For some time now, the growth trajectory of South-East Asian insurance markets has been characterised by low penetration, a burgeoning young population and an expanding middle class. Aisyah Muhammad Fuad, senior client manager and team lead at Swiss Re Asia, believes the reinsurer will play an integral role in the region’s insurance growth story over the next few years.

Operating out of Singapore, Aisyah predominantly serves the markets of Indonesia and the Indian subcontinent. She describes the two regions as ‘very special, with clients that value long-term relationships’. 

‘Swiss Re aspires to be the go-to partner for insurers in these markets, whether their needs are traditional or bespoke, and for new product innovations suited for digital insurance opportunities,’ she says. 

‘Our vision is to work with leading insurers to increase insurance protection and access.’

She adds that the diversity of the people and business environments of the South-East Asian markets is exciting to navigate. ‘I consider the work meaningful, and I am proud to be doing it.’ 

Risks and opportunities

Aisyah points to digital and embedded insurance as the main opportunities for early movers trialling options for improved customer experience and access to insurance in the region. 

Key risks include changing climate patterns and how they present in the frequency and severity of weather-related claims. 

‘Modelling these changes in the South-East Asian markets is not straightforward, thus pricing adequacy is always an interesting discussion as there are varying views between industry players,’ she says. 

‘It is an opportunity, though, to make a case for higher reinsurance protection and explore alternatives such as parametric-based risk-transfer mechanisms working with both the private and public sector.’

Learning to lead

Aisyah has always aspired to learn the elements of strong leadership and admires people who can bring others together to work towards an objective, irrespective of title or position. 

‘When done well, leadership usually means bringing the best out of people to do good work together,’ she says. ‘In the context of reinsurance, as capital has poured in over the last few years and there are increasingly varied players entering or complementing the industry [such as insurtechs], the ability to harness skills, motivations and backgrounds will become more pertinent for business success.’

As a leader herself, Aisyah says she naturally gravitates towards ‘coaching and motivating by understanding people’s goals and values’. 

‘But leadership is much more than that, and different styles may be more appropriate for 
different situations,’ she adds. ‘By many measures, I am learning to be one, and I am not sure there will ever be an end to this learning.’

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