Welcome to Lifecycle magazine the cutting-edge publication for life insurance professionals. Lifecycle draws together the best of the industry’s thought leadership, innovation, and insights to bring you the trends and developments of the Hong Kong life insurance sector today.
estimates that nearly 50 percent of top-line gross written premium growth in the world will come from the APAC region in the coming years. There has never been a more appropriate or exciting time to focus in on how the life insurance industry operates in Hong Kong, and where it will go from here.
Already known for its pro-business regulatory system and as a hub for insurtech,
Hong Kong is the center of insurance innovation in APAC, and it is only getting started. China’s plans to create one economic entity under the Greater Bay Area
will link Hong Kong, Macau and nine other cities in the Guangdong Province has the potential to make this region the new Silicon Valley. Massive investments in insurtech showcase a market that’s readily embracing the unity of technology and insurance, which is further showcased by strong partnerships between some of the largest technology and insurance companies in the region. As the market evolves, challenges like a significant aging population, climate change, the introduction of new technologies, and attracting a younger, tech-savvy customer base will have to be addressed.
How will the life insurance industry keep up with exploding demand from an aging population in both rural and urban areas? How do initiatives like ‘One Belt, One Road’ have the potential to affect the life insurance industry? How are insurers adapting their products to meet the needs of a modern customer? How will access to data impact life insurance products as well as insurtech initiatives? How will the answers to all these questions impact the evolving relationship between life insurers and their customers?
These are all questions today’s insurers are grappling with as they prepare for tomorrow’s life insurance industry. We’ll be keeping our finger on the industry’s pulse during this transformative time, monitoring how these issues unfold and affect life insurers and their customers across the insurance lifecycle.
Digital change and transformation is redefining the life insurance industry in Hong Kong and broader APAC. With foreign direct investments
pouring into the Hong Kong insurtech market, longstanding insurers are beginning to rise to the challenge of bringing themselves and their customers into a modern day consumer lifecycle. This influence is visible through industry-wide insurtech partnerships and initiatives to integrate insurance products with a consumer-focused approach to areas like underwriting, pricing, onboarding, and claims.
Hong Kong also provides a unique example of a symbiotic relationship between technology and insurance companies, regulatory authorities, and government officials to develop the most comprehensive and modern approach to life insurance in the world. Initiatives like the Voluntary Health Insurance Scheme
is a prime example of collaboration between the private sector and the government. Hong Kong’s friendly regulatory environment enables regulators and industry to be poised to respond to today’s issues with tomorrow’s urgency.
Through all this change and collaboration, the significance of the customer remains paramount. Access to extensive customer data and information allows the life insurance industry the opportunity to tailor and develop its products to suit its customers’ needs throughout the customer lifecycle.
At this time, we’d like to extend this invitation to you. Lifecycle is ready to stand at the forefront of change, bringing together a diversity of ideas, insights, and perspectives to simultaneously paint a broad picture of the life insurance industry and dive deep into the key issues affecting industry professionals today. How have you experienced digital transformation in the life insurance industry and where do you see it going? What critical insights have you gleaned about the way technology and data are impacting today’s insurance products and customers? What trends have you noticed that set Hong Kong apart from the rest of the world when it comes to changing the way we see insurance?
Lifecycle invites you to bring your biggest ideas and insights and contribute to the conversation. We’re thrilled to be launching at such an exciting time and encourage industry professionals from across APAC to join us as we examine how the life insurance industry of today will transform the way we see insurance as the professionals, consumers, and insurers of tomorrow.
Welcome to Lifecycle!