About this event
Watch Webinar Replay
View the slides
Webinar ID : 890-4544-2408
Please join us for this 90 minute webinar at the launch of the Singapore FinTech Association (SFA) InsurTech Sub-Committee to find out the plans, get an overview of the InsurTech landscape in Singapore and globally and hear from some industry veterans in a lively and interactive panel discussion.
There will also be a short update at the end on MAS Support programmes for InsurTechs.
|Opening Remarks||Chia Hock Lai
President, Singapore FinTech Association
|Global Insurtech Review||Simon Phipps
Founder, The Digital Insurer
|Singapore Insurtech Overview and Launch of Sub-committee||Tomasz Kurczyk
Insurtech Sub-Committee, Singapore FinTech Association
Chief Transformation and Digital Officer, AXA
|Acceleration of Digital Trends and the Insurtech Opportunity||Hugh Terry
Founder, The Digital Insurer
|Panel Discussion – Hear Personal Experiences from Industry Veterans||Rosaline Chow Koo
Founder & CEO, CXA
Walter de Oude
Group CEO, Singlife
Head of Product, Symbo
Founder & CEO, PolicyPal
|MAS Support Programme||Chia Hock Lai
President, Singapore FinTech Association
|TDI and SFTA InsurTech Updates|
Timestamp: 0 min to 1 min
Okay, welcome everyone if we could bring up the first slide.
Okay, Rose. Could you bring up the first slide? I can’t see that.
Okay. Hi everyone. Thank you for your time today and welcome to this webinar is insurtech in Singapore, which is going to be a really interesting discussion. And we think it’s a global first the first time an insurtech subcommittee has been launched on a webinar. We’ve got a fantastic panel today and if we can go to the next slide really good strong panel experienced entrepreneurs experience in insurance professionals and you going to hear from all of them if we go to the next Slide the
Timestamp: 1 min to 2 min
Now and we’ve really got some after hook lies given some opening remarks Simon will share his thoughts and the global perspective on insurtech then Tomasz Kurczyk is going to give a Singapore insurtech overview share with you a Singapore ecosystem landscape and also talk about the launch of the subcommittee. Then I’ll just have a short piece around the acceleration of Digital Trends what I’m seeing as insurtech opportunities.
He’s and then over to the panel and we’ve got the four panelists. They’re all two Walter de Oude and Rosaline Chow Koo it who are going to talk about their experience in the insurtech space and then we’ll wrap up with some information on the Singapore fintech support programs and some updates and some polls for you from SFA and also from TDI. So, we’ve got a 90-minute webinar pretty packed agenda we go to the next slide as usual.
Timestamp: 2 min to 3 min
And please do participate so with there’s a Q&A area on Zoom. Hopefully you’re familiar with that. So just post your questions in to QA. The panelists will pick them up or we’ll take a question live also feel free just to use the chat area as well and just say hello to people or shout out as we go along as well. And then later on we’ll have a few poles as well. So, let’s get going and it’s a real pleasure obviously to be here to be Associated. I
It to hand over really to Chia Hock Lai for some opening remarks.
Our thanks Hugh everyone. My name is Chia Hock Lai president of the Singapore fintech Association in by opening. I want to briefly touch on why the insurance industry is usually late in the game of digitalization for those who know me. I spent close to 17 years in the insurance industry. So, I do know a little bit about the industry for example
Timestamp: 3 min to 4 min
But like I used to work on the investment accounting systems for insurance industry. So, I understand that the insurance companies are also big asset management companies right at one point in time in my career. I wrote actual programs. So, insurance industry is very grounded on analytics and math you have to use the various like discounting factors management ratios mortality tables, etc, etc. And
and I also work on the underwriting and claims workbench and that brings me to the point that for Underwriters. They do need to understand a lot of medical terms or the various diagnoses and medical procedures. So that is that partly contributes wide insurance industry usually late in the digitalization journey and
Timestamp: 4 min to 5 min
Some might have heard of this they say that the banks are usually like three to five years late in the digitalization game when compared to the stock brokerage has, we know that the stock brokerage industry has been disrupted in the last internet boom and then 10 to 15 years ago. I think a lot of the banks are already into internet banking and typical say that the insurance
Science Industry will be a list of five to ten years later than the banking industry in adopting digital. So, I would like to conclude by saying that is better late than never. In fact, like by my last row in the insurance industry was being hit over digital office looking at how to implement more digital and more innovative business models in the insurance company, so you
Timestamp: 5 min to 6 min
See that for even for the insurance industry. They are starting to teach you the list. If you look at the trend of investment over the last two years, we see a big growth in terms of investments in insurtech. So, at this point I would like to like congratulate the launch of the insurtech a complete my survey. I think this will be an important platform because I think the
The insurance industry is slightly different. Most of the insurtech actually enablers. Basically, they actually enable a lot of insurance company to digitalize. But today we have a very interesting panel is I think Walter from a Singlife Rosaline from CXA. They are b2c direct competitors of the insurance.
Timestamp: 6 min to 7 min
So, I’m looking forward to the very exciting panel. And with that. Thank thanks. I hand over the stage to you. Thanks. Yeah. Thanks Hock Lai, and thanks for sharing. I didn’t know you had an underwriting in your genes. So that’s really interesting tonight. And I think it was good a good call in said that you know, you’re saying it’s never too late. Right and that’s perhaps a little bit of a theme that we might be picking up on as we go.
Oh, through and I think one that Simon you can take over and give us that Global overview. Maybe you’re going to build on that theme as well. Yeah, thank you and good afternoon everybody. I’m Simon Hughes partner-in-crime co-founder TDI based in Hong Kong and two things on that. First of you can see on my tracker is on at the moment. I came back into Hong Kong about 10 days ago. So, this and Big Brothers still watching me. So, I’m in my apartment. I’ve got a Cathay Pacific pilot above me who
Timestamp: 7 min to 8 min
Started drilling just in the last few minutes. So, apologies if we get some background noise, but some just picking up really on the point that we couldn’t start without mentioning a little bit about sort of coronavirus and where we are. So huge just the next slide, please we issued a point of view a few weeks ago. Now that was headed industry warning and we don’t normally do that in the digital insurer because we’re all about working together in the industry, but we felt quite strongly about what’s currently going on and why
the industry needs to really step up and take notice. So, we’re not haven’t got the time to go into all of the detail on this point of view, but the papers on our website, but the curve in front of you is a typical kind of adoption curve over time for different things. And in this this sort of contact, we’re talking about digital and the adoption of digital by consumers around the world across Industries and the general sort of consensus was if you look at the blue dot in the middle there.
Timestamp: 8 min to 9 min
I think a few months ago. The world was approaching for probably two or three years to get away from the Tipping Point of digital adoption from for consumers around the world. Now what’s happened unquestionably in the last few months is the world’s adoption of digital is just accelerated rapidly and I think most commentators including us have a view that if not already certainly by the end of this year. We’ll be through the Tipping Point globally for Consumer adoption expectations around digital and what that means is that
there’s kind of no going back from it. It’s reached a level of maturity at which it’s just going to keep building. Why is this relevant to Insurance? Well, I think the point was just made by hot like that insurance is generally being a bit of a laggard compared to other Industries including Banking and that causes a bit of a problem because it’s the world’s just moved on really quickly. If Insurance stays kind of where it was the gap between insurance and the rest of the world has just increased so the warning that we issued to into insurers.
Timestamp: 9 min to 10 min
It was relooking at your transformation roadmaps and how aggressive your being because you might need to actually step things up. Otherwise, you’re going to lose a couple of years relative to the market while you’re sort of firefighting and sort of implementing BCP Etc. So, this warning was intended to criticize nobody but challenged everybody in our industry to step up because consumers are going to be wanting it and expecting it when we come out of this. So, it’s got a really good reaction. I think there’s some interesting points in there.
So, I’m sure we’ll come back to this as we get into the panel discussion, but just flicking on I guess some you know with that context in mind. What a difference of quarter makes just looking at some of the sort of you know, that the quarterly stuff coming out from what is Towers Watson CB insights on the left-hand side. We’ve got a chart here showing kind of overall spend on insurtech year by year. You can see it’s you know, knocking on the door of 15 – 20 billion now globally 2019 was a strong year a strong year both for life.
