Collaborating with Insurtech-ers, Process Automation, Health Technology, Cyber Risk and Artificial Intelligence are some of the key focuses an insurance player should know before heading for the real game. Dive deep in our line-up to get a slice of insurTECH Asia 2020.
The digital insurance podium will continue as a major contributor of growth in the insurance sphere internationally. According to the Department of Statistics, Malaysia (DoSM), revenue of e-commerce transactions has been on the rise annually by 6% to almost RM 50 billion per annum. With Europe already showing almost 50% of insurances being bought via aggregator portals versus the traditional agency channels, could we see an increasing demand for aggregator portals in Malaysia? Hear from the professional on:
Data analytics seems to be the element that is pivotal in almost any industry. Having said that, is there a major battle brewing between the roles of statistical analysts and pricing actuaries? As automation is setting sail in the insurance industry, could statistical wizards push pricing actuaries out of a job? Who is the real wizard in pricing the deal? This panel will be discussing on:
Having access to proper healthcare has been a global debate and insurers have been trying to provide adequate solutions to allow for that. However, with recent times, the hike in global pricing for medical insurance is making this possibility a distant dream for many as they are unable to afford these insurances. Could a healthy relationship between insurers and healthcare providers by a technological marriage be the key in bringing down global pricing for healthcare insurance? This session will discuss on:
The future of wearable devices is showing no signs of slowing down. Insurtech has allowed insurers and healthcare providers to gain more access to customers’ information for an in-depth understanding of their behaviour pattern which could translate to improving care. The growing demand for this device has produced a boom in the market with insurers seeking to supply wearable health technology to their customers. According to reports from MarketsandMarkets, this technology is expected to reach $51.6 billion within the next three years. Hear from the expert on:
Gibraltar BSN bagging the ’Digital Insurer of the Year’ wow-ed the judges with their initiatives via their WhatsApp e-policy. WhatsApp is used every second of every day just proves the ‘checkmate’ move taken to ensure the customers will be aware of their protection from the moment it is approved - cutting off the never-ending paper work. The ability to engage with Gibraltar BSN’s chatbot, Gibraltar INtelligent Assistant (GINA) seems to be the icing on the whole digital initiative cake. This sessions elaborates on:-
Areas of insurance needs some jazzing up to avoid hanging on to customers by a thin thread. Being the buzz word on everyone’s lip, this substantial paradigm has to move forward in order to upkeep the speedy advances and to continue in retaining satisfied customers for the next 100+ years to come. Insurance sectors require to adapt technologies behind the scene as well with the type of product design and not forgetting the pricing strategies. We are present in an industry conquered by legacy technologies and actuaries have worked with yesterday’s tools long enough. Change is now. The experts will be elaborating on:
Panelist:
Director of insureKU, Malaysia
Looking out for the people is what India is best at - insurance is no exception. With a universal platform, Symbo opened doors to insurers to be on top of their game by equipping them with the relevant technology in providing a customized service to their customers. The revolution doesn’t stop there and it keeps developing by the minute. One of the latest features from their award-winning product allows customers to utilize the Optical Character Recognition (OCR) technology with immediate motor insurance quotes with just a click of the vehicle license plate. Symbo’s expert talks on:-
CEO & Head of International, Symbo Insurance, Singapore
The integration of the telematics technology is the newest revolution in the motor insurance industry. Berg Insight stated in their survey that the telematics systems installed in vehicles are to reach 238 million units by the year 2023 from 49 million in 2017. Insurtech has acknowledged the data in motor insurance as a developing trend and it has created a veritable tsunami of data through customers’ vehicles making the prerequisite hardware for insurance telematics universal. The expert will be discussing on:
As financial wizards have been dictating the importance of insurances for the “daily man” and with growing awareness of the need for insurances among the people, would the use of micropayment gateways allow for insurances to be more accessible to people? As the dawn of the Superapp is happening, would the adding of insurances and related services increase the demand of these apps? With more payment options being made available with these micropayment services and as they increase in human reach, would it translate to an increase in distribution which could lower the cost for the “daily man” in obtaining adequate insurance? Could the synergy create the ultimate “must have” Superapp? Hear from the expert on:
Cybersecurity is no longer viewed as only an IT problem but it has become a major risk for various other sectors – including the insurance industry. The breaching of data is slowly becoming the biggest regulatory headache for most business sectors. The dependency of technology in insurtech is more vulnerable to hackers. Although the data migration from traditional to digital is inevitable, security measures have to be in place to ensure that no party gets compromised. This panel discusses on:
Panelist:
Cyber Product Head Asia Pacific, Chubb Asia Pacific Pte Ltd, Singapore
With an evolving digital landscape and the rapid proliferation of sophisticated cyberattacks, security can no longer be relegated as an afterthought by organizations. Cyber insurance market is foreseeing a growth of 26.3% CAGR between 2020 and 2030. Insurances exploring a tryst with automation and emerging technology displayed nothing but enhancement to their network. However, with the increase in ransomware attacks, the insurance industry has got to buck up in protecting confidential data as cybercriminals will always find a way to gain access to the network remotely. The expert will elaborate on:
Cyber Product Head Asia Pacific, Chubb Asia Pacific Pte Ltd, Singapore
Insurance companies consider collaborating with insurtech companies as this partnership can aid in fast tracking their journey to the digitalization era. McKinsey has evaluated that less than 10% of insurtech companies are looking for discrepancy in the insurance business model, while nearly two-thirds centers on particular parts of the value chain, targeting to integrate with well-known insurers. The question is no longer insurtech versus traditional insurer but on how these two can pull forces in creating tangible value for the customers. Our experts will be speak on:
President, Head-Technology, Digital Sales, Travel, Bajaj Allianz General Insurance Company Ltd, India
Steering with insurance policies isn’t always a straightforward system depending on the various variables to consider per customer. The penetration of coronavirus (Covid-19) into the world has had an unprecedented effect on global travels with citizens quarantining themselves from any measures of travel. Foreseeing the spread would diminish a lot slower than expected, travel insurers need to step up their game as the impact they are about to be bombarded by is HUGE. Our experts will speak on:
Panelist:
President, Head-Technology, Digital Sales, Travel, Bajaj Allianz General Insurance Company Ltd, India
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