Insurance software provider Financial Risk Solutions (FRS) has opened offices in Hong Kong and Malaysia, its first offices outside Europe.
The Dublin-based firm, which specialises in unit-linked investment administration and compliance oversight software, conducted extensive research before expanding to Asia. It met with 25 insurance companies and 15 asset managers over an 18-month period.
The new offices are located at International Commerce Centre, Hong Kong and Menara Darussalam, Kuala Lumpur. These facilities will greatly expand FRS’s footprint in the rapidly growing markets of Asia.
According to FRS’s research, Unit Linked Insurance Plans (ULIPs) or Investment-linked Insurance Plans (ILPs) are growing significantly at a rapid pace. This presents challenges for life insurers to scale operations in a robustly controlled risk environment, a key regulatory concern.
“This has been an exciting year of growth for FRS in terms of new geographies - particularly the growing Asian life insurance market,” commented Peter Caslin, founder and CEO of Financial Risk Solutions.
“FRS has met with many of our regional colleagues through events across Asia. Our reputation for market-leading software solutions has resulted in numerous new relationships, and we look forward to expanding our service to our Asian partners.”
A study published by
Munich Re estimated that Asia’s merging life insurance markets growth rate will exceed 10% in 2017-2018. It also projected for Asia to make up 21.4% of the global insurance industry by 2025.
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