360F

Transforming Saudi Arabia: A Glimpse into Vision 2030   Imagine residing in one of the world's most influential economies, with zero income tax and still enjoy social security benefits. Well, that's the reality of 36 million people in Saudi Arabia, the globe's number 1 oil exporter. Recognizing the risks of an oil-dependent economy, the kingdom has embarked on an ambitious journey to diversify its future revenue and financial service system. Five years ago, they introduced the value-added tax (VAT) to fund public services and infrastructure, marking a pivotal shift.   At the core of Vision 2030 is a strategic investment in tourism, sports, and financial services, designed to attract visitors, spur job creation and the long-term dominance of the economy beyond oil. The futuristic city of Neom, powered by renewable energy and artificial intelligence, stands as a testament to the nation's forward-looking vision. Yet, the most impactful change is the transition from a state-led to a market-driven economy. The government is progressively privatizing sectors like healthcare and education, urging citizens to take control of their financial planning and security.   While retail insurance plays a pivotal role in fostering financial independence—a key goal of Vision 2030—it remains underdeveloped. With merely 0.05% of the population having life insurance (compared to the global average of 3.35%), there's vast untapped potential. Motor and Health insurance, constitutes 80% of the total insurance market, most of the business sold are mandatory for all vehicle owners and private sector employees, expatriates, and their dependents. Vision 2030 hints strongly at a cultural shift from mandate towards personal responsibility. It leverages technology to provide financial planning tools, aligning with Islamic principles and Arab values.   360F is super excited to partner with top insurers and banks, contributing to the positive transformations underway in the Kingdom of Saudi Arabia.   #360F #SaudiArabia #Vision2030 #InsurtechInnovation #EconomicTransformation

Singapore Government Halts Major Insurance Acquisition Over Concerns   The Singapore government has put a hold on a $1.68 billion acquisition deal involving a stake in Income Insurance, citing concerns over the potential impact on the insurer’s community-driven mission. The acquiring company, a global insurance giant, sought to strengthen its presence in Singapore through this deal. However, the Ministry of Culture, Community, and Youth (MCCY) raised concerns about Income's ability to maintain its social goals following the transaction.   The government’s primary concern revolves around the planned capital reduction and the perceived lack of long-term measures to ensure Income continues to serve the local community. While strategic partnerships are welcomed to bolster the resilience of local insurers, authorities emphasized that striking a balance between profitability and social responsibility is crucial.   This move raises broader industry questions: How can insurers attract foreign investment while safeguarding their fundamental missions? Will the acquiring company adjust its proposal, or could this be a sign of heightened scrutiny around social objectives in future insurance deals?   What does this mean for the future of insurance in Singapore, where local players are encouraged to grow while preserving their strong community ties?   #InsuranceDeals #SingaporeInsurance #CommunityFocusedInsurance #InsuranceMergers #360F #SocialResponsibility #InsuranceInnovation #FinancialServices #IncomeInsurance #StrategicPartnerships Michael Gerber Anirudh Somani, FIA, MQF Duy Nguyen MaiLinh Nghiem Saksham Bhardwaj Shreyash Agarwal Chenqiao Yin Lily A. Thuan Nguyen Truong Dinh Khoa Le Chau Dang Erick Pham Bharadwaj Venkateswaran Toan Tran Bao Juliana Zainal Aishwarya Shah