Timestamp: 10 min to 11 min
On P&C life and health and P&C. And actually, if you look on the right-hand side, you can see the quarterly break down on that and the let the latest quarterly right over on the right-hand side 1 Q 20 shows actually we’ve seen a reduction compared to the prior year. So, until the end of last year and the early part of 2020 things were building quite strongly deal flow didn’t stop in the first quarter, but I think we can expect this to see another moderation in Q2 and I think the interesting other takeaway for me and there was
If you look at the mix between purple and green actually the life spends on his shorts at reduce quite markedly first quarter. Whereas P&C held up more strongly. So be really interesting to see I think what comes out of this Q2 results and data, but the one point I’d make around so I guess the chart that we just looked at just now is insurers do need to step up. They do need to keep spending. So, for certain insurtechs. This is opportunity knocks, right? I mean the insurers need to do more things. So, if
Timestamp: 11 min to 12 min
Right part of where insurers needs to invest, you know, you shouldn’t be shying away from knocking on their doors and helping them right now next slide, please you now I wanted to just share a couple of data sort of insights from our own platform and just to set the context on that at TDI. We it’s difficult getting your arms around the whole in shorter world because it covers a lot of ground. So, we developed this model which looks at I guess in short acts through two lenses improving today effort. So, we’re
where technology companies are focused on helping insurers improve their value chain of today to improving today things like analytics claims sales product development Etc. And on the right-hand side. We look at insurer the insurer texture to helping to kind of reinvent tomorrow new digital business models, whether that be micro-insurance or ecosystems on demand products Etc. And we found this to be quite a nice way of just hanging conversation off of it’s not perfect, but it’s better than
Timestamp: 12 min to 13 min
You know random discussion. So next time please view then of course you get into a conversation with Watson in short second. We like to take quite a broad view and our view is that actually has any technology company that’s helping insurers for many people. It’s more of a sort of starts up conversation. When we look at our analysis. We would include a Zhong an as a sort of insurtechs, even though they are very big in fairly. Well established already. So why is that relevant? Well, I wanted to just some next slide, please.
You know just share a couple of insights from our insurtechs directory which we set up last year. We feel quite strongly that ensures need as much access as they can get to ensure text around the world and indeed in insurtechs need as much visibility as they can get so in line with our purpose of helping the whole industry work together. We set up this insurtech directory on our website, which is free to use and we think is now the world’s largest database on in insurtechs around the world and its
Timestamp: 13 min to 14 min
To be a digital Yellow Pages and it categorized so you can see all the different insurtechs out there. So, it’s a really good you resource. But of course, as it’s growing it’s become quite a valuable database. We’ve got about three thousand two hundred or so in insurtechs on that at the moment and if we do an extract it starts to look quite interesting. So next slide, please you I just wanted to finish my opening remarks really with a bit of a view on how that database is breaking down by type of insurtechs and it’s not a perfect view, but it’s not a bad View.
You so this is based on numbers not based on size or valuation or anything. So pure numbers and you can see globally comparison sites product development and direct models of the three preeminent sorts of categories, but a lot of it, you know activity, I guess across the value chain and across both new business models and value chain Innovations. And in fact, globally the split between kind of Reinventing insurance and improving today is about 50/50.
Timestamp: 14 min to 15 min
Then take a look at Asia on the next slide, please. You it gets a bit different and ecosystems and kind of new ways of doing Insurance becomes more prevalent and this is partly because I think there’s less Legacy last depth to some of the markets and therefore more opportunity to move more quickly and more curiosity around sore leapfrogging some of the more mature markets as well. So actually, that split of kind of improving today versus Reinventing tomorrow in Asia. It’s about two-thirds.
Eating tomorrow 1/3 improving today, although that is balancing out over time. So I’m going to pause at that point, you know, it’s an uninteresting and lots of stuff going on in the global insurtech World our general view for this decade pre coronavirus was this is the this is the decade when in short at get serious and insurers get serious about in shorter moving from pocs into actually how you can leverage technology and more fundamental ways and for longer, I think Coronavirus
Timestamp: 15 min to 16 min
To sharpen the pencils a little bit it will cause some Financial pressures for some short term but medium to long-term really positive outlook and I’ll pulls at that point you hand back to you and I look forward to the discussion later. Yeah. Thanks Simon. Look forward to getting more views as well. I mean, I guess picking up that sort of consumers dragging the industry along if they don’t want to go the consumers are certainly going to go their potential short-term shortage in capital a little bit more emphasis in Asia or new digital business models and
And let’s come back and explore that a bit more and it’s let’s move on and Tomasz Kurczyk and Tomasz Kurczyk is a member of the SFA committee. He’s been the person that’s helped us sort of set up the insurtech subcommittee. So, Tomasz you’re going to give us a little bit of an overview of what you’re seeing in Singapore, and also just update everyone on the insurtech subcommittee so over to you. Thank you for joining us. Thank you, Hugh, so I’m very happy.
Timestamp: 16 min to 17 min
Today we can launch publicly the our SFA subcommittee income collaboration of TDI. So, as you mentioned part of the Singapore sfa Corps, but as well as I’m trying to help to establish the community and subcommittee for insurtech myself. I have been in insurance for past eight years and
out of which five years in Singapore. So, let’s move to the next slide. So, what we have seen we have done the study. This is the first time when we are launching the initial report and deep dive into the Singapore ecosystem. So, if you look holistically what Simon mentioned globally, we have around three thousand even detects and if you go
Timestamp: 17 min to 18 min
If you focus on Singapore context as 1,000 plus context in Singapore and we what we have based on the assessment. This is still a work in progress. There’s between fifty and a hundred extra tags were active right now in Singapore. So, the ecosystem is really is composed of each vertex. We classify we added as well directly Shores, but as well as all the difference is part of the
The ecosystem the different associations starting from associations like SFA, but as well as more established more core industry related like LIA, GIA and so on. Can we go to the next line? So here we can see the first map of the intro text in Singapore. So, we are open for feedback.
Timestamp: 18 min to 19 min
If you think that something is your own company’s missing or it’s not maybe necessarily in the right box. Please let us know. This is based on our desk research. But as well as our understanding of the market we use as a source has both the TDI as well as SFA databases to compile this and this will be working progress. But this is the first-time focused map of the accustomed directly.
Singapore, so what we hope so can go to the next slide.
So, it’s so today we are celebrating and we are officially launching the subcommittee. So as of we have 7 members in the subcommittee, we have it’s a quite diverse range of Representatives and people the different background different and having experience from the different facets of
Timestamp: 19 min to 20 min
The industry so we have Michael from a on we have Hock Lai we have Namrata from Pinbox myself so budgets that is actually speaking the panel today. We have Woody when you bow and shoot from TDI. Can we go to the next slide? So, what’s impressive Walter? What is our purpose? What is the purpose of the subcommittee? We are planning to focus on four key areas is help to develop and support issue Tech ecosystems and
and growth of the ecosystem locally, but as well as collaborate across geographies improve the collaboration between if the regulator insurance industry, we think that especially when it comes to the front of talking to the industry or Insurance Representatives or industry is bodies into Texas something under represented to me not to be the voice of the issue tanks and
Timestamp: 20 min to 21 min
Support development the talent and Market insights because in many cases people entering the issue tracker custom on young very ambitious entrepreneurs and having an idea to sometimes maybe I’m missing the background and Industry insights. We want to help to bridge the gap both ways to deliver the value. They will be call at the later on we’ll have our two bolts one be asking.
Going to you, what are the areas where we should focus on as a subcommittee, but as well as how you can participate and support us and I’m extremely happy to see that if I look through the country of hundred ninety four people that joined the webinar that means that there is a real interest and the sun power in the ecosystem in Singapore. We want to harness this and make sure that we can
Timestamp: 21 min to 22 min
Work together to in value for the for the full a custom. Okay.
I think it’s now it’s so curious. I think your segments.
