Agenda Day One

Presenter(s): Mike Lombardi, President-Elect, SOA

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Presenter(s): Songcheng Sheng, Former Head of Statistics and Survey Department, The People’s Bank of China

This session will discuss the stages of China's Economic Development and the expansion of insurance, including:

1. The comparison of Chinese and foreign macro data
2. The development process of China insurance in recent years and the reasons for reform
3. The future of insurance;
4. Combination of medical treatment and pension: the advantages and challenges; and
5. National conditions and consumption preferences as well as attracting the public, with reference to overseas models, and how to further enrich the medical care community and products

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Presenter(s): Yulong Zhao, Director General of Finance and Accounting Solvency Department, China Insurance Regulatory Commission

In 2016, the China Risk Oriented Solvency System (C-ROSS) was officially implemented. This marked the completion of the main construction of the second generation of China's solvency system. One year later, C-ROSS phase II was launched.

Priorities of phase II cover three main areas:

1. To fill the void in the system and to update the existing standards. This includes thorough review and calibration towards risk factors of both assets and liabilities, such as insurance, AMC and pension in IRR and more.
2. To reinforce the execution mechanism. There are a series of measures needed, such as data quality and authenticity inspection, as well as information system construction, to ensure a solid foundation for successful execution of the solvency regulation.
3. To strengthen prudential supervision cooperation, as well as to complete a trans-bor­der, cross-product, cross-market, cross-industry supervision coordination mechanism. Overall, solvency regulation tends to further intensify, and insurers are encouraged to further strengthen their risk management and capital budgeting capabilities to benefit in the long run.

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Presenter(s): Huiyong Li, Managing Director and Chief Macro Analyst, Shenyin Wanguo Futures Co., Ltd.

The presenter will share his opinion on the major and minor cycle of the global and China economy. He believes that the recovery of the major cycle depends on the resonance of politics between China and the United States, as well as reform. As the minor cycle is V-type, the weak recovery depends on policy and price increase. The liquidity regulation and the growth advance together. The economic cycle is stabilizing, monetary policy is tightening the margin and the importance of the regulation is increasing. But the increase of the economy is critical to risk controlling. 

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Presenter(s): Lin Du, Deputy Director, Fund Regulatory Supervisory Division of Insurance Fund Management Regulatory Department, CIRC

The presenter will analyze the necessity and urgency of improving the supervision system of insurance asset-liability management under China's insurance market environment. This session will introduce the supervision system, including the progress, basic framework, main content and the arrangements for the next stage. The general idea of the supervision system is to distinguish property and casualty and life insurance companies, then respectively define the rules of qualitative and quantitative assessment under the guidance of Measures for the Supervision of Insurance Asset Liability Management . It has a comprehensive assessment on the asset-liability matching and management of insurance companies from dimensions including long-term economic value, mid-term profitability, short-term liquidity and the bottom line of solvency. Based on the assessment result, it applies differentiated supervision to establish a mechanism that coordinates regulations on products, fund applications and solvency.

 

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Presentation(s): View Presentation - English View Presentation - Chinese

Presenter(s): Xiaobin Yuan, FSA Partner, PwC  

In this session, the presenter will make a brief introduction to IFRS 17, as well as discuss the potential impact of IFRS 17 to the financial statements and operations of insurers. He will also cover the interaction between IFRS 9 and IFRS 17. This session will present the fundamental changes introduced by IFRS 17 in areas such as measurement models, as well as discuss how results could be effected due to the complexity of the transition. It is very important for the insurers to understand the implications of IFRS 17 on their financial statements, operations, and even their strategy, in order to better prepare and make the transition efficient in an effective way. This could be a challenge to all insurers, but is also a good opportunity to improve the capability of financial management and operations.

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Moderator(s): Ling Guan, Senior Executive, Funde Insurance Holding Co. LTD

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Moderator(s): Zhikang Yan, Chief Operating Officer, Deputy Chief Actuary, Taiping Life

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Presenter(s): Xiaodong Yu, General Manager of Risk Management Department and CRO of Insurance Group, Fosun Group  

1. Risk is everywhere
• The risk map of a life insurer under C-ROSS
• Risk events that happened before, which led to the insolvency of life insurance companies
• Risk events that occurred previously that led to the insolvency of life insurance companies
2. Proactively managing risks
• The beginning and end of ALM process
• Risk appetite and solvency constraints for an effective the ALM
• Proactive asset liability management under China's current regulatory and market environment
3. Holding the bottom line
• EIOPA's Insurance Stress Test in 2015 and 2016
• Some enlightenment for Chinese life insurers

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Presenter(s): Jackson Chen, General Manager of Actuarial Department, CPIC Allianz Health Insurance

1. Proceeding and Summary

Highlight IFRS 17 proceeding and content summary

2. Key Implementation Issue

Discuss key technical issues of IFRS, interaction with IFRS 9, operating issues and more.

3. Implementation and Conversion Solution

Illustrate IFRS 17 implementation and solutions, including the time table, human resource input, actuarial modeling optimization, system and process improvement and more.

Presenters will also introduce the CPIC group implementation framework for IFRS.

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Presenter(s): Chua Tuan Miang , Regional General Manager, Gen Re Life/Health Asia; Flora Shao, Chief Pricing Actuary, Gen Re Life/Health China

• Disability insurance is a valuable product for consumers as it provides protection against the loss of income. Although the success has been varying in terms of both the market penetration and profitability, it has become a dominant biometric risk product in markets such as Australia and Germany.
• Presenters will look at the success factors of disability insurance, innovative product designs in those high penetrations but strong competitive markets, and look for product characteristics which could increase penetration in Asia and especially China. 

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Presenter(s): Wenli Su, Assistant President, Sunshine Insurance Group

1. General Introduction of Block Chain

This session will introduce the definition, history and current status of block chain as well as the necessities of its development.

2. Incorporating Block Chain into Insurance Industry

Presenters will illustrate the significant roles, unique features, and future prospects of block chain's application in an insurance company's operation.

3. Actuarial Application in Block Chain Development

Experts will demonstrate what roles actuaries play and how actuarial techniques can be optimized in block chain development.

4. The Achievements of Block Chain's Application in Sunshine Insurance Group

This session will discuss the implementation process, as well as the remarkable achievements of block chain's application in Sunshine Insurance Group.

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Moderator(s): Xu Zeng, Chief Actuary, CCB Life

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Moderator(s): Sharon Huang, Director and Consulting Actuary, Milliman

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Presentation(s): View Presentation

Presenter(s): Henry Hu, Chief Actuary, Aviva-Cofco Life

In recent years, the domestic insurance brokerage channel has witnessed significant breakthroughs.  As a company with multi-channel development strategy, Aviva-Cofco Life also faces the challenge of channel conflicts in the rapid growth of both individual and brokerage channels. The presenter will share Aviva-Cofco's experiences, lessons learnt, gains and losses in product development in response to channel conflict, and introduce some of the practices of foreign markets for reference.

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Presenter(s): Hai Bi, FSA CEO, Haola Tech

Due to the development of mobile internet, Chinese insurers now have a variety of valuable ways to collect and use customers' health data.

The speaker will share his experience in heath data application in the following fields:

1. Using data to customize health information and suggestion for customers;
2. Using data to stimulate customers' needs for insurance products; and
3. Using data to provide tailor-made products and services

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