The Digital Insurer has collaborated with Raconteur to contribute an article, Digital Insurance – A View from Asia, to its Future of Insurance report. Raconter is one of the UK’s leading publications and is the exclusive publisher of special interest reports in The Times & Sunday Times newspapers.
The report covers a range of topics and trends in insurance including customer experience, transformation challenges, machine intelligence, data analytics, cyber insurance and the impact of connected devices.
10 selected highlights, not exhaustive, from the Future of Insurance report include:
- The shift to digital – Will there still be a role for people delivering quality advice or is the future entirely about price?
- Telematics – Clear customer preference for pricing based on driving behaviour is tempered by some reluctance to share data. Trusted brands will be important
- Regulation – How regulators are also shifting gears to manage the new challenges and opportunities
- Collaboration – Exploring the pace of change of the insurance industry to new technology and changing customer demands. For example 40% are reported as partnering with non insurance partners and just less than 50% are collaborating with InsurTech firms
- Customer Expereince – An exploration of customer experiences that concludes with, ”So insurers will move from being salesmen focusing on the benefits of a product to consultants focusing on an outcome for the customer.” A global survey identifies three countries in bottom 5 for customer services with no countries in Asia in the top 5
- London Market – A view on the challenges of technology in the London market which notes “but before digitisation is possible the trading data must be unlocked”
- Machine Learning – How machine learning is applied to fraud – “It’s not about building the capability or technology, it’s about how and where in the business do you start to apply it”
- Cyberinsurance – The challenges of developing cyberinsurance – including the risk management practices customers need to implement as well as the need for cyberinsurers to remain agile and adopt policies and pricing as new risks emerge
- The view from Asia – “Asia is an increasingly attractive insurance market poised to make a greater impact on the world stage”
- Blockchain – The potential for blockchain is described as “… wholesale insurance is some- thing that could be profoundly changed, along with the insurance of contract law. It’s data that should be in the public domain. You could almost see a situation in future where if you don’t put your records on a blockchain, they’re inadmissible in a court of law.”
Digital Insurance – A view from Asia
By 2030 Asia is expected to be home for two thirds of the world’s middle class and is the leader in the use of smartphones. So what are the prospects for digital insurance in Asia?
Asia InsurTech Report by Paul Schulte
We’re also pleased to announce that we have partnered with leading Asia analyst, Paul Schulte, to be the exclusive distributor of his new Asia InsurTech report, Will the InsurTech Asteroid Cause the Extinction of Traditional Insurance? An Asian Perspective. Paul’s report provides a highly informative view on the world of InsurTech and dives into what is happening in Asia that should prompt traditional insurers to stand up and take note!