Yeah, thank you Tomasz Kurczyk and damn. I know you’re going to come back a little bit later and we’re going to run a couple of polls. So, we’re actually going to ask your views on where you think the an insurtech subcommittee should focus on and of course, this is a volunteer organization. So, we are going to ask you if you’d like to volunteer to do some things to help this as well. So have a think about that and we’ll see if we can get some more volunteers so that we can move a little bit further and faster.
Stir together and share some of the workload and I’ve just got a couple of slides really on I guess thoughts. I guess building on what Simon was talking about the acceleration of digital insurance. So, I guess we’re in
Timestamp: 22 min to 23 min
An environment that is quite uncertain and therefore is going to change quite rapidly. So, I think from an insurance perspective, I guess my headlines thought is there’s a paradigm shift going on. It’s real but it’s only just starting and let me just take you through that. I mean, obviously what we’re seeing is, you know, economic distress. We are seeing your business sales Fallen we are seeing
Act of you know further reductions in investment income which impacts the life industry obviously the well-established insurers have a good back book that will generate Revenue. But of course, they tend to have more Legacy as well and during this crisis what we’ve seen is some problems with that dependency on offline and the lack of integration has been quite a short-term focus on you know, just keeping the lights on so to speak and I think that’s
Timestamp: 23 min to 24 min
Shamed a fair amount of time for all of us over the last two or three months as well. So, it has been in the last couple of months. I think quite short term and necessarily. So right and we’re in a period obviously where people are looking closely at but budgets not surprisingly curtailing discretionary spend but you know, the world goes on we are going to come out of covid there will be lots and lots of insurance opportunities as well.
I think what we’re starting to see is quite a few insurers are now starting to look at that future and saying okay things have changed. What do we need to do to sort of take advantage make sure our businesses survive? So, I think there is definitely that starting to happen and you know, I use the frame I think Simon use a similar phrase earlier sort of fortune favours the brave and I think it’s time now for insurers to start moving quite quickly.
Timestamp: 24 min to 25 min
Me and start thinking strategically not just about the short-term. But of course, the short term is going to be important as well. So, what are the implications for inshore text if we can go to the next slide we are in a situation where Capital does look like. It’s increasingly scarce at least for the short term the next couple of quarters. So, if you’re unsure take you 1 lakh yours in as soon as you can you’re going to have to be more flexible dealing with insurance.
Here, I expect they are going to be looking at proof of Concepts and prototypes and putting the Mandarin lens and saying what do we really want to continue with those or not? So being flexible on pricing is going to be quite important. And of course, that is going to be more focus on pressure for quick results. But of course, the three Trends here are Universal and digital and Technology can help in all three of those. So, how do you have how do you use technology?
Timestamp: 25 min to 26 min
Increase sales and improve efficiency and also stay out stay compliant and reduce risk and that risk. I think we’ve got a better understanding now as an industry of what we mean by the term risk and I think we’ll have quite a lot of focus on resilience and risk isn’t about saying I want take a risk. It’s about saying well what risks do I want to take what risks do I want to avoid as well and I think from an insurtech perspective and I’m sure we have it.
Discussion around this, you know, I think the value chain side of the hemisphere if you like, I think in insurtechs need to be very clear on what value they’re delivering and then if you look at the other side, which has been quite strong in Asia the new business model side. I think it’s really important to sort of make sure that you lock in your access to customers right because ecosystems Thrive when you’ve got a growing customer base as well, and I guess there will be winners and losers.
Timestamp: 26 min to 27 min
I was reflecting this morning on my own experience. I think over the last 20 years. I’ve been involved in five start-ups or early-stage businesses to a successful to failed and the latest one that we’ve got is a work in progress. So, for those are out there entrepreneurially definitely with you in spirit and living through that and you know, I think you know, and we’re here from
Entrepreneurs as well, you know, you’ve got to try and enjoy the ups and downs as you go along as well. So, let’s get on to the panel if we can go to the next slide. So, we’ve got this great panel really experienced entrepreneurs. What they’re going to do is just introduce themselves. They come please share their experience both from a company and hopefully from a personal perspective for about five minutes each and then we’re going to have a good panel.
Timestamp: 27 min to 28 min
Action, I will see how much time we’ve got to do that. So, please do continue to ask your questions and were either take them live or people will type in answers as well. So, the running order is as you see it on this slide. So, let me hand over so Walter looking forward. So, you’re sharing of your experience.
Everyone world again. Well first off congratulations of the fatigue Association for being what it is coming to the point of being here Hugh and the team had asked that we share a little bit from Arson should take the speaking about our historic Journeys one motivate us to do what we do and what brought us to what we needed where we needed to get to so and I know it just got it is five minutes. I know that there is also a QA thing.
If you do want to ask anything along the way please do drop in and I’ll try and answer I’ll keep watching it.
Timestamp: 28 min to 29 min
As it does. Well, I just a quick background and history and seeing life as many of you know, saying life is the newest life insurance company in Singapore. We have we were founded all we’ve got our licenses in 2017, but the idea started way back in 2014, when we took a view that human beings, which is not getting enough out of there insurances. We thought that people were not getting the best value that they could
Get out of the money that they had and on the insurance protections that we had. We took a few that insurance companies were woefully insufficient. They would be a Critic in their organization and that their ability to create efficiency through the use of Technology was lagging significantly the rest of the financial services sector. So, we’ve got to change that at that time most companies that talked about digital there was really just a veneer on top of their ordinary course.
Timestamp: 29 min to 30 min
Operations but we decided that in order to be a truly digital experience in order to make sure that we can meet the needs of what we were trying to do is in unlocking this potential of money for everyone was to build a fully into in digital experience. So, we took this challenge upon ourselves to form the company in 2014. We had the idea makes a really experienced group of people who formed together. We work with our regulator to
To get the appropriate licenses and work through the market on funding and if anybody says funding is difficult. Its absolutely true funding is a really difficult thing and even a single app is one of the really lucky and sure takes to have found a place in mainstream and really competitive Wayne are relative to our competitors. It would take a lot of a lot of a lot of getting going.
Timestamp: 30 min to 31 min
In fact, it took us three years to raise the amount of capital. We need to do the time. We had a really difficult time of it in the beginning because for most investors most investors want to see some Runway or some Revenue being generated by an insurer take before they’re willing to invest but in our case we weren’t able to get investment or get as kiddo get Revenue because it didn’t have a license and we didn’t have any license because we didn’t have any Capital to sit behind us. And so, it actually took a lot of
of a lot of Faith by our early stage investors to stand behind us in in the evening the same story that we as an organization believe that we could unlock the potential of money through the use of technology and stood behind us and we’ve grown and successfully ever since in fact, we were profitable in our second year of operation and that comes off the back of an acquisition that we made through Zurich life. We applied.
Timestamp: 31 min to 32 min
Very early on and we progressed and progressed and progressed substantially since then it’s now 2020. We are two and a half years old almost 3 years old now in our history and we are very blessed to be in a position to say that we have achieved everything. We had hoped to achieve up until now we started out as a pure Digital Life Insurance company, but as we’ve as we’ve evolved and as we’ve changed like all in should takes as the market evolves you realize that
Doing just the one thing that you started is great and it is the foundation of what you do, but you have to continue to change and evolve and so with all this that you started to see how thing life has changed when we started you would have seen us as a lion logo with a big black and red bold Singapore life and lettering which is designed specifically for the purpose to establish ourselves as a credible starting point life insurance company in the market and that worked incredibly. Well. We were in the in the frame of acceptable life.
Timestamp: 32 min to 33 min
Trans friends and it worked perfectly but everybody just started calling us sing live anyway, and what we found was that we had chosen the original brand the Singapore life brand to be big and bold and old looking to cover up our greatest weakness and our greatest weakness in the beginning was that we were new and when people are looking at life insurance companies, they do tend to look for trust and stability and bricks and mortar and all that stuff. And so, this allows the Singapore Life original branding put us in that space but as we evolve
Realize that actually what technology is our is our own core. It is our number one asset and people who really believe in our story where we’re striving been to that part of our delivery rather than the old all the position. So, we took a fresh look at it to say well actually in our competitive Advantage is not to be an insurance company. It’s not a we are Singapore life that are a competitive Advantage is holding fast to the thing which makes us unique.
