Asia Lab – Allianz Digital Innovation Hub

Asia Lab will seek to harness digital innovation and advanced analytics to deliver intuitive solutions for the company’s 18 million customers across APAC .

Allianz, which serves 14 markets across Asia-Pacific, has launched its Digital Innovation Hub called Asia Lab in May 2016, which it says will seek to harness digital innovation and advanced analytics to deliver intuitive solutions for the company’s 18 million customers across APAC.

Established with support from the Monetary Authority of Singapore, Asia Lab will focus on understanding customer behaviour and connected analytics – from identifying fraud to improving healthcare and developing new telematics solutions. It will also work closely with Asian startups, enterprises and institutions to share insights and expertise, as well as incubate and develop globally scalable market concepts and prototypes. The lab also plans to link up with Allianz’s other entities in similar space such as the Allianz Digital Accelerator for better outcomes.

George Sartorel, regional CEO of Allianz Asia-Pacific has encapsulated Allianz’s approach to digital insurance in the region: “We are on a journey to build the next digital model for insurance. If we don’t do it, others will. The Asian consumer is digital savvy and things can move faster in Asia than Europe. There is more entrepreneurial movement here.”

Benefit to Customers

• Cheaper premiums and never seen before coverage.
• Better experience and need based insurance.
• Personalisation, higher transparency and simplicity of access.

Benefit to the Insurer

• Globally scalable product ideas
• Harness digital innovation and data analytics to design “intuitive solutions” in the fields of healthcare, mobility and smart city-living.
• Data mined from the innovation hub will help with premium prices, product packaging and early detection of frauds

The insurance business model has not changed fundamentally since inception and is still based on more or less the same products, services and distribution channels as in the past. But initiatives such as the “Digital Innovation Hub” are attempting to change the status quo. Since Innovation Hub’s key priority is to understand everything about the customers, Allianz can build upon its strong market position developed over the last 125 years, and pre-empt and deliver new products through new channels to customers in the emerging digital landscape.

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