Korean insurer introduces robo-tellers to its sales staff

Korean insurer introduces robo-tellers to its sales staff

Korean insurer introduces robo-tellers to its sales staff

South Korean insurer AIA Korea has teamed up with technology firm SK C&C to introduce what it claims is the first artificial intelligence (AI)-based customer support agent in the country’s insurance industry The AIA ON robo-tellers will be used in the insurer’s call centre as of 2018. While other insurers have employed AI-based chatbots to respond to customer queries, AIA…

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia’s insurance market may have been growing at an average annual rate of 7.5% for the past nine years and its gross written premiums may account for 32% of total global premium income, but current premium growth rates are sharply divided within the region, according to a recently released report from global insurer Allianz. The report describes the region as…

Uphill struggle to reform South Korean insurance market, says Axco

Uphill struggle to reform South Korean insurance market, says Axco

Uphill struggle to reform South Korean insurance market, says Axco

The South Korean insurance market is in urgent need of modernisation, but the country’s new President Moon Jae-in will struggle to reform the local insurance market and open it up to foreign investment, according to Axco Insurance Information Services. Axco’s latest report on South Korea explains that the South Korean market is in urgent need of modernisation and greater adherence…

Increasing need for D&O insurance in Asia

Increasing need for D&O insurance in Asia

Increasing need for D&O insurance in Asia

In today’s increasingly litigious business environment, directors and officers face constantly evolving risks and liabilities from regulators and investors, not just in their home market but everywhere the company has operations. Senior leadership are now more likely to have a claim laid against them than ever before. This is becoming a major issue in Asia, where a heightened regulatory environment…

AGCS opens S Korea office as Asia expansion continues

AGCS opens S Korea office as Asia expansion continues

AGCS opens S Korea office as Asia expansion continues

Allianz Global Corporate & Specialty (AGCS), the corporate and specialty arm of the German insurer, has opened a new office in South Korea. The office opening means that AGCS is the first foreign insurer to be granted regulatory approval by the South Korea Financial Services Commission to operate with a local insurance license, claims AGCS. It will cover a variety…

South Korea government warns firms not to pay ransomware demands

South Korea government warns firms not to pay ransomware demands

South Korea government warns firms not to pay ransomware demands

The South Korean government has urged companies not to cave in to ransomware demands from cyber criminals after a South Korean web-hosting company Nayana paid more than $1.1m in bitcoins to have its customers’ data unlocked. The Financial Supervisory Service (FSC) has written to a number of local financial companies warning them not to follow the lead of Nayana. The…

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

World Bank unveils catastrophe risk financing project for Myanmar

The World Bank has revealed a new project in Myanmar that aims to strengthen the country’s capacity to respond to disaster risks, and provides $116m in risk financing. Disasters cost Myanmar more than $184m annually and disproportionally hurt the poor, according to the bank. The Myanmar Southeast Asia Disaster Risk Management Project, approved last week by the World Bank’s board…

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

Parametric insurance: closing the protection gap in Asia

As a region, Asia is particularly prone to natural disasters and extreme weather events such as earthquakes, floods, droughts, heatwaves and tropical cyclones. According to a report published by the Swiss Re Institute in February 2017, economic losses from natural catastrophes and man-made disasters in Asia amounted to $83bn in 2016, representing almost half of the world’s total. While the…

WannaCry attack brings moment of truth for cyber insurance market

WannaCry attack brings moment of truth for cyber insurance market

WannaCry attack brings moment of truth for cyber insurance market

The recent WannaCry ransomware attacks that affected businesses, government agencies and individuals in more than 150 countries could be a seminal moment for the cyber insurance market. This is especially true in Asia, where a combination of outdated security systems, a lack of reporting on cyber attacks and a low take-up of cyber insurance have all been highlighted by the…

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