatory agency, insurance industries and academics participated in the Forum on site or on line.
Since the inception of this Forum in 2018, representatives of regulators, insurance associations and insurance companies have been invited to participate in this event which is aimed at facilitating sound development of the insurance market through cross-border interaction and information exchange. In addition to the originally sharing of information and experiences with its MOU partners from Japan and Korea, in response to the government’s New Southbound Policy, TII has extended its collaboration with the supervisory authorities and insurance industries in the East Asia Pacific region. This year, TII particularly invited the Chairperson of EIOPA and Chair of NAIC Innovation, Cybersecurity and Technology(H) Committee to share the most up-to-date regulations and practices in Europe and the United States, hoping to introduce different perspectives.
Jean Chiu, Vice Chairperson of the Financial Supervisory Commission (FSC), was invited to address the Forum. Her speech touched issues on new technology and new trends of digital transformation that had greatly changed the landscape and business model of the insurance industry. She mentioned that, in 2021, more than 100 kinds of UBI products were provided in Taiwanese insurance market, marking a growth rate of over 200%. “Although the pandemic has impacted life and the economy, it has provided the opportunity for accelerating the path of digitalization,” she added.
Insulated from lockdown or quarantine, insurance online services are becoming more popular with customers. The FSC has accordingly worked out regulations on online insurance transactions. Jean Chiu noted that, “currently, 34 local insurers are conducting e-commerce activities and the related premium income has reached approximately USD500 million.” Looking forward, the financial market will face all kinds of risks including cyber risk and climate change, cooperation and experience sharing among stakeholders will be critical. Moreover, as she put, “the FSC will continue to work with partners in Asia and international organizations to respond to unknown challenges and strengthen the role of the insurance industry in sustainable development. The FSC believes that, by doing so, the insurance industry will fulfill its core value of maintaining a safe, sound, and stable society”.
With the influence of the global Covid-19 pandemic over the past two years, face-to-face contacts have been reduced greatly in business activities. As a result, digital utilization has prevailed and increased significantly in the world. The trend has enabled insurance service providers to digitalize all the insurance value chains including solicitation, underwriting, indemnity of claims, and after-sales service. In accordance with the digital transformation in the insurance sector, the TII decided to adopt “New Tech, New Trends” as the theme of the whole day Forum.
With regard to international speakers, Ms. Kathleen Birrane, Chair of NAIC innovation, Cybersecurity, and Technology (H) Committee and the Insurance Commissioner of Maryland, lectured on the topic of “Regulations and Practices of Insurtech and Consumer Protection in the U.S.A.” Mr. Makoto Hori, President of GIIJ, gave the presentation on non-life insurance market trends and Insurtech in the post pandemic future. Ms. Petra Hielkema, Chairperson of EIOPA spoke about the “Landscape of International Insurtech Supervision” through recorded video. In addition, Dr. Hor Sovathana, Deputy Director General of IRC, shared her experiences on the developments, trends, and application of Insurtech in Cambodia. Ms. May Yang, Partner KPMG in Taiwan, introduced the investment environment and insurance market in Myanmar.
In line with the promotion of online insurance services, Mr. Linus Chan, Chairperson of Department of Financial Engineering and Actuarial Mathematics, Soochow University, was invited to elaborate on the operations and regulations regarding online insurance companies. Moreover, since cyber security is vital to financial digital transformation, a Round Table session was arranged to discuss the topic of “Digital Development and Cyber Risk Management” and touch upon issues including talent cultivation, personal data protection and future solutions for enterprise cyber security management. Through the Q&A between speakers and participants, many ideas and potential solutions were inspired for further exploration.
The Forum consisted of speakers and panelists from international supervisors, local experts and scholars delivered the first-hand information on various leading issues. This event has once again demonstrated a good rapport in the international community.