Mr Rudy Wuwungan, former CEO of PT MAREIN, ex-Secretary General of the ASEAN Insurance Council, and Lifetime Achievement Award Winner of Asia Insurance Industry Awards, has passed away. Though aged over 70, he had not retired from the industry. He spent more than 45 years in insurance and saw himself as an “obedient servant of the insurance industry”.
He was renowned as an active leader fiercely devoted to the insurance industry right up to his last days.Setting up an insurance research centre in Asia was one of his pet calls. As a member of the Supervisory Board of Indonesian Senior Executives Association (ISEA), he had been planning a public launch of the book on the Asean Economic Community (AEC) at the Asian Motor Insurance Conference next week (18-19 May) in Jakarta. He was also in the midst of setting up a “group of insurance wise men” for the AEC.
Pak Rudi started his insurance career in Malaysia, and then moved to Germany and Hong Kong before returning to Indonesia to join PT Maskapai Reasuransi Indonesia Tbk (PT MAREIN) in 1979, including making the company public. One of his major contributions was encouraging the young by providing them with opportunities. As a veteran, he had many suggestions and projects that he promoted for Indonesia, Asean and Asia.
Pak Rudi served a stint as Honorary Secretary-General of the Asean Insurance Council and as a member of the Supervisory Board of the Asosiasi Asuransi Umum Indonesia (AAUI or Indonesian General Insurance Association).
He was also an active Chairman of PT Asuransi Wuwungan. He spearheaded the publication of several important insurance research including the Sejarah Asuransi Indonesia (The History of Insurance in Indonesia) and the AEC Book.
Our deepest condolences to the family of Mr Rudy Wuwungan.
Source: eWeekly
Showing posts with label Asia insurance. Show all posts
Showing posts with label Asia insurance. Show all posts
Sunday, May 10, 2015
Wednesday, April 29, 2015
Asia: Trust is the key for insurers
The insurance industry should focus on the effectiveness of its advice rather than just distribution reach, according to AIA's Group Chief Executive & President, Mr Mark Tucker, in Singapore yesterday, emphasising the need for insurers to gain and maintain trust.
Making a summit keynote speech at the opening of Asia Insurance Review’s 25th Anniversary Summit, he said that insurers should not be complacent in discharging their responsibilities to consumers. Instead, they need to uphold the trust of consumers and also restore the faith of regulators in order to reaffirm the benefits which insurance brings to society.
He added agents and financial advisors are the “unsung heroes” of the life industry, and their role will not be usurped, but rather enhanced by technology.
“The evolution of agents, yes; revolution, no,” he said.
“They remain a key touch point, the element of human trust is irreplaceable…but they must know they are advocates of financial literacy and security, not just a company representative out to sell.”
Talking about the chain of trust within the insurance eco-system, he said the trust between regulators and the industry needs to be “restored and repaired” in the wake of the 2008-09 global financial crisis. Reiterating that the industry does not pose a systemic risk, he said the regulatory pendulum has swung too far the other way which could impinge on economic growth.
“Restrictive capital regimes in Europe and North America if followed here will restrain growth in Asia. I must congratulate the regimes in Singapore and China, and their approach towards regulation which takes into consideration local factors should be emulated in Asia.”
Mr Tucker added: “Both regulators and insurers have a common responsibility to preserve the economic health of our societies, so trust is a necessity. Mistrust will lead to higher costs for all involved…so we need to work together to bring the pendulum back closer to the centre.”
Source: eDaily
Making a summit keynote speech at the opening of Asia Insurance Review’s 25th Anniversary Summit, he said that insurers should not be complacent in discharging their responsibilities to consumers. Instead, they need to uphold the trust of consumers and also restore the faith of regulators in order to reaffirm the benefits which insurance brings to society.
He added agents and financial advisors are the “unsung heroes” of the life industry, and their role will not be usurped, but rather enhanced by technology.
“The evolution of agents, yes; revolution, no,” he said.
“They remain a key touch point, the element of human trust is irreplaceable…but they must know they are advocates of financial literacy and security, not just a company representative out to sell.”
Talking about the chain of trust within the insurance eco-system, he said the trust between regulators and the industry needs to be “restored and repaired” in the wake of the 2008-09 global financial crisis. Reiterating that the industry does not pose a systemic risk, he said the regulatory pendulum has swung too far the other way which could impinge on economic growth.
“Restrictive capital regimes in Europe and North America if followed here will restrain growth in Asia. I must congratulate the regimes in Singapore and China, and their approach towards regulation which takes into consideration local factors should be emulated in Asia.”
Mr Tucker added: “Both regulators and insurers have a common responsibility to preserve the economic health of our societies, so trust is a necessity. Mistrust will lead to higher costs for all involved…so we need to work together to bring the pendulum back closer to the centre.”
Source: eDaily
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