Thailand’s Life Insurance Landscape: Where Will the Market Head Next?   The Thai life insurance market is seeing significant shifts, with gross annual premiums reaching USD 20 billion. Four key players - AIA, FWD, Thai Life, and Muang Thai Life - hold a collective 65% market share, creating a strong industry presence. While agency distribution channels continue to dominate with 50% of premiums, bancassurance is catching up, contributing 40%. Interestingly, new business premiums from brokers and bancassurance are growing rapidly, signalling a shift as the agency workforce declines.   Banks are increasingly focusing on selling single premium products to cater to a more sophisticated clientele, while endowment plans still dominate the product landscape, making up 40% of sales. However, pure protection term policies represent less than 1%, highlighting a society that remains significantly under-protected.   Health and critical illness riders contribute a strong 20% of the total business, while group policies account for 15%, with more than half of these tied to credit life (mainly mortgage protection).   In a notable shift, whole-life protection plans have surged by 50%, while endowment products have declined. With the demand for whole-life protection growing, how can insurers navigate this shift to protect the under-insured segment? Could banks play a pivotal role in increasing penetration?   #LifeInsurance #ThailandMarket #InsuranceTrends #Bancassurance #InsuranceInnovation #ProtectionGap #360F #FinancialPlanning #InsuranceGrowth #InsuranceDistribution Michael Gerber Anirudh Somani, FIA, MQF Jonathan H Mike Plaxton Thomas Wilson Dr. Christian Roland Nikhil Advani Aditya Vardhan Tibrewala Dr. Till Böhmer Patrick Blust Ampar Chanprasit Opal Charoensit Poonpimol Tantaksinanukij Pariga Kruo-ongarjnukool Lalita Bhumirintra Michelle Lim Sherwin Lim Chee Koon How Calvin Tham Darren Pigg Ken C.

Vision 2030: Driving Financial Independence in Saudi Arabia   Saudi Arabia is making significant strides toward increasing individual savings through the launch of its 'Sah' sukuk savings products. With over $700 million subscribed across the last five tranches and offering returns exceeding 4.9%, these low-risk investments are a cornerstone of the country's Vision 2030 initiative.   Vision 2030 aims to boost financial inclusion and raise the national savings rate from 6% to 10% by 2030. According to the latest Insurance Authority report, the Protection & Savings (P&S) sector in Saudi Arabia has nearly tripled in 2024 compared to last year, with the retail segment surging fivefold.   This strong governmental push for financial independence is reshaping the market, presenting banks with a golden opportunity to expand their offerings with P&S products and better meet the evolving needs of their clients.   At 360F, we are optimistic about the future of Protection & Savings in the Kingdom. This is just the beginning, and there is much more to come!   #Vision2030 #SaudiArabia #ProtectionAndSavings #FinancialIndependence #SukukSavings #PSSectorGrowth #360F #InsuranceInnovation #FinancialInclusion #SavingsGrowth #MiddleEast Michael Gerber Anirudh Somani, FIA, MQF Jonathan Matchett Abdulla Redwan Abdullah Karabilo Naji Al Tamimi Wasif Minhas Johnson Varughese Mousa El-Sheikh , FLMI Nardeen Alamri Kamran Mazhar Jaffery Muhammad Kashif Nisar Martin Rueegg Adib Bidaoui David Green

On this special day, we honour not just the heritage and achievements of the Kingdom of Saudi Arabia, but the incredible people who make it truly shine. From innovators driving progress to the rich traditions passed through generations, it's the people who breathe life into the nation’s success. We wish brotherhood, resilience, and a prosperous future of the Kingdom 🌍💚 #SaudiNationalDay #UnityAndProgress #Vision2030 Michael Gerber Anirudh Somani, FIA, MQF Jonathan Matchett Abdulla Redwan Abdullah Karabilo Naji Al Tamimi Wasif Minhas Adel Al Eisa Johnson Varughese Majed AlSorour Mousa El-Sheikh , FLMI Nardeen Alamri Raghad Alomairi Kamran Mazhar Jaffery Muhammad Kashif Nisar Martin Rueegg Adib Bidaoui

Celebrating Vietnamese Independence Day at 360F! At 360F, we cherish our diverse and unified team. As we celebrate Vietnam National Day, we honor the rich history and vibrant culture of our Vietnamese colleagues. This day is a testament to the resilience and spirit of the Vietnamese people. We are proud to recognize this important day alongside our global family, underscoring our commitment to celebrating the unique backgrounds and cultures that strengthen our team. Here's to our Vietnamese colleagues and the continued journey of unity and growth! #Togetherness #Diversity #GlobalCulture #360F #VietnamNationalDay #TeamSpirit #GlobalUnity Michael Gerber Anirudh Somani, FIA, MQF Duy Nguyen Thuan Nguyen Khoa Le Chau Dang Toan Tran Bao Quách Cường Truong Dinh MaiLinh Nghiem Saksham Bhardwaj Chenqiao Yin Lily A. Shreyash Agarwal Juliana Zainal Aishwarya Raman Preeti Khemlani

