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Life Health > Life Insurance

How Should A Company Expand Abroad?

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Executive from leading life insurance companies detailed how their companies had made headway in expanding their international business at a conference here.

The discussion took place during the 18th annual executive conference for the life insurance industry sponsored by National Underwriter, a Summit Media company. The panel of executives consisted of Timothy Feige, copresident of Prudential International Insurance; and Greg Boyko, who has served as president and CEO of Hartford Life Insurance K.K. in Japan. Jane Boisseau, cochair of the insurance group of Dewey & LeBoeuf LLP moderated the session.

Among the recommendations the speakers made were:

Create a detailed plan before setting up operations to avoid having to correct mistakes later.

Understand the culture of a country but also maintain the integrity and rules of one’s own company.

Expect slower sustained results rather than immediate earnings.

Learn from local partners, who can ease the transition into a country.

Among the countries in which speakers saw promise are Brazil, China and India. In addition, 2 of the 3 speakers viewed Russia as having potential.


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