Aberdeen Standard Investments
Redefining investment for the New Insurance World: new business models, asset classes and solutions-based investment approaches.
Bruce is an Investment Director at Aberdeen Standard Investments (ASI), the investment business of Standard Life Aberdeen plc (SLA), where he is leading and developing ASI’s global insurance solutions proposition and business
Over his career with Standard Life Aberdeen, he has gained experience in marketing, corporate finance and international business development, especially his early involvement in the development of Standard Life Aberdeen’s successful Indian life insurance and asset management JVs with HDFC.
He gained banking experience in a retail mortgage bank start-up at Standard Life Aberdeen and has broad risk management and regulatory development experience, especially Basel II and Solvency II. He Chaired the Association of British Insurer’s Solvency II Committee and worked with the European insurance industry and institutions on the delivery of a satisfactory Solvency II outcome.
At Tillinghast, Bruce gained experience of global insurance M & A, corporate restructuring and market entry.
Bruce graduated from Edinburgh and Cambridge Universities with degrees in Mathematical Statistics, is a UK and Indian actuary and a Council Member of the UK actuarial profession. He has published a highly regarded book on Economic Capital which has been translated into Mandarin and used extensively in the Chinese market.
The global insurance industry is facing well documented and mutually reinforcing challenges of low bond yields, unstable market volatility, market and risk based solvency and accounting regimes as well as intense competition from banks, wealth and asset managers, digital disrupters and especially as customer propositions converge.
How can insurers survive and prosper in this challenging and hostile market environment?
ASI is a large global manager of insurance assets (£300 bn managed for circa 120 Asian and global insurance clients). As a consequence, ASI has a great vantage point to observe the challenges facing the global insurance industry and, in particular, has real hands-on experience of the types of investment solutions that insurers are implementing globally.
ASI is also a member of the Standard Life Aberdeen (SLA) group which contains the highly regarded European insurer Standard Life, the market leader in new insurance long term savings, investments and drawdown propositions. Over a 25 year period, Standard Life has transitioned from a UK focused mutual life insurance firm selling high guarantee, high commission traditional insurance products through the broker channel, whilst de-risking its balance sheet in the process, to a business offering sophisticated risk aware, capital-light, investment, savings and drawdown propositions, all distributed using a transparent fee-based distribution model with an increasing digital focus.
At the heart of this model, and crucial to its success, is access to an asset manager, ASI, capable of providing the value-adding asset solution componentry needed to support this new insurance model.
On the investment side, insurers need to find new asset classes and investment solutions that generate good returns whilst meeting their ALM/capital requirements to efficiently manage risk and so capital. This is an area where ASI has significant practical experience, both in managing Standard Life’s assets, and also those of its many global insurance clients.
In this presentation, we will cover the above topics, particularly the risk-aware, outcome based investment solutions that we have implemented for our global insurance clients.