2021 China Summit

The following are the unique sessions that will be offered for this event. The seminar will host sessions that provide various practical applications and insights across a broad spectrum of industry disciplines.  

Safeguarding China’s New Energy Vehicles – Explore P&C insurers’ opportunities and challenges in serving the emerging risks

1:00 PM – 1:30 PM

Since its initiation more than 100 years ago, the auto insurance has matured into the largest P&C line in the world and a sprawling service ecosystem in China. As China leaps ahead in its adoption of New Energy Vehicles (NEVs), our P&C industry is stepping onto a new stage with little precedence to follow:

• how to insure an NEV? To answer this question, we will explore and discuss a number of topics together:
• Who are our NEV insurance customers? What insurance services are they asking for? How big is this emerging market?
• What the emerging risks in NEVs? How do they challenge the current insurance solutions?
• Could insurance industry in China effectively participate in setting the “rules of the game” and earn the right to win in the NEV risk management market?
• How could the young P&C actuaries in China gear up for this industry transformation and build a meaningful career?

Learning Objectives:

Develop a better understanding of the risk management needs surrounding new energy vehicles, the opportunities and challenges NEVs are bringing to the insurance industry, and the career development preparation recommended for our young generation of actuaries to prepare for this transformation.

Speakers

Duoduo (Delvin) Cai - Director in PwC China’s Actuarial Services team, with over 16 years of experience in insurance actuarial, operations and management consulting in the United States and China. He has worked with a wide range of insurance clients in Asia to support their strategic planning, product innovation, operational and organizational transformation. He is also actively involved in more than 20 M&A advisory projects across multiple industry sectors, including due diligence, joint venture formation and post-deal integration. Delvin graduated from Macalester College, MN, US with Applied Mathematics and Economics double major. He became a Fellow of Casualty Actuarial Society (CAS) in 2009. He is a member of the China Mainland, Hong Kong, Singapore actuarial societies.

The impact of the Floods in HeNan province and its impact on new insurance development and reinsurance

1:30 PM – 2:00 PM

From the 17th to 23rd of July, Henan province experienced a rare continuous heavy rainfall. The direct economic loss is estimated to reach 133.715 billion yuan, making it one of China’s most expensive insurance loss events. However, this event has also shown the need for improved insurance protection. As global climate change intensifies, the socioeconomic impact from natural disasters is expected to grow, which will require a reconsideration of access to capital, as well as the expansion of insurance coverage. This presentation will look at the impact of nat cat losses on new insurance product development, pricing and catastrophe reinsurance arrangement.

Learning Objectives:

Through the overview and analysis of Henan Flood event, to understand the huge risk losses arising from natural disasters and the status quo of catastrophe insurance products of insurance companies, jointly discuss the potential needs of the catastrophe insurance products in China, alternative cat pricing mechanism and have in-depth ideas for catastrophe reinsurance arrangements.

Speaker

Yifan Fu - Yifan currently leads the analytics team for Aon Benfield Greater China and the APAC actuarial best practice. With over 15 years’ experience in the Reinsurance field, Yifan specialises in Reinsurance analytics, including reinsurance pricing, reserving, catastrophe modelling, Dynamic Financial Analysis (DFA), capital modelling, and portfolio optimisation. Yifan serves on a number of professional committees, including the IAA (International Actuarial Association), CAS and the IAAust (Actuaries Institute of Australia).

Yifan worked in multiple markets in the APAC region, including Beijing, Hong Kong, Australia and Singapore. Before joining Aon, Yifan served in Swiss Re with a role in treaty underwriting and reserving.

An Overview of Supplemental Medical Insurance

2:30 PM – 3:00 PM

We will briefly discuss the market proposition of Supplemental Medical Insurance(SMI), key considerations and decision making dynamics of key stakeholders, benefit designs and evolutions(including high value immunotherapy drugs), as well as potential trends of SMI.

Learning Objectives:

To get P&C actuaries up to date of the recent developments and potential trends of Supplemental Medical Insurance (SMI).

Speakers

Guanjun Jiang - FCAS, the principal who is heading the Health and P&C consulting in China for Milliman. He has intimate knowledge of various insurance markets in Greater China and Southeast Asia. In his previous role, Guanjun was responsible for pricing and monitoring the performance of several private medical insurance products, including high-end indemnity products.  At Milliman, he has been involved in the development of Milliman’s China Health Cost Guidelines and financial projections for the Hong Kong government’s healthcare financing reform initiatives. Guanjun provides consulting services to governments, insurance companies, hospitals and pharmaceutical companies, including medical cost projection, product design, underwriting, claims, experience study and performance monitoring, chronical illness management,  and healthcare payment reforms. In the last two years, Guanjun has helped design various supplemental medical insurance (SMI, or Huiminbao) programs.  

