HKFI New Member
Our warmest welcome to Swiss Re International SE, Hong Kong Branch for joining HKFI as our General Insurance Member and RL360 Life Insurance Company Limited as Life Insurance Member!
FinTech
T he Task Force on FinTech had a meeting with the Commissioner of Insurance in late August. We discussed how our regulator could facilitate the application of FinTech to improve market efficiency and serving our customers. Accordingly, the Task Force has expanded its membership to include more experts / professionals in the field. It will be co-chaired by GIC Councillor Mr Harry Wong and LIC Councillor Mr Stuart Fraser for better co-ordination and industry representation.
Establishment of a Centralised Insurance Claims Database for the Prevention of Fraud (DB)
I am pleased to report that a lot of progress has been made in the past two months. Following the townhall meeting and vendors’ demonstration held on 30 August 2016 with participation of more than 160 representatives from 67 insurance companies, we conducted a Members consultation to ascertain their support.
We are encouraged by the positive response but at the same time are mindful of the comments expressed over the charges involved and the privacy issues. Acknowledging the practical concerns of Members, we have worked with the selected vendor and put together a more affordable and sustainable funding model. Our legal consultant is also beefing up the privacy proposal to robustly address all potential privacy and legal risks. We are confident that the final version, which will be ready soon, will receive the necessary support from Members.
Club 2028
U nder HKFI’s Vision 2028, an insurance think-tank named “Club 2028” has been officially set up. Members are drawn from life and general insurance professionals with different expertise. Jointly headed by two convenors, Ms Fanny Fung from Asia Insurance and Mr Danny Miao from Chubb Life, the think-tank will conduct research and pilot projects to provide practical suggestions on how to take the industry to a higher level. The first area they will be invited to work on is how to improve the industry image to attract more talent to join our force. Stay tuned for further updates.
Proper engagement with regulators is key to the success of this project. We have presented the relevant proposal to the Independent Insurance Authority (IIA) and Office of the Commissioner of Insurance (OCI) and the initial feedback was positive. We will be meeting the Financial Services and the Treasury Bureau (FSTB) soon and explain, among other things, how this might well turn out to be the first major FinTech project for our industry.
Going forward, we will work with the regulators on the legal aspect of the DB while the appointed vendor will conduct the proof-of-concept to ensure it is operationally sound and fit for purpose. We will continue our communications with all stakeholders and ensure a smooth launch of the system for the ultimate benefit of the insuring public.
T he YIE Programme has turned a new chapter. With the funding support under the Government’s Pilot Programme to Enhance Talent Training for the Insurance Sector, new student-trainees joining the YIE Programme will receive a salary subsidy of $2,500 x 16 months and be considered to be put on an overseas immersion programme. The November 2016 cohort is now open for application with more participating companies offering a range of back office positions.
Marine Insurance
At the International Union of Marine Insurance (IUMI) Conference held in Genova, Italy last week, the HKFI donated EUR100,000 (part of the surplus generated from organising the IUMI 2014 Conference) to set up an IUMI's Education Fund. This is very much in line with our mission under Vision 2028, i.e. enhancing training and education in insurance.
Knowing that applicants’ knowledge on insurance / insurers is somewhat limited and there can be possible misalignment of expectations, we are organising a “Speed Dating” on 6 October 2016. Applicants will be able to interact with their future employers (insurers) in a more relaxed atmosphere prior to the selection process. Through this novel platform, we hope that talents will get to know more about different types of insurers in Hong Kong and the diverse job opportunities being offered.
Hong Kong Insurance Awards 2016
C ongratulations to the top three finalists for each of the 15 award categories! They met the panels of judges on 21 and 22 September 2016 for the final phase of adjudication. For a full list of the top three finalists, please visit http://www.hkfi.org.hk/ hkia/2016finalists.html.
To further promote education in marine insurance in the region, we are co-organising the Marine Insurance Conference with Asia Insurance Review on 24 and 25 October 2016. Officiating at the event will be Professor Anthony Cheung, Secretary for Transport and Housing. Other VIP guests include IUMI President Dieter Berg and Secretary-General Lars Lange. This is a full CPD accredited event (12.5 hours under IIQAS) where HKFI Members will enjoy a very privileged rate. Please refer to http:// www.asiainsurancereview.com/airmarine2016/ Programme for registration details.
The winners will be announced at the Prize Presentation Ceremony cum Gala Dinner to be held on 27 October 2016 at the InterContinental HK. Distinguished guests of honour including the Hon K P Chan, Chairman of the Independent Insurance Authority Dr Moses Cheng, Privacy Commissioner for Personal Data Mr Stephen Wong will join this event and present trophies to the deserving winners. Reserve your tables now at http://www.hkfi. org.hk/hkia/ to celebrate the stellar achievements of our industry!
Briefings on Implementing the Common Reporting Standard (CRS)
T he Inland Revenue (Amendment) Bill 2016 provides a legislative framework for the implementation of CRS will come into force on 1 January 2017. Insurers will need to allocate substantial resources / technical support to ensure CRS compliance. To help Members plan ahead properly for it, we have invited the CRS team to conduct two rounds of briefing on 10 and 16 August 2016 and share with Members what they need to do to stay compliant.
Micro Film Production Partnership SchemeProtection Gap (PG)
V ideo-sharing, multimedia trending and social media live have become more and more popular among youngsters and mobile device users. Riding on this trend to reach out to the wider public, we are partnering with the Hong Kong Federation of Youth Groups' (HKFYG) M21 Multimedia Services, a well-established video production training centre for youngsters, to launch the above Scheme.
Through the innovative eyes of the U35 participants and their film production skills, we hope to illustrate the adverse impact of Protection Gap on our daily lives and how they can be addressed by simple, practical insurance solutions. Participants with outstanding scripts and story lines will be awarded funds to support their film production. A ‘PG’ training session will be held on 8 October to help potential participants better understand what PG is and the role of insurance in filling those gaps. For more details, please visit https://m21.hk/protectiongap/.
HKFI Insurance Mini-carnival
We will be organising an Insurance Mini-carnival
) as part of our continued efforts to promote insurance to the public.
To be held between 2pm and 6pm on Saturday, 29 October 2016 at the Plaza Hollywood, this event aims to raise public awareness of the importance of insurance in their daily lives and how insurance helps fill the protection gaps. In addition to game booths, there will be pop singing performance and sharing of experience from celebrities. Bring your clients, family and friends along to join this fun-filled event!
Membership News
New Membership
● RL360 Life Insurance Company Limited (Life Member)
● Swiss Re International SE (General Member)
Change of Authorised Representative
● Direct Asia Insurance (Hong Kong) Limited (General Member) - Mr David Shi
● Swiss Reinsurance Company Ltd (General Member) - Mr David Alexander
● The Toa Reinsurance Company, Limited (General Member) - Mr Reggie Lam
● Zurich Assurance Ltd (Life Member) - Mr Eric Hui
● Zurich International Life Limited (Life Member) - Mr Eric Hui
● Zurich Life Insurance Company Limited (Life Member) - Mr Eric Hui
HKFI Membership
Ronnie NgAs at 3 Oct 2016, the HKFI has 91 General Insurance Members and 50 Life Insurance Members.
HKFI Chairman