The Asia-Pacific Insurance Sector: An AML Buyers’ Guide

The Asia-Pacific region (APAC) is one of the most attractive markets for the insurance sector. It has a huge and relatively young population that is complemented by several mature and rapidly growing economies. At the same time, the industry faces major challenges. Firms are subject to a growing raft of regulatory requirements which vary across the region. In common with other financial services, the insurance sector has also faced disruptive forces and new market entrants – ‘insurtechs’ – who use new technologies to drive down costs and improve customer experience. Finally, the sector has had to tackle a growing wave of financial and economic crime risks, especially fraud. 

A growing number of firms in the industry have decided that rather than ‘run scared,’ the best approach is to tackle these challenges head-on, especially by harnessing technology to drive down costs and better manage risks. This is most obviously the case in financial and economic crime, where insurance firms have begun leveraging regulatory technology, or ’RegTech,’ to improve onboarding, screening, and monitoring efficiency and effectiveness. 

This guide is designed to help compliance leaders and buyers in the insurance industry as they navigate the process of assessing new solutions. It includes:

• Insights on the latest insurance industry challenges and how these are shaping RegTech requirements.
• Guidance on how to find effective solutions, including key questions leaders should ask with their stakeholders.
• What to look for in vendors and how to assess and implement new solutions.