An incisive look at the war for market share in the Asian life insurance market Although the life insurance industry in Asia has emerged from the financial crisis stronger than ever, it has not escaped unchanged. As the general focus of insurance companies across the continent moves towards profitability beyond growth, tightening regulatory measures, shifts in consumer preferences, and risk tolerance, battle lines have been drawn between local incumbents, attackers, and foreign players. Life Insurance in Asia: Winning in the Next Decade, Second Edition looks at the ways in which small local agencies and multinational companies alike are seizing control of as much of the market as they can by aggressively recruiting new agents, leveraging new channels, and selling new products to cash in on the explosive Asian markets.
Thoroughly revised and updated, this new edition offers a comprehensive introduction to the booming Asian life insurance markets and outlines exactly what it takes to capture the opportunities that are emerging. Drawing on the research and experience of the McKinsey Asia financial services team, it includes everything you need to know about the battle for the life insurance market in Asia.
- Looks at how China and India are becoming increasingly important players on the international life insurance scene
- Goes behind the scenes of the Asian life insurance industry and the contentious battle for market share
- Outlines the steps to successfully entering, and prospering, in the Asian market
The life insurance industry in Asia is changing like never before. What the future holds, no one knows, but with Life Insurance in Asia in hand, you'll have a clear idea of the factions in play and the rules of the game.
DR. STEPHAN BINDER is a director in McKinsey & Company's Shanghai office and leader of the Insurance Practice in the Asia-Pacific region. 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 been published widely and is a prominent speaker at conferences on financial services topics. A German national, he holds a PhD from the University of M??nster and a master of business administration and economics from the Witten/Herdecke University.
JOSEPH LUC NGAI is the managing partner of McKinsey & Company's Hong Kong office, and leads McKinsey's life insurance practice in Asia. He has advised several leading domestic and multi- national insurers and banks in Asia, counseling many of them through multi-year transformation journeys. He is a sought-after speaker on financial topics, and has appeared frequently at industry conferences as well as in the media. A Hong Kong native, he holds an AB from Harvard University, a JD from Harvard Law School, and an MBA from Harvard Business School.