Timestamp: 33 min to 34 min
That is our digital technology for the experience. And we refresh our brand to try and explain this in the burst which we now call the seeing my first as you’ll see in front of you, but further than that, we’ve also challenged the status quo around where and how our industry needs to unfold and the view is very simple that if you take a step back and you and you look at what is the core need that people are asking for in this is a challenge to all insured takes what is the key problem that you’re trying to solve and we took of you that yes.
Of course, everybody needs more life insurance. And yes, of course, the original key problem was to make it simpler and easier and digital to get I take after having fun that first Mountain. We realize that actually the next challenge for us to deal with was people just aren’t getting the best value that they can out of their money people just aren’t unlocking the potential of that money. And can we find a way to do that? So, we’ve as you’ll many of you will know we’ve covered them up.
Timestamp: 34 min to 35 min
Are included in our Direction the ability for people to save through single items and insurance savings plan, but adding to that the ability to access your cash any time by using a Visa card and we’ve done that through partnership with Visa Singlife is now the first life insurance company that I’m aware of that has is also no license Visa issue what we’re able to do now of all things.
A completely digital way is to give trust infers inability to manage their money in in a very efficient way through an insurance contract which gives them all of the benefits of what a traditional Financial Services money management tool or account would be able to give them but actually also give them the benefit of better Best in Class returns. Imagine if it was possible to have fixed a fixed deposit like rates of return and have immediate access to you.
Timestamp: 35 min to 36 min
Your geo and that was a challenge that we took on which we have now launched through the single account and it is doing phenomenally. Well, if you haven’t got one yet, you got to try it up. It’s really cool. But the pace around that on the expectation and evolution of change is that this new way of engaging with customers, which is purely digital and purely mobile-first allows for the Avenue of further completeness around the financial services experience. How do we help companies customers to grow?
Oh, their money and protected at the same time. So, you’ll see as over the next month or two as we further our proposition on the Singlife account that in-app purchasing in a couple of clicks and enhancing your prediction and building through your style of long-term Investments. All within the connected Universe of we’ve got it all in one well-managed grown. It takes all in the thing about universe. That’s where we going. We’re having a hell of a lot of fun insurtech his hard work. It’s
Timestamp: 36 min to 37 min
It’s something we’ve all been to do and work really hard and my experience really has been the harder you work at it the more likely you are to succeed. Yeah with that. I’ll pass on to the others.
Yeah, thank you Walter. And yeah, it’s very interesting that you’ve kind of pushing the boundaries of what an insurance company can do and maybe we’ll come back to that. I just have one question. Actually. I wanted to ask you sometimes you know as an entrepreneur you need a bit of luck. Right? And when you look at that and the Zurich Life acquisition at that time, was that something that surprised you and then you know, it was like something that really worked at the time and move you forward.
Three o’clock position once I wouldn’t say lucky it was opportunistic at the time when we when we started singing like we had no ambition to go and acquire any new companies wasn’t on our roadmap and I went to Zurich decided to leave Singapore and had this thing left.
Timestamp: 37 min to 38 min
Which was a bunch of customers who were not really being well taken care of and actually a portfolio that was too small for some of the bigger boys to be able to assimilate into their much bigger ecosystems. We thought that there was an opportunity here and because our Tech was at that Cutting Edge, we were able to do a very quick transaction. We agree to transaction where we decide to be
The negotiation in a July, we agree to transaction in the August but the regulatory approval in the December got the court approval of the transaction on the March and we fully transacted and cut over and Incorporated the Zurich portfolio into our stack on the first of April which is which is something that not many companies would have been able to do in the same amount of time also because they were not many bidders for that business we were able to do that only incredibly attractive terms which files that are.
Timestamp: 38 min to 39 min
Nobility and it raised our game infected it we were lucky in that that gave us almost a two-year Head Start in our customer acquisition at the moment. It’s a very small part of our history. We’re onboarding about 200 new customers a day at the moment. So, you know, we were growing well beyond that early milestone.
Yeah, well, thanks for sharing that and now can we move on and hand over to Rose from CXA group and look forward to hearing you share your experience and journey so far great. So, seven years ago. I was running Mercer Marsh benefits across the 14 countries in Asia where we actually grew eight hundred percent to about a billion dollars in
IAM I left because for the last five years I was there. I actually try to
Timestamp: 39 min to 40 min
and the firm to actually give me 10 million dollars to fix all the issues that clients were complaining about employee benefits and it’s pretty much the rising cost of premiums as well as one-size-fit-all benefits, but little did I realize after I left a start-up cxa that it would be my own 10 million dollars so started in
My living room and now seven years later. We’ve actually evolved a lot. So next slide, please.
So, what we’ve actually done to reduce costs is we’ve actually digitized employee benefits in to end everything from sales to claims to Servicing.
Timestamp: 40 min to 41 min
Then we went and connected every single player in the ecosystem. So not just the employers and their employees but we also connected the insurance companies as well as connecting directly to the clinics to the tpas as well as to the labs to get their health screening as well as everything about disease management.
So, Wellness diabetes Mental Health Nutrition activity that way an employee can use the money that is spent by the company for their insurance and treatment and they could shift that money into disease management.
Or into getting really healthy or to help their parents.
Timestamp: 41 min to 42 min
a caregiving or for their kids
not only did we integrate the ecosystem and all of the players but once the banks and the insurance companies actually started white labelling our platform for their clients. We actually reduce their costs by eliminating their need to pay a broker or an agent as well as the need to pay at EPA since we directly integrate it to the clinic.
So, the reason why the banks and insurers as well as other companies start white labelling us is because we’re able to capture all the data on each user. So, the data includes demographic information work life.
Timestamp: 42 min to 43 min
As well as all the Health Data from diagnosis to drug data as well as the data on their health screening.
So, as we eliminated all the intermediaries were actually able to help reduce unit costs for the insurance companies and the banks.
Not only that but because we actually digitize the whole sales process were able to help them go online and cross-sell not only the corporation but also the end users all of their employees and we’ve had worksite penetration rates digitally of up to 47% of entire populations.
We’ve also connected the
Timestamp: 43 min to 44 min
Mark and the E pharmacies as well as the lab so during covid we actually had very high usage because everyone was afraid to go into the clinic. And so, if you turn to the next Slide the data, we’ve capture are allowing the banks and the insurers if you look in the middle to cross sell the right product at the right time to the right person.
In Asia is different from the rest of the world where no one will marry you unless you can buy a house or a car. So, with the bank’s they’re using that to cross-sell home mortgages and auto loans, but bundle would auto insurance and homeowners and mortgage protection. We’re also able to cross sell when people leave a company in case, they need more medical coverage.
So, if you
Timestamp: 44 min to 45 min
To the last page what’s happened to us in the last slide is that we did evolve from just being an employee benefits broker to also white labelling our platform for banks with their Insurance Partners for Brokers as well as for payroll companies Health tech companies Hospital Networks.
So that they can actually use our platform to sell to their Commercial Banking corporations large or smes. They’re also able to leverage our platform for their retail base as well as their high-net-worth base where it’s a combination of financial planning as well as Healthcare. So, what we’ve discovered since covid is that
Timestamp: 45 min to 46 min
More and more insurers are actually calling us to go online.
They’re actually integrating the whole Healthcare ecosystem so that it’s not just about treatment but also about prevention and disease management and they’re leveraging us because now they can offer a very compelling proposition to their corporate clients or to their retail clients of lower cost doctors and lower costs insurance.
So, we’re actually finding that our proposition is at the right place at the right time. So that’s it for me and I’ll pass it on to the next panelist.
Thank you Rose. And maybe I’ll see one question because actually had a couple of questions have come in already around.
Timestamp: 46 min to 47 min
So it’s obviously the popular area in terms of just how vibrant if you like both the health Tech Arena and an insurtech arena is and how they come together and what you’re sort of I guess trials and tribulations in that in that area because obviously there’s an enormous amount of Health Tech out there and how do you sort of manage that those potential Partnerships and the integration challenge? Oh, so I can say it’s not easy to integrate with insurance companies.
