In­surance firms play catch up with dig­i­tal dis­rup­tors

Tra­di­tional busi­ness mod­els are trans­formed to ad­dress emerg­ing needs.

Singapore Business Review - - RANKING: INSURANCE FIRMS -

The Fin­tech revo­lu­tion has been chang­ing the global fi­nan­cial ser­vices land­scape, push­ing in­surance firms to step up to the dig­i­tal dare. Ex­ec­u­tives are chal­lenged to trans­form tra­di­tional busi­ness mod­els and of­fer dy­namic so­lu­tions to emerg­ing needs, rang­ing from stand­alone apps to in­te­grated ser­vices on so­cial me­dia.

Ge­orge Kes­sel­man, CEO and founder of In­surtech Asia, says in­sur­ers are chang­ing their at­ti­tude to dig­i­tal in­no­va­tion.

Such a di­rec­tion has also led these com­pa­nies to col­lab­o­rate with star­tups, with NTUC and Raxel, and AXA and My­doc as some of the re­cent ex­am­ples of in­surer-startup col­lab­o­ra­tions. Raxel’s ar­rival in Sin­ga­pore in 2016 be­gan with a part­ner­ship with NTUC In­come, with the for­mer pro­vid­ing an­a­lyt­ics ser­vices so that NTUC may come up with more down-to-earth and cus­tomised in­surance schemes.

In 2016, Sin­ga­pore was in­tro­duced to its first fully di­rect and on­line life and gen­eral in­surer, FWD In­surance. In Septem­ber 2016, FWD an­nounced the launch of its di­rect term life in­surance prod­uct with a 100% di­rect and dig­i­tal ap­proach that will en­able peo­ple to se­lect their cover, on­line or us­ing their mo­bile, and re­ceive a sim­pli­fied quote in un­der 60 sec­onds. On­line health in­surance bro­ker­age CXA also broke some records when it raised US$25M in a US$100M val­u­a­tion.

Emer­gence of In­surtech

With the rise in the num­ber of dig­i­tal dis­rup­tions and in­no­va­tions, Sin­ga­pore’s in­surance in­dus­try also saw the emer­gence of In­surtech com­pa­nies such as Con­nex­ions, Shift Tech­nol­ogy, BIMA, Pol­i­cy­pal, Ins­bee, and UEX. These star­tups pro­vide ex­per­tise and ser­vices in dig­i­tal em­ployee ben­e­fits bro­ker­age, fraud de­tec­tion, mi­cro-in­surance, dig­i­tal

AIA Sin­ga­pore re­mains on top with to­tal as­sets of $37,839,527,353. Com­ing at a close sec­ond is NTUC In­come In­surance Co­op­er­a­tive Lim­ited with to­tal as­sets amount­ing to $30,504,022,022. Transamer­ica Life (Ber­muda) Lim­ited made it to the top 10, edg­ing out the pre­vi­ous top 10, Swiss Life Lim­ited.

AIA Sin­ga­pore has in­tro­duced AIA Qual­ity Healthcare Part­ners as a way to man­age ris­ing healthcare costs and en­sure af­ford­abil­ity of in­surance pre­mi­ums. The plat­form is com­posed of a net­work of over 100 trusted med­i­cal pro­fes­sion­als, who will pro­vide cus­tomers ac­cess to af­ford­able, qual­ity healthcare ser­vices. AIA Sin­ga­pore has sought to make this ser­vice avail­able through a web­site, an app, and ap­point­ment ser­vices for greater cus­tomer con­ve­nience.

“As a lead­ing life in­surer in Sin­ga­pore, we play a vi­tal role in ad­dress­ing na­tional is­sues through ef­forts aimed at mit­i­gat­ing healthcare cost in­fla­tion, keep­ing in­surance pre­mi­ums af­ford­able, cur­tail­ing the eco­nomic bur­den of life­style dis­eases of an age­ing pop­u­la­tion, and fa­cil­i­tat­ing im­prove­ments in em­ployee pro­duc­tiv­ity lev­els amongst oth­ers,” says Ho Lee Yen, chief mar­ket­ing of­fi­cer at AIA Sin­ga­pore.

For in­di­vid­u­als, AIA Sin­ga­pore also launched its AIA Vi­tal­ity Weekly Challenge app to en­cour­age clients to boost their pro­duc­tiv­ity and re­main ac­tive.

With the rise in the num­ber of dig­i­tal dis­rup­tions and in­no­va­tions, Sin­ga­pore’s in­surance in­dus­try also saw the emer­gence of In­surtech com­pa­nies.

In­sur­ers are now able to tai­lor-fit their ser­vices to more spe­cific client de­mands

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