It has been five days since the start of 2024, and the insurance world has already been abuzz with activity as the industry welcomes a brand-new year. While most look towards reinsurance renewals – given that their implications will set the tone for the next 12 months – there has also been a lot of talk around the outlook around segments and regions and how each will fare for the next year or so.
Unlike many others in the industry who have been more restrained in their outlook for 2024, Clearwater Analytics APAC insurance director Thomas Marlatt (pictured above) seemed a lot more excited in his conversation with Insurance Business Asia. Discussing the passion that will ultimately drive Asia’s insurance market, Marlatt recounted what he saw in 2023 in terms of the individual attitude and talent.
“It just feels like a new generation of people that are excited about transforming and making the global insurance market a place where, people just graduating out of college or going into college, they think, ‘I want to be in the insurance field,” Marlatt said.
“I heard someone once say, ‘we all land in the insurance space by accident.’ It’s not planned,” he said. “But I think the level of talent and passion I've seen in this industry – passionate leaders – are going to lead us into new ways of thinking about insurance, and how it can be a leading industry rather than a conservative or a secondary choice.”
In December, Clearwater Analytics released a survey that delved into the mindset among insurance decision-makers in Hong Kong and Singapore. Among its most notable results is the finding that there is an anticipation of a rise in mergers and acquisitions, a trend that is very reliant on having the right people and talent in place.
With these pieces in place, Marlatt expressed his confidence in the industry gathering a greater pool of talent in the region.
“So, from that, I would expect a lot more people – talented, skilled people – to be moving or migrating into the insurance world, which will then cascade into great momentum, to more passionate thinking people, more great ideas, and more revolutionary thinking. That, to me, is very exciting,” he said.
Marlatt also acknowledged a dry spell in terms of talent in Asia, particularly in Hong Kong and Singapore. However, he expressed optimism that this year will be different, and that 2024 and beyond will present access to a greater pool of talent for the region’s insurance industry. This optimism is not completely unfounded – Sompo International, a giant in the space, has also looked towards talent as the defining factor that will make the current year a great period for the industry.
“My second thought is that we are going to be generating a lot more interest globally, specifically in the markets of Hong Kong and Singapore insurance. The APAC conversation for global companies is increasing, and more insurers want to put more money and more resources into APAC. That can only help us,” Marlatt said.
“So, my thoughts are, for this year, that we're going to have a really great year from an insurance perspective,” he said. “And I believe that APAC will be set up to lead the world as the dominant insurance market, at least, when it comes to the growth and the trending scale. It may never surpass US or Europe in terms of sheer size, but certainly in the growth perspective, I think we're going to see APAC become a leader.”
Part two of Marlatt’s interview with Insurance Business Asia – going over M&A, regulatory, and AI activity in the region – will appear in the coming weeks. Stay tuned.
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