Companies because most of them cannot take an API integrating with clinics and Labs is also really difficult because all of them, they you know, they don’t have apis. So, what we’ve learned is that to integrate into Healthcare into insurance and into banking we’ve actually had to build everything from scratch.
Timestamp: 47 min to 48 min
All the way through into n and not rely on others to have apis ready. So, building this country by country has been by Brick. It really is piece by piece.
Okay, right. Maybe we’ll come back just because discuss that bit more. So, thank you for us. There are a few questions coming in in the Q&A area some for you directly. So, if you can maybe have a look and type some responses that would be fantastic and keep on with your questions. We’ve got a lot coming in and the panels aren’t stirring them as well as we go along. So now I’m moving along and wow, please do share your story and I guess really interesting right to hear about your journey from start.
Starting up from pivoting and then recently, I know you’ve been acquired as well. So, you’ve kind of if you like completed a cycle entrepreneurially, so really looking forward to sharing what you’re up to and your Reflections on.
Timestamp: 48 min to 49 min
Journey Survivor welcome
Hi, so thank you. Thanks for having me. Do I have my video on do you see me? Okay, I’m good. Okay, so thanks for having me here everyone. So, I started the journey in 2016 that was a four years ago. So, when I first started the whole idea came from a consumer perspective of like how I dealt with insurance was not very pleasant experience. So basically in
2016 I told my former boss that I’m leaving and then going to start a company so he will turn and excite. So, in Judah the following slide, please.
So, this is where we got started. Basically, it’s at a factory place called block 71 where most start-ups kicks that their company which has had a table there.
Timestamp: 49 min to 50 min
Thing else we got a poster showing that this is the policy out. That’s so we started with the whole idea that you Empower everyone not there the better understand and manage their insurance policy so that they do not have any policy labs. They know when they need to pay for premiums as a clear overview so that their loved ones can have better understanding of how much they are covered for so they do not have to go through the same experiences how I went through as a consumer. So, this is a screenshot of our very first version of the app. So, if today,
Ju are policies how user you can see that he has evolved over a period of time and when we first launched into tree to the internal 16, we’re very happy that I took a screenshot of it. Basically, we built it from nothing to actually an app that is together with the banks that are people downloading to actually understand and manage their insurance policies. So basically, the idea was to connect all the interest in one place.
Timestamp: 50 min to 51 min
Like you’ll see pfa can actually have an overview of how much you have. Unfortunately. We do not have the API integration of the insurance companies because they do want to open up as they want to protect their own data. So first what we have learned from Steve Jobs always try to understand the problem that you work backwards to what’s the technology or the product that you want to build. Right? So, for us was basically to look at like the technology on like scanning the insurance policy so over time we’re beautiful
it up the ability to actually allow you to scan take a photo of your insurance policy. We map it to the backend database help you understand where you are covered where you’re not covered for. So maybe you can move to the next slide, please.
Yeah, so fast forward has been for years. So, I leave this year. We have launched a book to cover the whole journey. So where have we been from 2016? So, after 2016?
Timestamp: 51 min to 52 min
He managed to apply for the Mas context and box. So, it covered the whole experience in this school why we actually decided to launch a journey of Latin sure take because a lot of people talk about, they want to start a company or like how is it like to not get in the insurtech space? I can’t like it’s good to actually document it and show you around so that hopefully more people are open to join the insurance industry on top of that very fortunate that the
The sandbox was row up about the same time when we actually have to get the license. Why where she went ahead to get the license instead of partnering with the insurance company directly because basically the idea of Poseidon policy Council, we want to keep your eyes open platform to empower everyone out there to consolidate our insurance company insurance policies from AI a potential to get married and so on even partner directly with insurance company. It could be a pretty good.
Timestamp: 52 min to 53 min
Anywhere like we are able to support like that products. However, this way we’re limiting our consumers choices. And also, the options are actually consolidating. So, to make that happen it was basically to get out into your license, but to get the intro license, it was really expensive ones. Trihard Trak thousand paid up Capital as I mentioned on my very first like I started a company with zero funding or space again from my own savings, so
After we applied for the sandbox program, we at the sandbox Tesla that the whole journey with consumers interest as a non-licensed entity in a in a sandbox environment. We met like the criteria that was set up before the sandbox program. So, then we apply for a license and the point of time we managed to raise the funding which allow us and Now operate as a full license to operate.
Timestamp: 53 min to 54 min
Involve General life insurance products and then the following year. We started introducing Paris Insurance products and very fortunate that we also work with seeing Live Walter where they support us by giving us the life insurance products that we are able to fully visualize for the online application. The thing is that what we found is basically consumers out there. They are looking for affordable and also accessible products where like
Today that’s the thing life and then the limitation on our end as an intermediary was basically, we have to slowly build products and also because technology with insurance companies that are really covered by the previous two penalties that in the insurance face. Unfortunately, when they want to actually open up everything with them. It’s pretty challenging. So, you have to attribute the apis and also support them. However, during this covid period you can see that the acceleration
Timestamp: 54 min to 55 min
The whole visualization so a lot of interest now have their estimation and also that they should quotation so covid has changed the situation. So, can you move on the next slide, please? So, in 2020, we acquired by this group called an MTD from Hong Kong. Basically, an MTD has today digital banking license in Hong Kong and the platform. They should bank rights in Singapore. So, we met
If the chairman of an MTD group Kevin Choi few years ago, and we have been in discussion of like potential collaboration opportunity and an early this year. We agree on something that we can actually work on long-term. So, one of them is actually partnering on the digital bunker. So basically, as a dish of they should bang you will be offering a whole Suite of financial planning Services where policy palpate commonplace actually supports on that segment.
Timestamp: 55 min to 56 min
On top of that is a whole entity by the network where there are various fintech companies for offering from loans to like peer-to-peer all the way to like the shebang we are able to provide the insurance offerings to them. So today we have evolved from starting with like implementing AI technology aggregating and understanding what consumers are looking up for so I’ll just summarize with the last slide basically.
Lee what is this is that like we know that people are looking out for affordable insurance products and recently we launched this thing called life policy our money back. Basically we go back to the to the to the square one or the basics of like what people really need to they wake up thinking of like I’m going to shop for a life insurance policy know the thing is that as an intricate company what we see the most important like call Value that
Timestamp: 56 min to 57 min
That you provide to the ecosystem player from the interest of the advisors will work with and consumers. They sent me the data. So, by how do we aggregate data for understanding your cash flow understanding your as I think policies your family ecosystem as well as like what’s the pattern that you have? So, if you’re not this game where like you are able to go online and actually do a virtual savings so we know our consumers pattern and from there. We actually pure products together with our insurance partners and then
we will continue to work together with ecosystem player like Singlifeand the rest of the insurance and ideally an end of this year together with an MTD we can actually launch together with the addition of Bang Yeah.
Right. Thanks. Thanks Val. Now I’m going to ask you a question actually because you obviously went through a sales process when you were required dry. What did
Timestamp: 57 min to 58 min
You’re like going through that process and now you’re sort of I guess you get a paycheck, right and no longer a sort of fully fledged independent entrepreneur. So, how’s that transition and process this been for you? Maybe I’ll just like clarify a bit more because this is still pending final approval by mes or this still is your ongoing process. So, fingers crossed if that happen and of course, we’re still operating as a as an independent entity despite.
There we are acquired by MTD group me the settlers to operate as the CEO and we continue to friend the operations and the growth strategy together with the book. Okay, so you’re still fully on the entrepreneurial roller coaster them. Yes, it’s all right. Good. Okay. Thank you. And we keep the questions coming to us to take the opportunity to ask about a few questions as well now going on to last but not least. Our last panelist is
Timestamp: 58 min to 59 min
So, Bridget from Symbo Subhajit welcome, and I look forward to your sharing.
