Legislative Proposals on Re-domiciliation
TheHKFI welcomed the consultation conclusion and legislative proposals on the introduction of a company re-domiciliation regime released by the Government on 3 July 2024 and issued a media statement on the same day.
We have been advocating for a fast-track legal mechanism to facilitate international insurers to re-domicile in Hong Kong and set up a Special Project Team earlier to support the work of the Government including providing legal and technical advice.
Insurance companies re-domiciling to Hong Kong signify a strong vote of confidence, which would also boost Hong Kong's headquarters economy. Once the re-domiciliation regime is in place, the industry is poised to be the first and primary use case.
Counter Fraud Drives
Insurance Fraud Prevention Claims Database (IFPCD)
With the rapid surge in travel activities since 2023, we are seeing a need to proactively launch the travel line of business (LoB) to curb the opportunistic and network fraud schemes targeting this sector. In this connection, we have arranged the IFPCD solution provider Shift Technology to conduct a briefing in mid-July for more than 16 travel insurers. A survey is now underway to ascertain the data availability among Members.
Also taken place was the user training session for IFPCD users on the key features, scenarios and alert qualification for the motor and medical LoB.
At the same time, we are pleased to welcome two new members joining the medical LoB at the IFPCD. With the potential launch of the travel LoB, we are expecting more travel insurers joining our team to fight insurance fraud. Please contact the project team for details at claimsdb@hkfi.org.hk
Collaborative Efforts in Combating Fraudulent Insurance Claims Insurance Industry Helps Combat Phonebased Scams
Through the coordination of the Hon Frankie Yick Chi-ming, along with Hon KP Chan and Hon PL Chan, the HKFI has been engaged in collaborative discussions with various stakeholders on combating fraudulent claims.
Previously in June 2024, a cross-departmental meeting took place among the Accident Insurance Association, Financial Services and the Treasury Bureau (FSTB), Insurance Authority (IA), Social Welfare Department, Hong Kong Police Force (HKPF) and Hong Kong Taxi Council to address the persistent and formidable challenges faced by the insurance industry and the taxi trade in combating fraudulent claims and syndicated fraud.
A follow up meeting was held specifically with the HKPF and the taxi trade on 18 July 2024 to identify possible measures to tackle such illegal activities. In response to our concerns and recommendations, the HKPF has been very forthcoming and reassured us their readiness to work with the insurance industry and taxi trade in the fight against fraud.
The HKPF’s Commercial Crime Bureau (CCB) has observed a concerning increase in the number of fraudsters impersonating staff from insurance companies and engaging in phone-based scams. In light of this recent trend, senior officials at the CCB invited representatives from the Life Insurance Council (LIC) to exchange insights on anti-scam promotion and explore how to leverage the extensive agent network to help spot potential scams, warn customers, and provide them the information needed to avoid becoming victims.
The discussion was constructive and we are actively considering possible measures to support the CCB in combating scams. They include co-organizing training / workshop for intermediaries’ capacity building and creating joint public awareness campaigns via insurers’ network.
Reference Checking Scheme for Insurance Intermediaries
On 5 July 2024, we announced the launch of Reference Checking Scheme for Insurance Intermediaries (Scheme) with effect from 1 September 2024 (Circular Ref: Mv052/24). This important industry initiative is led by the HKFI and has been endorsed by the Insurance Authority (IA). The primary aim is to prevent individuals who have engaged in misconduct from switching to other insurers without disclosing this information. It is designed to reduce the risks associated with the "rolling bad apples" phenomenon.
We are thankful for the diligent efforts put in by the LIC’s Professional Standards Working Group, as well as the support rendered by the IA and the valuable feedback from the Life Insurance Members and intermediary bodies during the consultation process. Through this Scheme, we hope to bring benefits to the sector, such as protecting and enhancing the professional and ethical reputation of life insurers and agency force, thereby contributing to the long-term sustainable development of the insurance industry.
