Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Life insurance in the digital age – Swiss Re Sigma Report

[ff_author_box_style2]

Article Synopsis :

Technological advances are changing the way life insurers interact with consumers; they’re also improving the assessment and pricing of risks.

 The Digital Insurer reviews Swiss Re’s Report on Life insurance in the digital age

Technology enables a complete view of the customer, all in the palm of the hand 

Swiss Re’s latest Sigma study “Life insurance in the digital age: fundamental transformation ahead” is an in-depth look at key technology developments impacting life insurers, potential impacts on the life insurance industry itself, strategic implications, and arising new challenges.

This is a comprehensive report, with analysis and points-of-view in the following areas:

  • Data analytics
  • Artificial intelligence and cognitive computing
  • New medical technologies
  • Wearable devices and digital health (including eHealth)
  • Internet of Things

The digital data revolution will fundamentally change the business of insurance. According to Sigma, the near-term challenge for insurers is to optimise data management capabilities and practices to best engage consumers. New technologies and digital data also provide insurers with opportunities to consider new operating models, options for which include:

  • Specialising in a part of the insurance value chain
  • Creating a fully digital platform for the whole value chain
  • Providing non-traditional services as part of the insurance package

With the opportunities, Sigma also explores the risks associated with new technologies. Life insurers will need to implement new risk management procedures, for example around consumer data protection. They’ll also need to monitor and adapt to regulatory changes with respect to the use of digital data and analytics in underwriting. Pros and cons are discussed in detail along the following categories:

  • Data protection and privacy
  • Keeping consumers onside
  • Digital distribution and regulatory concerns
  • Broader cyber risks
  • Anti-selection

Useful data around FinTech startups and insurance carrier investments is also provided in the report. Non-traditional players, namely the likes of Google, Facebook, Apple, Amazon, Alibaba, and Overstock, and their current and potential future involvement in insurance are also discussed.

Link to Full Article:: click here

Digital Insurer's Comments

The entire life insurance value chain is being impacted by technology and data analytics.

The digital consumer has different expectations, which life insurers can capitalise on by investing in a fundamental rework of their operating and IT systems, and specialist talent.

Accessing and analysing new data sources, obtaining a unified view of the customer, and offering a consistent experience across consumer touch points all require ongoing innovation, which, in our view, may be best achieved by partnering with established and/or start-up technology vendors. External innovation fused with internal strengths around compliance and risk management leverages the strengths of both worlds.

Link to Source:: click here

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in