A new guy you can hear me loud and clear. Oh good. Okay asking me to go last at the end of such a strong panel as well as sticking to the five minutes you will you ask too much of me you but I’ll try my best just moving to the first slide about Symbo. Just wanted to give a quick background next like this. We are a regulated entity both in India and Singapore and we have offices also in Malaysia. We have a little
The unique operations in India. We are full-fledged cooperating broker. We have 40 mm agents who are using our point of sale app. We have a large team divided across these three geographies and you know regulated in short egg focusing on distribution is the key thing. We have raised some Institution.
Timestamp: 59 min to 60 min
Capital so I’ve just put those institutional investors name just to give you a listing feel about Symbo moving on to the next slide, please. What are the three things that we do?
Affinity I use the word Affinity is more old school insurance term, but at the same time that word I think has evolved to ecosystem. We have an agency Network and we have a B2B Tech sale. So, on the ecosystem the problem that we found out was making bite-size Insurance products that has taken a lot of play in Asia and the ecosystem play and we have been doing that a lot in India on the agency side.
Laters in India has enabled a so-called Uber for insurance model. Anybody with a certain qualification can actually become an insurance sales agent within a certain limitation. So, we build out our own agency happened our old agency Channel those two technology products that we build.
Timestamp: 60 min to 61 min
Had a lot of interest in Southeast Asia from call the insurance players in shares Brokers and hence the third piece which is around B to B Tech sales where we are just finding a lot of incoming demand to use our technology and white label it from that, you know, Rosa Lee mentioned for these large Insurance players. Now the last slide I will just quickly talk and this is where I spend most of my time on our learnings and how we have developed.
Symbo started as a pure play aggregator platform. However, we soon learned that they were to place right one was the Affinity or ecosystem play one was the agency play. I’ll take one channel at a time the agency app. We created an app where digital onboarding for anybody who wants to become an agent became very easy, but over time we realized just that is not enough if your Integrations don’t even get me started there right somebody I recently think saying, you know, there’s this is a chant.
Timestamp: 61 min to 62 min
Where people are talking about pain points of integration with banks and I commented on the cycle somebody personally if anybody is complaining about integration with banks. They should come and do some Integrations with the insurers. Okay. Amelia is great. They have apis available, but the whole process I wouldn’t go any deeper, but whoever has done any insurance aggression will know that it is a challenging task. So, what we ended up building was our own rating engine so that with insurance didn’t have apis we could use the rating engine and still go to
well another module I would like to talk about is the engagement engine just building the agency up and doing a great digital onboarding wasn’t enough keeping them motivated trailing them and making sure that you know, they continue to go ahead and do the distribution took a lot of time and effort to build. I’ll just quickly switch to the Affinity side of things on the ecosystem. We realized there were large ecosystem Place happening in India the where the industry so you
Timestamp: 62 min to 63 min
The business that had millions of customers was asking whether can they embed a very relevant Insurance product for the customer? Okay. We did something on a very good scale of spectacles break every day in day out accidental breakage, but there is generally no warranty or no insurance around it. So, we ended up building an API for such big Affinity or ecosystem players again soon. We realized that claims engine had to be built up because Insurance clear companies didn’t have claiming.
Claims engines for bite sized products and also, we’ve still realized there was so many different types of people in these big ecosystem play. We had to figure out a Persona management so that we can Target different users differently. So, these were the two big learnings that we and how we build our stack from those learnings and that’s what I wanted to give from this slide in the interest of time. I’ll just share one big learning personally for me when I worked at necklace Innovation Centre. I believe that the world didn’t need an
Timestamp: 63 min to 64 min
To it will be direct to Consumer to include after in the past two years working at Symbo. I have done a 180 degree on that in the Emerging Market. I believe intermediate or is will have a very strong player. It’s just the customer behaviour is very different in the likes of India and Indonesia Philippines. If you go in Europe U.S. their d2c might grow but even death we have seen great intermediate replays. So that is one person and learning where I have done a 180-degree turn.
With that I will just that’s the end of my slides. I am trying to answer every question on the chat as the as quickly as possible. But if I miss anything feel free to ping me separately, but that’s just the Journey of symbo what we do and you know where we are been seen value.
Thanks. Thanks very much and give you provide your platform to other insurance companies.
Timestamp: 64 min to 65 min
Yes, so as I mentioned whatever the agency app we use for ourselves and you can go on Play store and see you know, how well it is doing we have already been working with couple of insurers who have been using parts and modules of it for example, and one insurer came and just to be agent onboarding module. They found it. So seamless instead of going and building it out on their own. They just took ours and white labelled it another insurer took our rating engine and the full end-to-end online Journey for the
Insurance products in Malaysia, so we are getting more and more interest from insurers to as I showed you the text. I can either take the full text a core certain module of it and then plug in play in their ecosystem and where we end up being seeing. Our differentiation is because we are users of our own technology in India. We are pushing a new version in the app store or in the website every month. Our product is tailor-made for insurance and
Timestamp: 65 min to 66 min
Lessons across southeast Asia be a daily or any other country 80% Remains the Same. So, when we showcase our product the insurers feel that we understand their language and that is where the big differentiation has come in where by insurers are taking our modules of platforms and plugging them white labelling them into their system. Does that answer your question you got right? Thank you so much and thank you for keeping to five minutes. I think you get the award for the shortest presentation today. So, thank you.
Okay, so now we’ve got some time for panel discussion, right? I think just looking at the time we probably got about 15 minutes in total. What I’d like to do is first of all just run the pole that we had planned, which is really just asking the question actually someone asked earlier which is around what do we see as the role for Singapore in the region? So, we’ll bring up this poll. So, do you think Singapore can have an important role I got read the rest of that as
Timestamp: 66 min to 67 min
In short circuit for as he had and then the response options there so he’ll give us those responses and just while we’re getting those responses. I think in terms of the way, we’ve got loads of questions that have come in and thank you to the panelists for answer as many as possible as well in terms of the time available. I thought what we could do is maybe just do a sort of round robin on this tissue of well what’s changed or what do you think is changing now that we
In this covid situation, so we are in this time of great change and just if each of the panelists and also participants could think about that and then have a response and also can you can you at the same time because I’ve been a number of questions coming on regulations. Just how do you think regulations need to change or in fact already changing in some markets, you know to accommodate things like virtual selling as well.
Timestamp: 67 min to 68 min
I think we probably got enough time. If everyone just does a sort of minute or two around that and maybe picks up on each other ideas. I think that’s how we could do this panel. Just looking at the responses. I think we’ve got pretty good responses. So that share the answers on this so you could share the poll responses rules to everyone.
So, there we are we’ve got we’ve got some strong Singapore nationalist on here. That’s is very good. So, we’ve got forty one percent saying that Singapore already has a leadership position in as a ZN and 51 or 52 percent thinking it can do as well. And I expect everyone on the panel would probably agree with that. We whether you been in Singapore or short time or a long time. I think we all know the advantages.
is that Singapore can offer from being an easy place to do business and
Timestamp: 68 min to 69 min
Will be a magnet for talent as well. So, you know, I think the role that those who volunteer to support on insurtech committee, you know, I think part of that mandate could and should be how do we help more broadly around the region as well. Does anyone want to comment on that result? Maybe Tomasz Kurczyk or hoplite?
Okay, I think both like Singapore and Hong Kong traditionally very strong car insurance in Asia in terms of as an insurer Tech Hub. I think Singapore is in a very good position to 45% of fintech companies in Southeast. Asia are based in Singapore. I think we have a very good chance to become that and on.
Second part I think that can be multiple insurtech and all day.
Timestamp: 69 min to 70 min
Can be complementary with one end and therefore I say we are always open to what we for all other apps. Thank you, Hugh, like so let’s move on to this sort of question around what’s changing in the covid world and maybe if some people could just address that sort of experience or desire and regulations bear in mind. We’ve probably only got you know, sort of about eight minutes to do this. So, a short answer will be good. And Simon maybe you could lead the way with
with your thoughts and inappropriately short. Yeah. Okay thanks you I mean, I’ll start with something controversial and slightly provocative right as a statement, which is that it’s a sad reflection on our industry that it takes a crisis for leaders to step up and do things differently and I you know that deliberately provocative and it’s targeted at incumbents and you know, frankly the world wherein particularly if you look at life and agency a lot of the more established players in the region
Timestamp: 70 min to 71 min
and holding onto margins and volume and traditional models as long as they can consciously. I think the time is long overdue for insurers to take more of a step back and think fundamentally about what is the new strategy for a digitally enabled world, but unfortunately most of the time insurers, you know manage to quarterly results. They’re under pressure to keep the results going up so you can understand the challenge and they duck the issue of are we still future proofed and set for that, you know?