The HKFI will organize a seminar in October in conjunction with the IA. In addition to the Reference Checking Scheme, the IA will also share regulatory insights on market conduct. Stay tuned for registration details!
Green Insurance – Information Session on Spatial Data
Spatial
data plays an increasingly important role in business analysis and geocoding is a key to standardize spatial data. In the insurance sector, there are potential benefits to gain a better understanding of spatial data and standardize geocoding to support decision-making.
To facilitate knowledge exchange on spatial data, the HKFI and the IA will co-host an information session on 9 September 2024 in collaboration with the Geospatial Lab of the Development Bureau. This session will introduce the Common Spatial Data Infrastructure (CSDI) portal and the first 3D Visualization Map dataset launched by the Development Bureau as part of Hong Kong's Smart City Blueprint, providing an opportunity to learn from experts about the technical aspects and applications of spatial data. Insights will be shared by experts from the Geospatial Lab of the Development Bureau and academic from Lingnan University. We will announce the registration details in due course.
Executive Certificate in Insurance Leadership Acceleration Programme
Weare delighted to announce the successful completion of the first cohort of the executive training programme on 27 July 2024!
Leveraging a fine combination of HKU Business School's renowned faculty expertise and seasoned industry practitioners' firsthand experience, the Programme has truly captured the essence of impactful executive education. Delivering the most practical and down-to-earth training, it has equipped the young executives with highly relevant and immediately applicable skillsets.
To commemorate the successful completion of our inaugural executive certificate programme and to express our heartfelt gratitude to all those who contributed to this milestone achievement, we will be hosting a special graduation ceremony on 23 August 2024 with Permanent Secretary for Financial Services and the Treasury (Financial Services) Ms Salina Yan as the officiating guest.
Look out for more updates on our upcoming quality training at https://event. hkfi.org.hk/en_ US/event!
Elite Talent Development Programme
We are thrilled to welcome the mentees of our fourth cohort on board! To empower these young executives and broaden their professional horizons, we have curated an engaging series of activities.
Concurrent with the launch of our new cohort, we also proudly marked the successful completion of our third cohort. On 4 July 2024, we hosted a celebratory luncheon to recognize the achievements of our latest graduates, formally induct the new mentees into the programme, and extend our heartfelt gratitude to the veteran mentors whose invaluable guidance and industry insights have been instrumental to the programme's continued success.
The HKFI is dedicated to fostering strong media relations and consistently delivering important insurance messages to the public through various media channels. On 16 July 2024, we hosted a luncheon for a group of reporters from the local media and covered topical industry issues, including the company re-domiciliation regime, Greater Bay Area (GBA) aftersales service centers, Northbound Travel for Hong Kong Vehicles, online ride-hailing services and the proposed standardization of critical illness definitions, etc.
Moving forward, HKFI will persist in our mission to continue the proactive engagement and transparent dialogue with mass media and enhance public understanding and trust in our industry.
EAIC 2024
HKFI Annual Report 2023/2024
We have published the latest HKFI Annual Report!
It provides an overview of what we have achieved in serving and supporting our Members over the past year. Scan the QR code or visit https://www.hkfi.org.hk/annual-report for the full version.
We have just announced the list of stellar speakers and industry leaders at the EAIC 2024 Hong Kong Conference ( https:// eaic2024.hk/guest-of-honour-and-speakers. html). Join us as we host this highly anticipated industry event on 24 to 27 September 2024 at the Hong Kong Convention and Exhibition Centre.
This year's theme "Back to the Future –Empowering East Asian Insurers for 2044 and Beyond" will dive deep into the transformative trends and innovations that will shape the next two decades for insurers in the region.
Don’t miss the chance to be part of this flagship event (www.eaic2024.hk).
Summer Greetings
We will have a break in August and come back in September. Wishing you all a refreshing summer break!
Limited – Mr Patrick Wong Tugu Insurance Company Limited – Ms Citra Pusparini Life Insurance Member: Hang Seng Insurance Company Limited – Mr Cheung Ka Chun
HKFI Membership
