The IIS Show came to town, jam-packed with some 70 speakers and panellists and an array of hot tips to ride the wave of transformation and disruptive innovation. But one clear confidence inspiring boost for me, a veteran with almost 30 years in journalism, is the Insurance Development Forum (IDF) with its promise of sussing out growth for the industry, but more importantly, bridging the protection gap in the area of natural disasters through public-private partnership. Despite the naysayers and critics, I subscribe wholeheartedly to the view that this is a golden chance for the insurance industry to re-assert and re-position itself for greater growth and service on the world stage.
This month’s cover story on Nat CATs underscores the notion that the “insurance industry just needs to sell itself better. We know we do a good job, yet others do not seem to know it or even want to buy it”. There is also the need to reach the unpersuaded, unpenetrated and unprotected.
The IDF is that one chance the industry has as the UNDP and World Bank are all ears to see how insurance can actually help alleviate the financial burdens on governments in times of natural disasters. The industry must rise to the challenge. Such a one in a 300-year chance may not come our way again.
So I urge industry leaders to come forth to join the movement to score some early wins for the IDF to entrench its unique appeal. We have moaned long enough as they say. The time to act is now and be positive in helping the work of the IDF already split into eight committees to make headway. The halcyon days will soon be here.
On our part, riding on the momentum and to energise Asia’s on-going interest in IDF, we will have a page dedicated each month to IDF to keep you on track. Let it happen. Give it your full faith and support.
Coming down to earth from the lofty ideals, our second cover story for July is the focus on getting agents tech-empowered to keep apace with the relentless disruptive digital innovation, tying in with our Asia Life Summit, Anti-Money Laundering Conference and the first-ever regional Asia Trusted Agents Gala Awards presentation dinner in Singapore.
Our Country Profile is on Myanmar where all eyes are still glued with the wheels of liberalisation in motion, though the actual dates are still being set.
With the promise of July being a leisurely month with the summer heat, we bring you a deluge of articles, including a brilliant perspective from a man who has spent 13,149 days in insurance and has relished every moment of it. Then we take you to the highs of AEC where momentum is gathering on the MAT front at least.
Lastly, on our Asia Awards front, we have been inundated with entries, attesting to my humble view that hard times make greater heroes and more valiant strikers than good times.
I sign off with Brexit on my mind as we go to print, not daring to make a call given the neck-to-neck race. It seems there are 1 million more women on the polls registered to call the shots. Power to women and unity they say.
I wish all our Muslim readers a wonderful Eid.
Sivam Subramaniam
Editor-in-Chief
Asia Insurance Review