Insurtech Story Podcast

All sectors are evolving due to the rise, development, and adoption of linked technology and big data. Usage-Based Insurance (UBI) is the most well-liked application of big data adaption in the insurance sector. UBI first takes the form of a straightforward unitary Pay- As-You-Drive (PAYD) scheme in which it is still unclear how to classify good and bad drivers. The Pay-How-You-Drive (PHYD) model...

A group of employees in the company may get group insurance. However, it does not imply that the group must follow a uniform set of guidelines that apply to everyone. Customization and personalization are now essential for creating a sense of community in the workplace. No longer does corporate insurance come with a standard playbook. Some people may wish to include their parents, while others may...

Although new dimensions and innovations are reshaping the insurance industry, the fundamental reason for insurance has remained constant over time. In contrast to traditional insurance, which covers assets, parametric insurance covers parameters, commonly referred to as indices. When a specific occurrence or quantifiable condition occurs, such as a flight delay, an earthquake, a specific hurricane...

The slow-moving insurance business faces a difficulty in figuring out how to offer protection in a quickly shifting risk environment. To assist individuals impacted in recovering their losses, insurance needs to take a fresh, innovative approach. Insurance buyers are actively looking for low-cost insurance options with quick claims processing. As a unique replacement for conventional policies, cer...

The next wave of digital revolution is being ushered in by the metaverse, and insurers will face both obstacles and tremendous technology tools to differentiate themselves over the coming five years. The metaverse will raise standards for how carriers connect with customers, the things they create and offer, and how they run their businesses. The metaverse, which will be the next stage in the deve...

The global push for electric vehicles, which Asia has eagerly embraced, and changing consumer behaviour trends are driving a transition in the automotive insurance sector. The rise of connected cars, which are outfitted with improved automation capabilities and online connections to the entire transportation ecosystem through embedded systems and smartphone apps, may be the most significant trend...

In order to forecast future results, predictive analytics tries to connect different factors or traits. However, the process has long been constrained by access to incomplete data in antiquated systems or overburdened by the enormous amount of work normally required to attempt to connect a large number of variables. Predictive analytics, which rely on tools that use advanced algorithms to find pat...

The IRDAI has released guidelines to insurers on how to structure cyber insurance for individuals and gaps that need to be filled, which may enable those who transact online sleep more soundly. The guidelines state that cyber insurance should include protection from financial and identity theft, unauthorised online transactions, and email spoofing, among other things. The rise in digital frauds an...

The digital distribution of insurance is increasingly focusing on embedded insurance. Customers can simply add insurance cover that suits their needs and budget as part of a customer journey connected to a known demand by making insurance available in conjunction with other items on established online services. Meanwhile, insurers offer more convenience and associate insurance cover with well-know...

The insurance industry in Asia-Pacific is not one-dimensional. There is no one-size-fits-all strategy for insurers operating across the area because each country has distinct characteristics. Asia-Pacific general insurance markets can be broadly divided into four groups: burgeoning giants (like India), vibrant growing markets (especially in Southeast Asia), established markets (like Japan, South K...

Insurance agents needs a way to maintain its competitive edge in the fiercely competitive insurance business. When agents are trying to grow, they need to seize and develop each prospect. Effective communication is the key to achieving that, which agents can only do if they have access to the best CRM tool that can streamline the way they manage their work process. Every day, insurance brokers and...

In the fiscal year of 2021, nearly 514 million people across India were covered under health insurance schemes. Of these, the highest number of people were insured under government-sponsored health insurance schemes, while individual insurance plans had the lowest number of people. Overall, the penetration of health insurance in India stood at just around 35% in financial year 2018. India has a de...

Some insurers have adopted an alternative distribution strategy based model, concentrating on drivers such as banks, corporate agents, and insurance brokers to fuel their business growth, while some have concentrated on the traditional direct channel model comprising of individual agents, direct mail, company websites (internet based selling) and every such activity that involves the insurer direc...

Customers for insurance don't have many complex requirements. They wish to have access to a wide range of plans at affordable pricing. They desire easy, hassle-free interactions as well as clear, transparent information. They anticipate their insurers to assist in reducing their stress rather than escalating it when they are filing a claim following an accident, theft, or injury, which is frequent...

Digital transformation is on the agenda of nearly every company. Financial services organizations have embraced big data and machine learning in order to expand the scope of their services but the insurance business model has endured intact despite disruptive technologies in every other sector. From the cultural side, traditionally, insurance cultures are heavily structured and compartmentalized....

Many businesses' foundational legacy systems prevent them from utilising new digital technologies and generating novel experiences for their stakeholders. In order to develop an IT strategy that supports the speedy adoption of emerging technologies, many find it challenging to modernise or expand their old systems. Besides, these organisations connect new systems to their legacy databases and soft...

The insurance industry is being transformed by technology and digitisation, making it more important than ever for insurers to focus on providing digital client service while also adding a human touch to gain their trust. Companies are implementing chat bots and investing in AI/ML to optimize client support digitally as they transition to a "digital-first" strategy. The way insurers operate is fun...

Today, with fierce competition in the insurance industry, it is imperative for insurance companies to up their game in customer experience. Faster policy issuance, faster customer grievances resolution and faster claims closures help insurance companies attract more customers to them. At the same time, the companies must mitigate their risks of customer churn and early or fraudulent claims. With a...

Software can be swiftly developed using low-code platforms with little proprietary coding. These platforms offer basic code and connectors so that businesses can create applications without having to create intricate infrastructure. Customizable workflows and features are made possible by low-code software, which also reduces the development period to a few days or hours. To build things, neverthe...

According to an industry survey, the embedded insurance industry is expected to grow by 31.9% on an annual basis to reach $56,979.8 million in 2022, with the Asia Pacific region considered to be the largest embedded insurance market. Key discussion areas: 1. In insurance, the most important part is to build your customer acquisition and retention strategies well. How do you see, embedded...

The auto Insurance industry participates in various processes that are characterized by data exchange, which is modified or updated by many parties. Hence, the auto insurance industry can benefit from the adoption of blockchain technology. However, there is a lack of understanding of the technology, the legal implications and the issues in implementing the technology. The session today aims at fin...

Data today is the most valued asset and it is the most dispersed across several platforms specially in life insurance that has been sitting on a rich trove of big data which is mostly untapped. Artificial intelligence-based data management technologies for the life insurance industry are being used much more quickly now. Particularly, artificial intelligence in life insurance has grown in prominen...

Key discussion areas: How you think the future of technology will shape the benefits industry? Moving to some specifics, the employee benefits industry is changing with varied scope of offerings. The World Health Organization suggested that by 2030 depression will be the world’s most widespread disease. So it is clear that there will no “one size fits all” theory, flexibility will be the key. So h...

Like many sectors of the economy, the insurance industry is affected by increasing technological innovation and disruption in the digital era. Technology in insurance, or Insurtech, is experiencing rapid growth, increasing investment and enabling technology to greater influence, and in some cases transform, the insurance industry. Now moving the shift a bit to APAC, this region is particularly exp...

Insurance is the fourth most disrupted industry and the one inclined to the most disruptions in the coming years. Much of the transformations are a result of the growing adoption of mobile technology, AI, ML, cloud and data technologies to name a few. So essentially, these technologies are redefining how insurance products and applications for services like claims processing, fraud detection, unde...