While there may be an impression among the general public that insurance is boring and detached from reality, a senior executive at one of the world’s largest brokerages believes otherwise.
“We are in an exciting industry and one that is inherently plugged into global affairs,” David Chan, regional head of affinity and SME for Asia at Willis Towers Watson
, told Insurance Business
. “One only has to pick up a newspaper or watch the news and many headlines may tie back to risk and therefore insurance.”
According to Chan, the insurance industry is affected by many of the same issues that affect families, businesses, and communities worldwide, such as rapid urbanization, climate change, and growing economic inequality. These problems are fast-changing, requiring the insurance industry to innovate in order to be able to keep up and meet customers’ needs.
Some of the problems Chan identified are low insurance penetration or underinsurance in developing economies, and in highly urbanized countries there is a growing gap between economic and insured losses.
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Now based in Singapore, Chan worked and studied in Australia in the past, which gave him exposure to the insurance industries of both markets. He said that compared to the Australian market, Asian economies have varying levels of development, with different stages of insurance industry maturity.
“Each country has different distribution dynamics, consumer needs, technology, and regulatory environments,” said Chan. “Notably, the awareness about insurance and insurance penetration levels varies significantly within Asia and also with Australia. Insurance penetration will rise in Asia but it has a long way to go before reaching maturity.”
Chan heads the Asian division of Willis Towers Watson
Affinity, which develops distribution and partnership solutions supported by technology and innovative marketing programs. The program aims to provide innovative and customised solutions to various businesses, such as mobile network operators, airlines, retailers, and associations, as well as their customers.
“Our distinct, connected perspective across talent, assets and ideas will help unlock potential for our clients with whom we develop long term strategic relationships,” he said.
“We understand that each client has unique needs and our best practice solutions for each client are always distinct and tailored for their specific challenges based on our years of experience – helping clients around the world turn risk into a path for growth.
“Through the years, I learned and experienced first-hand the positive impact the insurance industry has in the lives of families and businesses in our communities. As an industry, we can do more to promote the insurance profession to young people who are making career choices at school and universities.”
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