Digitally enabled world and they react to on the being told by The Regulators to do something or when Frankie the shit hits the fan which is kind of where we are at the moment on new business at least so I think you know, and hence. Our industry warning is time to step up some are now really aggressively looking at a combination of accelerating their evolutionary steps and thinking more challenging these themselves around what’s the transformation play. Here is our strategy, right? And of course, Walter is pioneering in this space as a
Timestamp: 71 min to 72 min
So, a new entrant is had the not I wouldn’t say easy task at all. It has been but that even the fortunate position of being able to step back and look at the industry think the pain points and is wrestle all of them straight off the bat. So, for me here, I think there’s going to be momentum though. And so, I’m really, you know, pleased about that obviously the decision sure to but just a bit frustrated that it’s taken something like this to make it happen in such a meaningful way. I’ll let our pulls let others comment on the regs one. Yeah. Well, maybe I’ll hand that over to Walter and sort of you how you feel.
In the pressure and quarterly results yet Walter.
But really, I think we’ve been very fortunate with us with our shareholders that we’ve had supported. He all those who appreciate the fact that if you’re going to be challenging the status quo that it takes time to do that Financial Services brand take quite a long time to establish themselves and you need to take the time that you need to get there.
Timestamp: 72 min to 73 min
I think bit of a covid specifically we are very fortunate that most of our businesses is not advised anyway, so we’re seeing massive amounts of flow still coming through despite the lack of face-to-face interaction. That’s it but to submit its point. Also, we’ve also firmly believed that advice has a role to play and but oh, you know, I think for us covid is here to just the perfect time while if there is if it was just perfect timing
But just at the time as we’re building out an ecosystem where our ambition is to provide, you know, Grassroots foundational Financial Services product, which is at the base of a financial services experience, which is getting the most value out of your cash savings and that’s where I’ve are both. It’s coming at the current point in time. Overall. I see the industry struggling for the next good six months.
Timestamp: 73 min to 74 min
So, I don’t think that we’re going to be back to normal anytime soon. I think that Humanity has changed its outlook on the way we do stuff. I think just the fact that we are having dinners at home with our families rather than working in offices until late nights does remind us all of our humanity and our families and an importance of what’s really important to us. And I think that means that time for things that are not normal.
Mille to this new world that we’ve created for ourselves is going to be incredibly precious to us, which means that our appetite to respond to sales calls by advisors and other thing is actually going to get more, you know continue to be resisted. So, I think there’s tough times ahead for the advisory businesses and Singapore. I think digital there’s a lot of digital media consumption these days digital advertising will continue to have a have any effect on people’s fixing.
Timestamp: 74 min to 75 min
And for those of us who are in an insurtech who has gone online, we can actually help the rest of the industry accelerates. So, we felt we feel very well position because of the crisis accelerating the online Journey. So, it’s I think we’re fortunate that we have the time the market that to help the insurance industry move there, too.
Timestamp: 75 min to 76 min
Yeah, thank you. Rose. And here’s interesting how regulations can change very quickly in a crisis. Right? And so, some things that people have been waiting to happen and how happening and that’s good as well. And that’s hopefully insurers will also step up and accelerate the pace of change because this is one of those times right now. What’s your sort of use? So, for us we actually have both childish to and also the hybrid model.
about their struggles that like consumers go on lying go directly to apply for product for like seeing life and the rest of the jurors and then hybrid means that we work with the incumbents and previously our advisors have to meet with the client face-to-face and The Regulators were sending multiple updates during the first few weeks of the circuit breaker in terms of like how things have evolved like
Timestamp: 76 min to 77 min
When can we now translate that true the phone and an advisor section, we assume that is recorded for compliance reasons? So, there are a lot of things that have evolved over this period of time and totally agree with Walter that distinct probably my stay on for another six more months and then potentially the whole advice section is still have to be done to video consultation. She has actually created a huge impact to the to the large ecosystem.
Of the insurance pays because latch of the services is still done through or students who face to face until covid happen, right so I can see that well more of the updates will be coming because despite that I think a lot of the insurance companies have beefed up their socialization. A lot of the consumers are still not that comfortable doing it by online for the complex.
Timestamp: 77 min to 78 min
So, they’ll be still more coming on board. But then I think solely be back a bit more open because it just takes a while especially for financial services. Where are you dealing with thousands and anything up to 7 million for like Personal Insurance products?
Yeah, great. Okay so subject maybe you couldn’t just summarize quickly your thoughts and then we’ll move on to sort of the updates. Yeah, you’re always putting me on the spot to be quick you so okay. I’ll try my best again, huh? I’m very good at its readership. So, I am not that happy to be very honest a couple of quick stories. I had to take my dad’s car out for an emergency. Just three days ago. Nick did very badly. Let’s not talk about how dad might call my dad reacted with that. But me
dad did not file any insurance claims. His only thought was oh the car will be in the garage for 15-20 days covid has happened. It’s not getting going to get fixed anytime soon. India lockdown has been there for 6.
Timestamp: 78 min to 79 min
Is haven’t seen a single insurer go and launch it quick claims product in that 60 days. Yes. We have seen a lot of conversations happening. The number of conversations. We have been happening with insurer has to use our modules have gone up, you know, but haven’t seen anybody pulling the trigger as quickly as I would have hoped people would pull the trigger our agents 42,000 agents have been using this virtually for the past one and a half years, you know.
We do them onboarding digitally they actually interact with their customers digitally and in a time like that. I had the expectation that showing the proof in the pudding, right? You don’t have to take my word for it on Play Store app. Are there a hundred thousand pounds downloads reviews are there it’s a text tag that has been had 25 updates. I would have had one inch shorter coming and saying great. Let’s push this to our patients right away again. Lots of conversations not a single trigger being pulled so I do see that
Timestamp: 79 min to 80 min
Conversations happening. That’s a trend towards change is the change happening as we speak. I have my question mark on it. So, we’re going to have to check back in on you in three to six months’ time and see where you are. So, thank you for that and we’re going to move on because we are getting close to two time and we’ve got a few updates. So, I’ll Klein. Oh, you’ve got a very important section here in terms of SG support program so we can bring up that slide and you can talk about that. They’ll be fantastic.
Thank you. Thank you. I guess most of us would have put dad like the Silver Lining about covid-19 pandemic is that actually compressed the digitalization can like move for consumers and for businesses than insurance, but the key question for a lot of the insured that is how do you Outlast the shop them negative impact of this. That’s why I mean for the insured text.
Timestamp: 80 min to 81 min
Job based in Singapore over the last two months. I believe like Singapore rule out a series of support for both the syntax and the insurer Tech that I believe we are still the only country that has wrought all very comprehensive Suite of help that is on top of the other help that is already available in the broader budget. Yeah slightly slide.
Looks like I do the interest of time. I will cover all the help very high level. So basically, most of our members the indicated that the three areas that they need a lot of help are in Wonder business cost second is seals generation and third is investment funding. So, the first one is the Heron 25 million support package. So as long as you are
fintech or come
Timestamp: 81 min to 82 min
Eaten by a selfie you will be eligible for the various initiative under these are support package. For example, the digital acceleration Grant allows you to claim 80% of the cost for your digital tools. For example, your cup hosting which lie on average of fintech companies spend about five thousand a month on cloud computing. So, under this game 80% of them are eligible for claim under this next is epic.
