Fostering insurance innovation in the APAC Market

There is a wide range of innovations being explored in this industry. In 2018, 30% of insurance companies were already using or considering using robotic process automation (RPA) to review claims. However, no insurers were already using RPA for underwriting processes. Underwriting automation means that the process of evaluating the risk of insuring a client will be performed by a computer, rather than a person. There is still plenty of room for growth, because very few insurers have mastered how to integrate this innovation into their business models. The auto insurance industry has already begun integrating technology into its policies, for example with the introduction of usage-based insurance (UBI). In the United States, the most valued UBI feature in 2017 was the automated emergency call. Unsurprisingly, Millennials were shown to be the generation most likely to be willing to share recent driving data in return for personalized insurance quotes. The health insurance industry is another area which has begun to utilize Insurtech. In a 2017, in a Statista survey, 72% of respondents said that they either already shared data with their health insurer or would consider it in exchange for benefits. So with there are opportunities in the areas of growth through partnerships, affinity models and M&A’s. With this, we moved on to discuss: 1. How insurance innovation is taking off through digital and affinity partnerships particularly from an APAC perspective. 2. Innovation through new technologies is a key driver of change in the insurance sector and this has led to immeasurable efficiency gains, even though these changes can initially be accompanied by uncertainty and doubt, so considering this, our speaker gave his views on how technology capabilities can foster insurance innovation in the coming days. 3. How insurance innovation is shaping the health insurance industry - the views were broadly shared across byte size insurance products along with some interesting innovations offered by Tune Protect Group in Malaysia. 4. Targeting the digital consumers by simplifying insurance experience is one of the major driver towards a successful digital journey and in the digital age, consumers have more power than ever before. With this, how simplification can shape the insurance outcome – is it through higher engagement, personalisation or just a better understanding of needs. Speaker Bio: Rohit Chandrasekharan Nambiar, is the Group Chief Executive Officer of Tune Protect Group Malaysia. In his role as the Group Chief Executive Officer, Rohit is responsible for steering Tune Protect on its journey of digital transformation aimed at positioning the Group as the lifestyle insurer that everyone loves within ASEAN and the Middle East. Rohit is also a Director of Tune Protect Malaysia. Prior to this, Rohit was the CEO of AXA Affinity Life Insurance. Rohit began his career as an Analyst with AXA in India. He has experience working across various departments and has held senior positions in both local and regional capacities within Malaysia, Singapore, Hong Kong, and India. With his track record of success spanning 18 years in the Insurance Industry, Rohit is passionate about fintech, innovation and making insurance simple for all.