Dynamic Huddles: Insurance X Tech = A "Happily Ever After" Union?
In this session, the panel explored why the Insuretech space hasn't gained much traction to date with large corporates and other big buyers of insurance, despite technology revolutionising some elements of personal insurance and many other industries.
The panel talked about the traditional ways of working in the industry, which are heavily dependent on relationships and the high level of bespoke solutions required. Another challenge is the diversity & accessibility of data pools which could potentially serve as the fuel for technological change.
Drawing parallel from other industries - the platforms that are coming in to automate marketing are not necessarily going to displace the intermediaries but more likely to change their role to be more service-related.
With COVID-19 exacerbating already hardening markets, it seems likely that pressure on corporate bottom lines will drive change and lead to digitalisation in the industry but how soon remains unclear.
Speakers / Moderators:
The panel talked about the traditional ways of working in the industry, which are heavily dependent on relationships and the high level of bespoke solutions required. Another challenge is the diversity & accessibility of data pools which could potentially serve as the fuel for technological change.
Drawing parallel from other industries - the platforms that are coming in to automate marketing are not necessarily going to displace the intermediaries but more likely to change their role to be more service-related.
With COVID-19 exacerbating already hardening markets, it seems likely that pressure on corporate bottom lines will drive change and lead to digitalisation in the industry but how soon remains unclear.
Speakers / Moderators:
- Farah Jaafar-Crossby, CEO, Labuan IBFC Inc.
- Steve Tunstall, General Secretary, PARIMA
- Jack Xia, Chief Actuary, Igloo
- George Kesselman, President, InsureTech Asia Association
