【Recap of Asia Insurance Brokers' Summit】2: Ms. Angie Lin: Traditional vs Smart-backed Brokers
From March 13th to 14th, AMTD Strategic Capital Group, the largest local insurance broker in Hong Kong and the subsidiary of AMTD Group specializing in insurance brokerage and risk solutions business, and "Asia Insurance Review", the most influential insurance sector magazine in Asia, co-organized the 6th Asia Insurance Brokers' Summit in Kuala Lumpur, Malaysia.
On March 13th, Ms. Angie Lin, the Co-CEO of AMTD Strategic Capital Group, shared many profound ideas in the panel discussion on “Traditional vs Smart-backed Brokers”, which have received a lot of positive responses. Other heavyweight participants in this discussion include Sendy, CEO & President Director of Futuready Insurance Brokers; Pearly Wong, General Manager-Broking Business of MPI Generali Insurans Berhad in Malaysia; Wilson Beh, Co-Founder & COO of PolicyStreet; Regine Lai, Managing Director of Insurance Republic; Eddy PK Hon, Country Head & Executive Director of CIMB Howden; and Michael Leong, the general secretary of MITBA and the Deputy Chairman of JLT Malaysia.
As the moderator during the discussion, Michael Leong, general secretary of MITBA and Deputy Chairman of JLT Malaysia, stated that “The insurance industry's response to changes in technology has been slow and has clearly fallen behind many other industries. In the past few years, the insurance industry has witnessed widespread and profound changes in customer behavior caused by globalization, more convenient and faster access technologies, and mobile communications and cloud technologies. In addition, the rise of social networks has also led to large-scale integration of various types of consumers. In general, the roadmap is clear - customers want to connect through a variety of mobile devices, which will force the insurance industry to transform itself and face three major challenging factors: digitalization, big data and data science.”
In addition, Sidney Ku, AMTD Strategic Capital Group CEO, further elaborated the idea that “Hong Kong is the window to Mainland China. Insurance brokers should leverage its geographical advantage to expand related businesses globally. We should emphasize the importance of cooperation among small insurance brokers, as this can be the most effective use of insurance resources to maximize operation efficiency."
Ms. Angie Lin, AMTD Strategic Capital Group Co-CEO, delivered a series of important opinions during the discussion, including: “ASEAN region including Malaysia is undoubtedly one of the target regions in the AMTD’s global layout. As one of the important investors in the field of Fintech, AMTD has invested in many unicorns in recent years including UCAR in China, Credible, a recent listed company in Australia, and China's leading P2P platform Dianrong. As for InsurTech startups, AMTD is also focusing on some targets in the area."
Ms. Angie Lin also emphasized that “under the impact of rising technologies, all parties in the industry should cooperate with each other and consolidate resources to grasp the changes and opportunities brought by automation in order to prevent from being replaced and finally eliminated. So-called traditional brokers can still construct new entry barriers and competitive advantages under the new situation. Among others, professional, integrated all-round consulting and risk solutions are difficult to be replaced by emerging technologies such as artificial intelligence or automation."
Under the theme of “The Digital Savvy Broker: Finding a Secure Sustainable Niche in the Future of Insurance”, the summit aims to explore a way for the insurance brokerage industry to achieve stable and sustainable development through digital empowerment in current environment in which the industry is generally exposed to external competition and changes in technology.
As the largest local insurance brokerage and risk solutions company headquartered in Hong Kong, AMTD Strategic Capital Group has always actively participated in promoting the rapid development of the Asian insurance industry. Through this Asia Insurance Brokers' Summit jointly organized with the Asian Insurance Review, AMTD will further promote communication and exchanges in the industry and lead the industry toward a more sound development.