HONG KONG, April 5, 2018 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of its latest report, "Enterprise risk management: Global best practices and key challenges in Asia." The study examines the evolution of the risk function and risk management best practices among leading life insurers in the region. It also assesses the position of Asian life insurers on the journey toward global best practices of risk management capabilities, from viewing risk management as a control function to becoming a provider of value-added insights to the business, to ultimately assuming a leadership role as a business partner advising on key decision-making. Key challenges and areas of focus for the development of risk management in Asia are also discussed. The study includes an analysis of observations from interviews with leading life insurers representing 12 of the largest markets in Asia, results of a pulse survey, and Milliman global and regional insights in this area.
"Risk management is a fundamental responsibility of boards and senior management of insurance companies," said Milliman Principal and Consulting Actuary Paul Sinnott. "In addition to providing assurance to shareholders, holistic risk management improves the overall health of a life insurer and its ability to deliver on policyholders' claims, giving them a stronger value proposition for future business."
A few highlights and insights of the study include:
A copy of the report is available for download on http://www.milliman.com/insight/2018/Enterprise-risk-management-Global-best-practices-and-key-challenges-in-Asia/.
About Milliman
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe including multiple offices in Asia & the Middle East. For further information, visit milliman.com