𝐂𝐞𝐥𝐞𝐛𝐫𝐚𝐭𝐢𝐧𝐠 𝐆𝐥𝐨𝐛𝐚𝐥 𝐔𝐧𝐢𝐭𝐲 𝐚𝐭 360𝐅!   At 360F, we pride ourselves on fostering a culture that values togetherness and diversity. As the world grows closer, so do we, embracing and honoring the cultures and traditions of our team members, no matter where they are.   This August, we celebrated not just one, but two significant milestones: Singapore's National Day and India's Independence Day. These occasions remind us of the incredible journey each nation has undergone, marked by the sacrifices of their leaders and the resilience of their people.   During our recent MeetU, we took a moment to honor these remarkable events. We remembered the heroes who shaped the futures of both India and Singapore, and we came together as one global family to wish our colleagues well.   At 360F, we understand that true strength lies in unity. No matter where our team members are in the world, we make it a point to celebrate the important moments in their lives, acknowledging the rich tapestry of cultures that make us who we are. Here's to celebrating how far the world has come, and to the continued journey of unity and growth!   #Togetherness #Diversity #GlobalCulture #360F #SingaporeNationalDay #IndiaIndependenceDay #TeamSpirit #GlobalUnity Michael Gerber, Anirudh Somani, FIA, MQF, Saksham Bhardwaj,Chenqiao Yin, Juliana Zainal, Lily A., Shreyash Agarwal, Shandiya Subramaniam, Aishwarya Shah, Preeti Khemlani,Duy Nguyen, Thuan Nguyen, Bharadwaj Venkateswaran, Khoa Le Chau Dang, Toan Tran Bao,Tự Phan Huy, MaiLinh Nghiem, Quách Cường, Truong Dinh, Tai Nguyen, Thuan Nguyen, Anil Singh.

𝐈𝐬 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞'𝐬 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐡𝐫𝐢𝐯𝐢𝐧𝐠 𝐀𝐦𝐢𝐝 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐆𝐫𝐨𝐰𝐭𝐡? Singapore’s life insurance industry has seen remarkable growth, with weighted new business premiums surging by 30.4% in the first half of 2024, totaling S$2.86 billion. This impressive performance reflects the nation's expanding economy, which outpaced expectations in Q2. The demand for both single and annual premium policies has soared, driven by the increasing need for savings and protection. Notably, single-premium policies jumped 32.9%, while annual premiums grew by 29.3%. As the industry continues to thrive, it’s clear that Singaporeans are prioritizing their financial security, with over 71% of residents now covered by Integrated Shield Plans. An impressive S$10.96 billion was paid out to policyholders in just the first half of 2024, with over 90% of claims linked to maturing policies and the remainder towards protection claims. The life insurance sector continues to be a cornerstone in securing the financial future of Singapore’s citizens. But as healthcare costs are projected to rise by 10.7% this year, the industry faces the challenge of balancing accessibility and affordability. How will the industry adapt to ensure sustainable growth while keeping premiums in check? At 360F, we are optimistic about the future of insurance in Singapore, particularly as the industry shifts towards personalization. The next big trend lies in meeting the evolving and personalized demands of customers, ensuring that their needs are not only met but anticipated. https://lnkd.in/g2DpWec8 #SingaporeEconomy #LifeInsurance #FinancialSecurity #EconomicGrowth #InsuranceTrends #HealthCoverage #InsuranceInnovation #WealthProtection #HealthcareCosts #InsuranceIndustry #FutureOfInsurance Michael Gerber, Anirudh Somani, FIA, MQF, ALEX KING, Jonathan Matchett, Simranjit Singh, Jeff Ang, Simon Cooper, Kah Siang Khoo, Hock Seng Khor, Sze Keed Wong, Pearlyn Phau 

