Google Tanslate

Select Language

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 [email protected]

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
Services of interest

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit


Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.


Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Summary of The Digital Insurer’s Roundtable discussion on wearables and digital distribution – in partnership with Leo Tech

On the 22nd of March 2016, The Digital Insurer, in partnership with Leo Tech, held a roundtable discussion in Singapore with 10 senior Insurance Executives to discuss

  1. The impact of the Internet of Things (IoT) and wearbale devices on Life & Health Insurance and
  2. The impact of technology on distribution in Life Insurance.

It was an excellent discussion with lots of openness, insights and knowledge from our participants – a great example of how bringing together a meeting of minds can facilitate powerful connections and discussions.

We have summarised below the highlights from the session.


1. The impact of IoT and wearables on Life & Health Insurance


Opportunities Possible Outcome
Managing chronic disease The use of wearables to manage chronic disease has become more prevalent – they have become more medically reliable with an increasing number of Doctors willing to use them
Transforming the Operating Model to fit customer needs. Must be available 24×7 , saving Life on the go. Wearables are reliable medical proof
Increasing access to insurance Health monitoring could increase access of Term Life Insurance to previously ineligible customers e.g. those who have existing conditions
Enhancing underwriting Combining genome sequencing with wearables could be a major breakthrough in the life insurance industry and could be used for underwriting purposes



Challenges Possible Outcome
Sustaining customer engagement Use of fitbit tends to wear off after first 2-3 months; requires constant investment to maintain customer engagement
It is hard to find a sustainable model for wearable devices; It’s hard to sustain the customer engagement
Data sharing and privacy How much data that has intrinsic value to the insurer (beyond e.g. # of steps and sleep patterns) will customers be willing to share?; will customers share data knowing that it will be used for underwriting purpose

In terms of life insurance, I am skeptical about people being willing to share information with the Insurance company
Using wearables for price adjusting life insurance product like Term Life, seems to be star trek. Industry is far from digital currently

Data use Need to consider how real value be extracted for customers – devices provide data but what does it mean for the customer and how can they improve their wellness
Data validity Is it possible to extract the correct data that truly shows how “healthy” someone is and how does one measure behavioural change?
Amassing data Will insurers be able to amass this level of data or will this need to come from third parties?


2. The impact of technology on distribution in Life Insurance


Opportunities Possible Outcome
Regulators are open to change With digital, there is an opportunity to change the dialogue with regulators and to show them how processes can be improved
Making online distribution easy
  • Simple products which are easy for the customers to follow and make decisions
  • Simplifying the online acquisition/subscription process
  • There is also a need for simplification of policy processing requirements such as regulations and KYC
  • Reduce turnaround time
Differentiated products Introduction of differentiated products within different channels
Disintermediation Disintermediation of insurance is not necessarily a bad thing. If insurers become the manufacturers of the product and utilise other companies to distribute products, so a model that pursues collaboration at the front end. Not so common in Asia yet but we are seeing this in other regions – think, Beagle St, Haven Life, Sureify
Collaborating with new entrants Increasing opportunities for incumbent insurers to partner and collaborate with new entrants who are looking to enter the market and e.g. who are focusing on particular aspects of the value chain



Challenges Possible Outcome
Overcoming regulations The challenge with having a full digital process that allows straight through processing is in overcoming regulatory challenges – the industry needs to engage with regulators and get regulations smoothed out in order to allow for a full digital process
Going digital with Direct Purchase Insurance is easier as it’s a straight through product. Go outside that and it becomes much more challenging
Changing product design Focus group research shows that customers actually want to speak to someone and that they value face to face contact – they want to really understand the product and what they are buying as it is a complex product. Therefore it’s the product design that needs to change e.g. modular/configurable products that customers can actually understand. This is more so with Life Insurance than for example General Insurance which lends itself more naturally to full digitalisation
Omnichannel Omnichannel also becomes an important consideration as that allows customers to conduct each part of their customer journey through multiple channels eg research online, purchase off line
Educating consumers Life insurance is not a commodity product – it is inherently complex and expensive yet customers crave simplicity and lower prices; this is the paradox that insurers must overcome – consumer education is key for this
Focusing on front end systems Prevalence of traditional backend systems in Asia – insurers need to become more agile and make their front end systems more dynamic/simple. Most insurers will start with the back end when thinking about product design – what about if insurers focused on the front end first? New entrants are following this thinking and putting customer experience first and not worrying about back end as they can partner with insurers to do this; this is a threat for incumbents
Adjusting to emerging eco-system Incumbents and traditional insurers must successfully collaborate with this emerging eco-system/new entrants
Continuing engagement with customers Partnering and collaborating will play a key role but there is a risk that the customers become disintermediated from insurer and insurers want to be closer to the customer, they still want to own the customer – insurers must think about how they manage this


The quote below provides a great summary and end point for the discussions – the next two years are certainly going to be pivotal for insurance in Asia!

“Lots of large incumbents are doing the face-to-face model but what you see now is enough new insurers looking at the market and saying the way to build distribution is through disruption or digital so the conditions are absolutely right for change and disruption. The next two years are going to be interesting. I’m confident it’s not going to be one, it will be multiple insurers who will do this”


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