Test so basically you are given a six-month free subscription on a big platform. So, what is that picks at? This is actually Pi exchange platform connecting fintechs and insurtechs with the financial institutions. So, by using this platform allows you to be able to do your sales getting finding potential I customers. So, this is this is a platform that
Timestamp: 82 min to 83 min
It allows you to do steals during this covid-19 lockdown period that the one is training allowance grunts, whereby if you send your stuff for training under the accredited causes by The Institute of banking and finance you get up to 95% of a subsidy for the training. You also get $15 an hour for your staff that are under when the training
the last item is what we call the fintech self-assessment tool because like more than 80 percent of our members are in have a B2B offering but when you are working with financial institutions being aware of like regulations on like Outsourcing and Technology risk management is important. So, within the next two weeks SIV will roll out this self-assessment to and workshops to train fintech companies.
To be conversant in these two keys.
Timestamp: 83 min to 84 min
Regulation so that you are more effective when working with financial institutions.
The next to initiative the am tedious and solidarity fund and razor covid-19 support fund both are related to finite fund investment funding whether is it bridging loans Equity investment or equity-linked financing. They are not just limited to Singapore base in short text. If you are asking based in short that you are also eligible for it. The next item is what we call the MTD Global fintech Fellowship. This is
Program that is being work on together with MTD and SFA. So basically, this is a five-year program every year. We will select up to 10 fintech folders and then to be ordained send them over the work whether is it in the Middle East North America Europe, and they will get to network.
Timestamp: 84 min to 85 min
Get connected with the ecosystem in the various countries. This is really to help our intro text and Finn text tool to scale across the world. And the last item is the fintech solidarity grunt. So basically, there are two components under this grant the business sustenance Grant allow a fintech company to get up to $20,000 to defray the cost in renter and salary.
The next one is the business growth Grant you can get up to $80,000 for doing proof of Concepts under the epics a platform and then you can get a further 20 thousand dollars to get hundred percent funding for an engaging interns who work on all these pocs. Yeah next slide.
Again, just how I shared right? These are just a very high level.
Timestamp: 85 min to 86 min
Overview the details are actually available on all these links believe a copy of this light will be shared with everyone. We are still be holding a few more our webinars the keep giving more details about all these various support schemes. Yeah, so do watch out for the newsletter or our social media posting from myself a thanks.
Thank you. Those links are in chat as well for those that want to look at them on a priority based is so Tomasz over to you. I know you got a couple of polls you want to get people’s views on the insurtech committee. Want to see how many people are willing to volunteer, right? Yes, indeed. Thank you for the great discussion and we would like to engage because the role of the subcommittee is to work with the ecosystem build a custom engagement.
Covid custom. So that’s why we offer first.
Timestamp: 86 min to 87 min
The thing that you want to do is actually ask you for the feedback and ask you and we had quite a few questions in a chat and the journey how subcompact the subcommittee can help and all the subcommittee focus on specific areas. Please launch the chat poll so you can vote so this your suggestions will be used directly to prioritize the
Work of the subcommittee. And to be honest today in this in this webinar we have in the panel we have four of us. So, it’s me, its Hugh and hope like the part of the subcommittee. So, we are hearing you. So that’s a good example that we will be taking this as a direct input from you. So please vote. I’m not sure Rosaline how many people how many votes we have already we have one more.
Timestamp: 87 min to 88 min
One more Bowl. So please if you can choose up to two items from the poll. Yeah, maybe we’ll let it run for maybe another 30 seconds, but maybe you could share your reflection and Zone covered just quickly while people are so when it comes to covid. I have a slightly different point of view. I think that covid is in the end is there’s a silver lining because the biggest hurdle for insurance is not technology is not
not digital. It is actually the risk awareness and especially place like Singapore where we are very safe very secure Shelter From the natural disasters very low percentage of the risk related to Crime people are feeling very comfortable and they are don’t understand the risk. So, the eve of such scale like covid people start thinking about really
Timestamp: 88 min to 89 min
Am I properly protected and my properly covered and I think we’re going to race all the boats? And as I one of the references while I don’t think it’s only about the digitalization and we had a discussion about the governance and acts aspects. If you look at the statistic in u.s. In two months, the adoption of e-commerce doubled increase.
Much as its increased over the past 10 years and of course e-commerce is not regulated industry. So, this is a good example that it’s driving the shift, but I think the really the biggest game-changer for insurance industry will be increase risk awareness for all population. So nice comments that share the poll results if we can just quickly and that’s just so everyone can see I
Timestamp: 89 min to 90 min
Can you obviously reflect on those and yeah, all of these look very popular regulations? Look at that one is up there right is hands out. Right? Can we can we could just let’s move to the next. Yeah, and this is a quick one, right? Yes, Rose if we can share that one quickly.
And this is more around for those that want to serve which areas. Would you like to provide supporting? I think we’re only allowed one option. So, choose the one that you like the most we won’t share the results on this. This is just for time I start to see and I’m sure he’ll be following up for those that are expressing interest. Yes, for all those that are interested to collaborate and contribute. Please reach out directly to us.
over the SFA websites who will collect this and
Timestamp: 90 min to 91 min
Winds will keep in touch, please. Please come forward. Why am I getting a very good response? So, thank you everyone who’s responding to that and we’ll keep that open. So, Tomasz Kurczyk thank you for that and just you just really got a couple of minutes. I mean Simon, can you do your best to do a couple of updates and maybe just briefly talk about what we’re doing in that sort of skills area right in Portugal? Yes. Thank you. So very briefly firstly just a quick plug.
Bug for one of our annual events coming up next week. We run an annual Awards events as people will know focus on Innovations both for insurers and in insurtechs we had planned to do this Global event in Singapore as part of the physical an insurtech connect event that they were planning to run on 2nd of June as we know that’s been deferred and here goes the drilling. My apologies. It’s been deferred to but we’re still running an online.
Timestamp: 91 min to 92 min
Can you hear me here? Yeah, and so what still running at online events to run the awards and we’ve got a really cool panel focus on ecosystems in China. This taking place is awesome really good panelists. So that’s one thing to look out for us next week June the 2nd 3 p.m. Singapore time. So please get that in your diary. If you can always fun to get to those Awards and then the next slide and that’s it from me. I think you was just to make people aware of you. If you’re not already. We launched in the beginning of this year something we call the TDI.
Academy because we have a firm view that more people in the industry need to understand the potential for technology to improve things for consumers and get more enthusiastic about that Beyond just digital specialist and Innovation leads. So, we’ve launched this kind of Academy it started with a mini MBA program called the associate digital insurer, which sold out in January the second coat whole started this month and sold out as well. It’s getting a lot of interest. We’ve also got a fully online kind of light version which is
Timestamp: 92 min to 93 min
Paper. So if you’re interested not killing yourself in very relevant Cutting Edge and current kind of perspectives on digital from a whole bunch of different leaders, whether the you know, not just from TDI, but from Swiss re from KPMG from Google many others, then please let us know and we can send you a bit more info. So, I think if we got a question on that huge just to see if people are interested. Yeah, we wanted to find out people’s interest in l&d more generally in the space, right? Okay. He was technology meeting insurance. So
So Rose, can we just run that pole quickly and appreciate people’s feedback on that? Yeah, exactly. I mean, we’re really, you know, we really positive about this and it’s getting great feedback really working hard to try and keep it relevant, you know back to the discussions. They’ve all the panelists including great Insight from Walter on how the consumer minds are changing and expectations just gone through the roof, right? So, we need to understand this everybody insurance and this these programs are part of that.
So, I think
Timestamp: 93 min to 94 min
Hugh that’s me done just in the spirit of keeping it tight. Other than that, thank you and I just keep that that poll running as we go through and rows of you just go to the next slide. I mean, I guess just with me, I guess just to wrap up thank everyone who joined the call. It was great to see so many people. I think we almost topped out about 200 participants at one point. It’s been a lively discussion. Thank you for the panelists.
As well and also just personally, you know, it’s a pleasure to be involved in this. I will do its bit on the insurtechs subcommittee and we’re looking forward to sort of engaging with lots of people to create a vibrant ecosystem as well. So really that’s it in terms of the webinar really enjoy the rest of your day will be doing a lot more events expect around this virtually in the short term, but hopefully we’ll get back to some
Timestamp: 94 min to 95 min
Physical meetups in the not too distant future when it’s safe to do so as well. So, thank you very much.
Thanks everyone. Thank you. Bye.