Focus on employee benefits trends in the Chinese market

A fascinating day at the MAXIS event in Beijing

We were delighted when our local insurer, ICBC AXA and our partner PARIMA (Pan-Asia Risk and Insurance Management Association) joined Juliet Kwek, Asia Pacific Regional Director, her team and a large number of multinational clients at the Grand Hyatt in Beijing on 8 August 2019.

We asked several industry experts to come and talk to our guests about trends in the employee benefits space with a special focus on insurance captives and the Chinese market. Over the last few years emerging risks have resulted in a number of new challenges for multinationals and insurance captives are one of the solutions organisations can take advantage to help manage these risks.

Keith Xia, Chief Risk Officer of Onehealth Healthcare China inspired the audience with his views on captive programmes and how to work with CFOs to implement these solutions. He gave recommendations on writing EB captive programmes and advised as to what HR should take into account when presenting such a business case to risk officers.

Shiwei Jin, the Global Programme and Captive Regional Director from AXA XL, explained the benefits of reinsuring global programmes through captives to control cost, strengthen governance and access better quality data.

Edward Wu, Managing Director, Captive and Mutual Practice, Willis Towers Watson, China, also gave a presentation on the key roles of captive such as risk management, insurance centralisation, insurance cost reduction, and the efficient of claims management. He focused on the Asia market and mentioned the four major cities to focus on: China, Hong Kong, Singapore and Labuan.

Speaking of the future, our guests also heard from Dr. Zhao from the Peking University who came to talk about big data strategies for insurance companies.

And last but not least, Juliet presented the findings of the latest MAXIS whitepaper on health and wellness at work and interviewed Enoch Li from Bearapy to discuss the importance of mental wellness at work, giving a fascinating insight about the cost of poor mental health for companies.

It was a great opportunity to catch up with our Beijing based clients and we are looking forward to organising more informative and productive events in the region very soon. We’ll be in touch!