The Asian insurance sector has endured a radical transformation during the past decade, imposed by a combination of global and regional influences as well as demands made by a more sophisticated and informed clientele.
Executive Summary
The Asian insurance sector's practice of importing senior management to circumvent the shortfall in knowledge and experience is only a short-term fix. To succeed in the long term, these insurers need to develop programs to generate professional talent locally.Global insurance companies that once doubted the effectiveness of bancassurance and affinity as viable means of distribution alongside the traditional agency now compete openly to secure relationships with banks and other highly visible brands.
The insurance industry historically has been placed within the shadows of the banking sector and subsequently regarded as less high-profile. Thus, working in the insurance industry has not been the first career choice for university graduates.
