Financial Risk Solutions (FRS), an Ireland-based provider of software for the insurance industry, has opened its second office in Asia at the International Commerce Centre in Hong Kong.
The new office is part of FRS’s push to expand in the region, given the rapid growth of the life insurance industry. Previously, the company opened its Southeast Asian headquarters in Kuala Lumpur, Malaysia. According to Hong Kong’s Insurance Agent Registration Board (IARB), total gross premiums of the Hong Kong insurance industry increased by 20.7% to US$451.7 billion, in 2016. Meanwhile, research by Munich Re shows that many of Asia’s emerging markets grew more than 10% for 2017-2018. The same research estimated Asia’s market share of the global insurance industry at 21.4% by 2025.
Present at the opening ceremony was Simon Coveney (pictured left), Deputy Prime Minister of Ireland. The event coincides with the month-long Hong Kong and Macau Irish Festival, which celebrates Irish culture and develops business and investment ties between the markets.
“This marks an exciting time for the company as we expand further to service our clients in Asia’s thriving life insurance market,” said Matthew Baldwin (pictured right), managing director for Asia at Financial Risk Solutions.
“Our Robotic Process Automation (RPA) fund administration software has been well received with regional life insurers. We are extremely encouraged by this response in the large populous Asian markets, where pensions are a huge agenda point for both government and individuals making appropriate provision for their old age.”
According to FRS, it is currently in talks with six leading insurers across the following markets: China, Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
