About this event
Another productive day in Hong Kong last week, working together with friends and family across the evolving insurance ecosystem! The FinTechO2O Global Summit followed hot on the heels of BlockO2O Blockchain Summit, with both events co-organised by NexChange and Cyberport in Hong Kong.
From left: Simon Phipps [Head of Asia, Global Development & Blockchain, The Digital Insurer], Scarlett Chen [Regional Director, Strategic Investment, Prudential Corporation Asia], Andrey Rodlonov [Asia Project Head, StartCASCO]
The Digital Insurer was delighted to run the main stage panel discussion on “Insurtech – Making Insurance Ubiquitous”. Scarlett Chen from Prudential Corporation Asia and, Andrey Rodlonov from StartCASCO, did a great job of bringing the topic to life, sharing corporate and Insurtech perspectives on what ubiquity means for insurance, and some of the opportunities and challenges that this entails.
TDI’s InsurTech framework, developed in conjunction with ITR Connect*, anchored much of the discussion, with the panel agreeing that most of the Insurtech activity seen to date typically falls into the category of Value Chain Innovation (using technology to transform existing activities) or New Digital Business Models (disrupting the status quo by using technology to do different types of insurance, in different ways). Whilst much of the early Insurtech hype and media headlines focused on New Digital Business Model examples, the majority of Insurtech and insurer activity, as well as deal-flow, now sits firmly in the Value Chain Innovation space.
Prudential is selectively partnering with Insurtechs to help deliver better customer propositions in more efficient ways, with Scarlett sharing the recent example of their partnership with Prenetics and MyDNA to help PCA customers lead healthier lives.
Andrey outlined the success of StartCASCO in Russia, a cutting-edge usage-based insurance (UBI) telematics solution for motorists, bringing to life the prospect of fairer-value, dynamically-priced coverage for drivers, whilst at the same time offering the opportunity to insurers of improving driver behaviour whilst reducing costs.
Beyond our panel, the broader agenda saw a healthy mix of topics ranging from AI as a Service to Blockchain applications for Consumer Finance, engaging debate amongst attendees from all around the world.
A shout-out is much-deserved for Andrew Work, who did an awesome job of moderating over the two days.…great job Andrew!
Next up for me will be the LIMRA Asia Distribution Conference in Bangkok….
*ITR Connect is a new Company launching shortly that will be focusing on helping insurers, insurtechs and investors make better partnering / investment decisions, quicker and more efficiently, through quantitative and qualitative analysis that will include a proprietary comparative rating engine. For more details of this subscription service, which will be soft-launched soon, please contact [email protected]