Top industry leader to speak at Insurance Asia Forum in Manila

Etiqa Philippines President and CEO Rico Bautista will discuss industry challenges and insurtech initiatives to aid in decision-making processes.

Etiqa Philippines President and CEO Rico Bautista will be suiting up for the upcoming Insurance Asia Forum in Manila on 3 October to address major issues being faced by the industry, particularly the global adoption of the new accounting standard.

“The entire insurance industry... we are all preparing for the IFRS 17,” said Bautista in a recent interview with Insurance Asia, as he referred to the impending adoption of the International Financial Reporting Standard 17 (IFRS 17) by 2025.

He underscored that this new accounting standard would affect both life and non-life policies, so insurance companies need to prepare and conduct parallel runs well before the implementation date.

At the Manila forum, Bautista will be speaking not only as the head of the insurance arm of Maybank and the leading ASEAN insurer in the Philippines, because he has also been the president of the Philippine Life Insurance Association since 2002.

“I will provide updates on the latest developments in the life insurance industry, addressing the pressing issues we are currently tackling,” said Bautista. “Second, there are several regulatory issues that we are also facing in the life insurance industry.”

On these points, he said fostering dialogue with regulators is crucial to addressing these challenges effectively.

Meanwhile, Bautista plans to share Etiqa Philippines’ digital transformation journey as he emphasises the need for insurance companies to embrace technology.

“As the CEO of Etiqa Philippines, I will shed light on how we leverage technology to distribute our products effectively,” he said.

He noted that the insurance industry has been relatively slow in adapting to technological advancements compared to other sectors. So, he would be presenting at the Insurance Asia forum a use case from Etiqa Philippines, showcasing how technology can enhance accessibility to insurance coverage for Filipinos, particularly for their assets.

As an insurance industry leader, Bautista said he hopes to equip attendees with practical examples of how technology is transforming the sector.

Apart from comprehensive updates on the life insurance industry and insights into regulatory challenges, his expected contribution to the Manila forum is a wealth of valuable knowledge and actionable points that aid in decision-making processes amidst the evolving insurance landscape.

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