Insurance companies in Asia face fast-paced regulatory changes

It challenges insurance companies' operations.

Insurance companies operating across multiple markets in Asia are grappling with operational challenges, particularly regulatory changes, reporting demands, and subsidiary management.

During Sibos 2024 Beijing, Francois Verlaine, Managing Director and Head of ASEAN & South Asia for Financing & Securities Services at Standard Chartered Bank, said the fast pace of regulatory changes creates significant pressure.

“The speed at which [regulations] are expected to be deployed and addressed, and ultimately the data that's required around that” is a key issue, Verlaine explained.

Another challenge for insurance companies is managing reporting expectations for retail and institutional customers, as well as regulators. “We have expectations around the type of information [and] the speed at which it’s wanted,” Verlaine said, noting that these demands increase pressure on firms.

Standard Chartered is addressing these challenges by streamlining processes with straight-through processing (STP), limiting manual touchpoints, and ensuring data accuracy. “We’ve invested a huge amount in terms of streamlining processes… to ensure that the data is there quickly [and] accurately,” Verlaine said.

The bank’s single operating platform, spanning 39 markets, further simplifies custody services for insurance clients, allowing them to harmonise operations across regions. Additionally, data-driven solutions, combined with AI and microservices, are enhancing efficiency and providing clients with actionable insights.