360𝐅'𝐬 𝐉𝐨𝐮𝐫𝐧𝐞𝐲 𝐭𝐨 𝐕𝐢𝐞𝐭𝐧𝐚𝐦: 𝐔𝐧𝐢𝐭𝐢𝐧𝐠 𝐓𝐞𝐚𝐦 𝐒𝐩𝐢𝐫𝐢𝐭 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐀𝐝𝐯𝐞𝐧𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧! During our most recent business trip, we discovered that the path to solidarity is just as pleasant as the destination itself. The economic centre of Vietnam is Ho Chi Minh City, originally known as Saigon. It is a hive of activity, innovation, and traffic—lots of traffic. Every encounter, from off-site meetings to recreational pursuits like axe throwing and culinary workshops, has strengthened our links and stoked our shared enthusiasm. As a team, we have been genuinely enhanced by the smiles, obstacles surmounted, and fresh insights obtained. At 360F, we firmly believe that keeping a healthy life outside of work and encouraging camaraderie among our colleagues are important. We have had an amazing experience with lots of love, fun, and excitement from our fellow co-workers during our stay in Vietnam. Stay tuned as we prepare to share a series of captivating posts brimming with fresh insights! Michael Gerber, Anirudh Somani, FIA, MQF, Saksham Bhardwaj, Chenqiao Yin, Juliana Zainal,Lily A.,Shreyash Agarwal, Shandiya Subramaniam , Aishwarya Shah, Duy Nguyen, Thuan Nguyen,Bharadwaj Venkateswaran,Khoa Le Chau Dang, Toan Tran Bao, Tự Phan Huy, MaiLinh Nghiem,Quách Cường, Truong Dinh,preeti khemlani, Tai Nguyen, Thuan, Anil Singh, Jackson Oh

𝐇𝐨𝐰 𝐢𝐬 𝐎𝐩𝐞𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐭𝐡𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲? Open Insurance is revolutionizing the insurance sector by enabling secure data sharing among insurers, third-party providers, and consumers. Imagine having an insurance policy that is not just a contract but a dynamic, personalized product tailored to your unique needs—this is the future that Open Insurance promise By offering a comprehensive view of risk profiles, this innovative approach transforms customer experiences and enables insurers to craft highly personalized products. Driven by open APIs, it empowers insurers to develop groundbreaking solutions that enhance efficiency and foster creativity across the industry. At its core, this advancement promotes transparency and trust. By giving consumers control over their data, it builds a transparent and trusting relationship between insurers and customers. A recent report by Arthur D. Little. Little reveals that 63% of insurance executives see this approach as a key driver of industry growth in the next five years. Additionally, it predicts that it could reduce insurance processing costs by 20% by 2030, revolutionizing efficiency and cost-effectiveness in the sector. Globally, we see compelling examples of Open Insurance in action. In Singapore, government API integrations like SGFinDex—with over 30,000 monthly active users and nearly 1.2 million data retrievals—demonstrate its potential. AI-driven analytics in Singapore facilitate a seamless, three-click insurance purchase journey, revolutionizing the customer experience. Similarly, in Saudi Arabia, the Saudi Data and Artificial Intelligence Authority (SDAIA) has integrated over 1,000 governmental APIs, streamlining the insurance process with rapid, AI-driven underwriting and policy issuance.   Share your thoughts in the comments below! Let’s discuss how this innovation can shape the future of insurance. The open insurance conundrum: Bridging innovation & reality | Arthur D. Little (adlittle.com) #InsurTech #Innovation #InsuranceIndustry #DigitalTransformation #DataSecurity Michael Gerber, Anirudh Somani, FIA, MQF,., Saksham Bhardwaj, Jonathan Matchett, ALEX KING, Andreas Buelow, Arjun Vir Singh, jean-francois Gasc, Arthur Davis, Ronald Engel, Mohammed Basrawi, Mohammed Al Shobani, Tal Hisham Nazer, Akram Moussa, Varun Mittal 海王-米塔尔, Prakash Somosundram, Neal Cross, Aman Narain, Jonathan Swift, Matteo Carbone , Spiros Margaris, George Kesselman, Manisha Seewal