Elevating the insurance value proposition at the intersection of IoT and ecosystems
18th - 19th May 2022
Sofitel Kuala Lumpur | Hybrid
About InsurTech Leaders Summit
The pandemic impacted all industries in various ways. Whilst some businesses were forced to shut their operations, most managed to adapt and still are adjusting to new trends and digitalisation of their processes. The insurance sector was not an exception to this massive sort of compulsory adaptation. Emnes Events took initiative to create an opportunity to discuss exciting topics as Insurtech, Insurers, Artificial Intelligence, IoT and many more at Insurtech Leaders Summit APAC which was held on May 18th-19th, 2022 in Kula Lumpur.
We conducted few short interviews with industry experts, who spoke at the conference, to shed the light on the current challenges the Insurance field is facing. And this is what they have shared:
Emnes Events: How to achieve successful collaboration between insurers, insurtech and non-insurers?
Farah Jaafar-Crossby: I am not an insurer, I am not an insurtech, but I look at it more from the outside looking in. And I think there has to be an understanding of how insurtech is different from insurance. Insurtechs have a responsibility to explain how the technology will facilitate the end user. Once that happens then there will be better cohesiveness among all 3. Historically, users whether those are retail or corporate, have been accustomed to expecting a certain level of information from insurance companies. And most of the time retailers and users expect insurance entities to say that they can buy this insurance policy, but this is not covered. Disclaimers are too wide. It is a great opportunity for insurtechs that are generally more efficient to try and change that notion, the expectation from the retailers. If that is possible to be done what will happen is that there will be better acceptance of insurance generally by everyone. Because of the efficiency that the technology will allow. Insurtechs really have a responsibility to explain and to create a better risk management tool for everyone.
Managing Director & Chef Communication Officer | Fusang Malaysia
Board Advisor, Open & Embedded Insurance Observatory, Chief Innovation Officer, Chief Underwriting Officer, Venture Builder & partner, NED, Investor, Patented inventor and awarded innovator
Emnes Events: I have seen that your presentation was dedicated to the findings of the research you had conducted on the embedded insurance among 42 companies representing 4 continents and 70 countries, accounting for USD45 Bn of GPW. Can you please give me few important highlights on it?
Dominique Roudaut: First is the growth of embedded insurance, the market is expecting it to be reaching USD700 Bn by 2030. And today we are at USD100 Bn. It did attract a good amount of investment last year, something like USD800 mln was invested in embedded insurance out of USD15 Bn, so it is roughly 30% of the world insurance investment that happened last year. Now the point is how we do it well because everybody is interested in taking part in it and it has to go beyond of just getting some revenue. It has to flatter the grant, it has to enhance the user experience of the customer, it has to be value add. The way to do that is being clever, it is not simply offloading whatever insurance policy you have. You have to design something that is relevant just for those people, for that type of target, for that type of distribution. When using embedded insurance, the process of selling the insurance is quite different than the traditional way, we already have an access to the data of the customers so we can sell the insurance right away without asking questions.
Emnes Events: Can you please elaborate more on the importance of culture and re-skilling for digital world?
Shalini Pavithran: I think the time for delaying on this is longer and it’s time to face the facts and do it. So we really need to get serious about people and about creating the digital culture and that’s what we are doing at The Malaysian Insurance Institute to help the insurance industry.
Chief Executive Officer | The Malaysian Insurance Institute (MII)
Group Chief Technology Officer of Tune Protect Group Berhad
Emnes Events: How can AI be used throughout the value chain?
Prasanta Roy: AI could be used depending on the importance of elements that the business wants to solve. During my session at the event, I highlighted customer service. When you respond to the customers, you can use emails. When you call a call centre it is AI powered, it analyses customer sentiment. If we are talking about claims, those can be fast tracked and better when you put AI into the solution. AI can be used in fraud detection because in insurance a big part is fraud, USD40 Bn was lost last year in US only on fraudulent claims. You put AI in scale and that will reduce.
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