A.M. BestTV at EAIC Conference: Insurers Seek Deeper, Longer Customer Relationships

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FOR IMMEDIATE RELEASE

OLDWICK - OCTOBER 12, 2016 03:30 PM (EDT)
In this ^A.M.BestTV episode from the East Asian Insurance Conference (EAIC) in Macau, attendees said insurers are being judged across industries and that they must create products and services that serve the evolving needs of customers or risk obsolescence. Click on http://www.ambest.com/v.asp?v=eaic11016nc to view the entire program.

The theme at the conference this year is the future of customer centricity within the insurance industry.

A.M. Best Senior Managing Director and Chief Rating Officer Stefan Holzberger, along with others, spoke about the approach to deepening customer experiences.

“It is really the drive to be more vital to the end customer,” said Holzberger. “This is the key to maintaining that relationship and business, which are under quite competitive conditions.”

Franz Josef Hahn, chief executive officer of Peak Re, said the industry should return its focus to the long-term customer.

“I think when you choose your customer well, when you go for quality in your customer, then you can also add on this long-term, partnership aspect,” said Hahn.

“Companies and businesses need to touch their clients using a variety of touch points,” said Jose Ribeiro, managing director, Asia Pacific, A.M. Best. “Since, it is not only about meeting face-to-face or over the phone, it is about using the Internet, social media and the other variety of touch points clients use, and the insurance industry should use, to provide an enhanced customer experience.”

Other people that appear in this episode:

• Chris Ma, chief executive officer, AIA, EAIC;


• Malcolm Steingold, chief executive officer, Asia Pacific, Aon Benfield;


• Hans-Joachim Guenther, chief underwriting officer, Asia Capital Re; and


• Ludger Arnoldussen, board of management member, Munich Reinsurance Corporation.

^A.M.BestTV will be covering the entire 2016 EAIC conference. Visit http://www.ambest.tv/eaic16 for full coverage and exclusive interviews with key executives.

Recent episodes of ^A.M.BestTV include:

• Fiduciary Rule Impacting Variable Annuities, Says A.M. Best Analyst: Edward Kohlberg, associate director, A.M. Best, said that the Department of Labor’s looming fiduciary rule changes have a role in the recent shifting of annuity sales: http://www.ambest.com/v.asp?v=annuities1016.


• London Calling: Distributors and Underwriters Pitch for U.S. Risks: Brokers and underwriters at the second annual CHART-Exchange Constitutional Convention, court one another with the goal of placing coverages—including some that traditionally have remained within North American markets—with the London market: http://www.ambest.com/v.asp?v=chartexchange1016nc.


• Small Captives Poised for Higher Limits, Greater Scrutiny: Attendees at the Delaware Captive Insurance Association’s Fall Forum said captive managers and sponsors are busy preparing for new tax rules that will allow sponsors to place more premium in 831(b) captives. However, those captives also must meet risk diversification and ownership standards: http://www.ambest.com/v.asp?v=dcia916nc.


• Mutual Insurers’ Formula for Future Success: Be Your Policyholder: Insurers at the National Association of Mutual Insurance Companies convention said relevancy will not become an issue if mutuals stay abreast of competitors and remain true to their business model: http://www.ambest.com/v.asp?v=namic3916nc.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.