2021 China Insur-Tech Insight

3:00 PM – 3:30 PM

This session will cover major achievements in the development of China InsurTech; Digitalization of the Insurance Industry; InsurTech Development & Case Study; Challenges and Opportunities for China Insurtech Development.

Learning Objectives:

Understand China’s InsurTech’s current challenges, development, and future opportunities

Speakers

Mr. Liu Yang - Founder & CEO of INSLAB, the leading InsurTech Innovation community in China. Mr. Liu has over 15 years of cross-field experience in insurance, technology, and management consulting. INSLAB was founded in 2015, focusing on supporting Internet insurance, InsurTech, and Insurance Innovation. The INSLAB community members are Chinese insurance leaders and professionals. The INSLAB community is on a mission to celebrate and accelerate insurance innovation.

The New Path of Boosting Small and Micro Enterprises (SBO) and Economic Development through Financing Credit Guarantee Insurance(CGI) Business under the New Economic Policy Environment

4:00 PM – 4:30 PM

Under the background of vigorously developing the real economy and solving the financing problems of SBO in line with the 14th Five-year Plan, from the perspective of insurance service ability for national economy and social livelihood, how can financing CGI business boost SBO and private economy development and implement high-quality development action plan through effective business model innovation and business process optimization, risk controls, profitability and pricing management and provision evaluation etc. is a challenge for CGI business in P&C industry.

Mr. Ma Yongfeng, who has rich industry experience and professional background, will give you a thorough analysis based on the policy and economic environment

• Macroeconomic and financing CGI business policy trend
• How to use high-tech methods to innovate model and process to slash operating cost
• How to self-build quantitative scoring, profitability and pricing model to achieve refined management of credit default risk
• How to effectively evaluate provision to effectively manage solvency
• The challenges facing financing CGI industry and the plan for the future

Learning Objectives:

It is hoped to use this opportunity to help you understand the concept of financing CGI business, study the model and process control, the profitability and pricing methodology, the risk control means and the provision evaluation method and tools to realize the best combination between bottom line management and the internet-based refined management in financial industry, and also lead you to understand the future development trend of the business as well as the challenges and countermeasures.

Speakers

Ma Yongfeng - Assistant General Manager of Ping An Property Insurance, mainly in charge of credit guarantee insurance business unit. He successively served in Ping An Property Insurance as General Manager in the Actuarial Department, Auto Insurance Department and Personal Center, as well as Chief Financial Officer of Ping An Puhui. Mr. Ma Yongfeng received his Master Degree in Finance from Hunan University in 2000. He is one of the first actuaries in China. He has successively served as the founding member and Director of the Association of Actuaries of China. He led the development of early actuarial standards for the property insurance industry, reserve management system for the property insurance industry, regulatory statements, industry reserve evaluation guidelines, Actuarial guidelines for auto insurance and other industry standards. Working in the fields of product, actuarial, risk control, sales, financial, strategic planning and treasury management positions, Mr. Ma Yongfeng has developed strong operation analysis ability and rich business management experiences.

IFRS 17: New Standards, New Thinking, New Methods

4:30 PM – 5:00 PM

Since January 1, 2023, overseas listed insurance companies in China will implement the new accounting standards which will be fully implemented in the whole insurance industry of China since January 1, 2026. In the process of preparing for the new accounting standards, we need to use new thinking to consider problems and find new methods to solve them. Based on his own experience in preparing for the new accounting standards, the speaker will share his new thinking and new methods during the process.

Learning Objectives:

This session will guide attendees to think deeply about the preparation of insurance companies for the new accounting standards, understand the key issues and difficulties in the preparation process, and learn to think with new thinking and solve problems with new methods. This session will help attendees to prepare more effectively for the implementation of the new accounting standards in insurance companies.

Speaker

Xiaoxuan (Sherwin) Li - Chief Actuary, China Re P&C. Mr. Xiaoxuan (Sherwin) Li is currently the Chief Actuary of China Re P&C, responsible for all the actuarial and analytical works in the company, including insurance pricing, reserving, catastrophe modeling, capital/solvency modelling. He has over fifteen years’ experience in insurance industry. Before joining the actuarial function, he had ever worked in underwriting teams for over five years. In addition, he even worked in London, UK for less than a year.

Mr. Xiaoxuan (Sherwin) Li is a Fellow of the Casualty Actuarial Society (FCAS), a Fellow of China Association of Actuaries (FCAA) and a Fellow of the Institute and Faculty of Actuaries (FIA). He is also a Cert member of the Chartered Insurance Institute (Cert CII), an Associate of Reinsurance Administration (ARA), a Certified Catastrophe Risk Analyst (CCRA) and a Microsoft Certified Systems Engineer (MCSE). He graduated from Nankai University (China) with a master’s degree in actuarial science.