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.