The development plan of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) proposes supportIng the establishment of foreign insurance institutions in some regions, which will benefit foreign companies like MS&AD Insurance Group Holdings, Inc. In Yasuyoshi Karasawa, MS&AD President & CEO's opinion, Guangdong's financial industry needs to further enhance its risk control ability and promote innovation in products, services to cope with fierce market competition.

Guangdong can learn from Tokyo Bay Area's advanced disaster prevention and risk management strategies. With an enhanced ability to prevent risk, the GBA will be better able to develop quality city clusters for work, life and leisure.

[Yasuyoshi Karasawa, MS&AD President & CEO. Photo provided to newsgd.com]

According to Yasuyoshi, Guangdong currently pays a lot of attention to the risk and challenge companies face when they are going global. A lot of work have been done to improve these companies' risk management such as establishing a partnership system between government, chamber of commerce and insurance company.

In addition to challenges, the opening-up of the financial industry in the GBA also brings a lot of opportunities with relevant supporting policies. It enables Guangdong to ease access for foreign investment, expand the service categories for foreign financial institutions and promote financial exchange and cooperation. Yasuyoshi believes the province can attract more foreign financial institutions to set up an office in the region.

But he offers a reminder that most foreign financial companies care a great deal aboutcompliance troubles. With the development of the GBA and Guangdong's further opening-up, it is necessary to create a free and competitive market environment to gain the trust of investors around the world.

In an era of booming development in Internet finance and insurance, led by Internet giants BATJ (Baidu, Alibaba, Tecent, JD), it certainly will bring new increases in profit and have a knock-on effect on the Internet side of traditional insurance companies.

"I think it will promote the development of the online insurance industry as well. The Insurance industry should both conform to development trend and figure out something new to further improve the customer experience, ultimately achieving a win-win business relation," said Yasuyoshi.