For years the Asian life insurance industry has been at a pinnacle of success and growth, but the onslaught of the 2008 financial crisis has rocked public confidence levels. It is imperative that the industry quickly get back on its feet and that players not lose sight of the longer-term outlook: Asia’s life insurance market – fueled by fundamental economic growth, high savings rates, large deposit holdings and an increasingly sophisticated customer base – is expected to grow at double the rate of the US and European markets over the next decade.
Published by John Wiley & Sons (Asia) Pte Ltd, Life Insurance in Asia: Winning in the Next Decade (ISBN: 978-0-470-82440-5) is an introduction to booming Asian life insurance markets and a comprehensive analysis of what it takes to capture emerging opportunities. Drawing on the research and experience of authors Dr. Stephan Binder and Joseph Luc Ngai, this is an important book for anyone involved in the Asian insurance industry.
Analyzing the life insurance landscape across markets in Asia, the authors expound on the nature of the opportunity that lies ahead for the industry, identify key challenges that market participants face, and what it would take to emerge as winner. Life Insurance in Asia also includes detailed historic information for the period of 2001-2007, as well as proprietary projections on the 2008-2011 market size.
With competition within the industry intensifying successful firms must leverage growth opportunities by winning the war for talent, keeping up in product innovation, optimizing distribution models and avoiding significant risks. While the ascent to the top will be challenging, Asia remains the most attractive growth market globally.
Written in an authoritative yet accessible manner, Life Insurance in Asia offers a powerful outlook into what lies ahead for the Asian life insurance industry and the key success factors needed to reach the end prize.
About the Authors
Dr Stephan Binder is a director in McKinsey’s Shanghai office and leader of the Insurance Practice in Asia. He has been with McKinsey since 1995 and is an advisor to many of the region’s leading insurance companies and banks, with a long track record of successfully working with leading local companies and multinationals in Asia, Europe and North America. Stephan has made frequent publications and is a prominent speaker at conferences on financial services topics. A German national, he holds a Ph. D. from the University of Münster and a Master of Business Administration and Economics from the University of Witten-Herdecke.
Joseph Luc Ngai is a partner in McKinsey’s Hong Kong office, and a leader in McKinsey’s Financial Institutions Practice in Asia. He has advised many leading domestic and multinational insurers and banks in Asia, leading large-scale turnarounds as well as acquisitions. He is a sought-after speaker on financial topics, and has appeared in many leading industry conferences as well as in the media. He is active in community projects and sits on the board of several nonprofit organizations in Hong Kong. A Hong Kong native, he holds an AB from Harvard University and a JD from Harvard Law School, and an MBA from Harvard Business School.
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