AIA, Aviva, Prudential reprimanded by MAS

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According to the regulator, the offences happened between 2017 and 2019, and the firms and individuals have been ordered to correct the breaches immediately. MAS’s investigations uncovered instances where remuneration was given to supervisors in violation of the Financial Advisers Act.

The firms breached the Balanced Scorecard requirements (BSC) for the sale of investment products, as well as the Spreading and Capping of Commissions requirements (SCC) for the sale of regular premium life policies.

These regulations, MAS said, seek to align the incentives of financial advice firms with their customers’ interests and promote a culture of fair dealing. The BSC

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Gallagher secures Hesse & Partner acquisition

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According to Gallagher, the acquired businesses will be rebranded in the coming months. As part of the transition process, Guido Hesse will cease working on day-to-day operations as CEO, and will instead focus on strategic leadership as chairman of the board.

The firm will also open a new branch in Geneva, to be headed by Anthony Faessler, which will significantly increase its employee headcount.

“As a fully integrated part of Gallagher in Switzerland we are in a strong position to offer our clients the best solutions both in the national and international arena,” said Hesse. “Additionally, we are expanding our

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Philippines’ chief regulator re-elected as chairman of Asian Re

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Dennis B. Funa, chief of the Philippines’ Insurance Commission, has been re-elected as chairperson of Asian Reinsurance Corp. (Asian Re), for a fresh two-year term.

Funa was first elected in 2019, and his first term ended on June 10, BusinessWorld reported. Before becoming chairperson, he was previously vice-chairperson of the regional reinsurance firm.

“I am deeply honoured to have been re-elected as chairperson of Asian Re,” Funa said in a statement. “The trust and confidence reposed upon me by the Council of Members have been truly overwhelming and inspiring. I look forward to working closely with the other members of

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Data analytics is ‘the Holy Grail’ of insurance

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“The game is changing,” said Raskin. “Doing the hard back-office work of registering the policy correctly, working with the authorities, completing all the paperwork and so on, will soon become a commodity. That’s the 70% that all insurance companies share. The 30% differentiation will be in the pricing, the risk management, and the customer experience – and these are all areas that are enhanced with analytics. The real game changer in insurance is data analytics; it’s not core processes anymore.”

Read next: The next leap forward for data analytics within the insurance sector

Raskin gave the example of Airbnb, the

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