On December 11th 2019, China Taiping Insurance UK Co Ltd (Taiping UK) held its 2019 Christmas Broker Event at the Biltmore Mayfair hotel in London and over 120 guests attended this event.
Sheldon Yu – new CEO of the company delivered a keynote speech, where he firstly expressed his gratitude to all the Brokers and their companies for their long-term support to Taiping UK and introduced the recent operating status and future development plans of Taiping Group and the company.
Sheldon Yu pointed out that Taiping UK faced many challenges in 2019 caused by Brexit - the downturn of financial markets, loss of some businesses and the closure of the Netherlands branch. Taiping UK is going through a transformation period, due to management turnover and problems encountered in some scheme business and during this period.
The good news is, Taping UK have made a steady progress in restructuring the company’s organisation, recruiting more people, improving IT capabilities, operation efficiencies and are building a solid infrastructure for the next growth curve.
Sheldon Yu touched upon the fact that the company has learned lessons from some of the problems of the past. Going forward, Taiping UK will strive to achieve the following:
First, the company has shifted the ethos from “Volume to Value”. He explained Value as Volume multiplied by a sustainable Underwriting Profitability. Compliance and quality underwriting are the basic requirements for professional risk managers and profitability is the key condition for a sustainable insurer.
Second, Taiping UK will focus on what they are good at, and extend their boundaries steadily. They will focus on servicing the Chinese community, overseas Chinese and China interests in UK. Meanwhile, they will also continue servicing local corporates, SMEs and affinity groups within the company’s risk appetite and capability.
Third, they are committed to providing better services and support to customers and business partners. At the same time, more resources will be allocated to business partners that create more value together with Taiping UK.
The last part of his speech focused on Taiping UK’s plan for 2020, which included the following points:
The company will strengthen the professional team to manage scheme business, focus on selecting high-quality schemes and enhancing operation efficiency and quality control; They will take more proactive and disciplined approach in working with brokers and writing business nationwide. Several new products will be developed to serve their brokers and meet the customer’s needs; A separate team will be established for developing international business and servicing strategic clients of Taiping Group, leveraging their good relationships with major UK insurers, reinsurers, brokers and large Chinese insurers; The company will launch sales promotion activities, and encourage the underwriting of quality business; They will upgrade IT system, improve level of automation and reduce manual operation. More talented people will be recruited in the future - underwriters, claim handlers, risk managers, financial experts, etc.
According to Insurance Post Magazine, based on gross written premium in 2018, Taiping UK ranked 66th among the top 100 UK insurers. In August, Fitch ratings affirmed Taiping UK’s insurer financial strength rating at ‘A-’ and the outlook is stable.
Two awards were presented at the event, including “Most Consistent Performance Broker” and “Best Account Development Broker”. The nominees for “Most Consistent Performance Broker” were: Franvale Ltd, R W Mott & Partners and Mei & Ken, and the award was presented to Mei & Ken. “Best Account Development Broker” nominees where: Japan England, Giles Insurance Consultants and Risk Alliance, and the award was presented to Risk Alliance.
The event sent a clear and accurate message to the market, boosted the confidence of various agents and brokers of Taiping UK, and laid a solid foundation for business development in 2020.