How digital first approach will define modern insurance in Asia Pacific

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 fundamentally altering as digitalisation sets a new bar for commercial success. According to SMA study, only four years ago, fewer than 40% of insurers identified as digital insurers; today, more than 90% do. Leading insurers are increasingly enhancing the sales and service experience for agencies and policyholders while decreasing losses and boosting ease-of-use. They do this by utilising digital tools, developing technology, as well as external and internal data. However, being fully digital requires more than just employing technology. Points of discussion 1. A digital first strategy essentially includes a large component of digital products and tools. How do you see this development coming across among insurers in the Asia Pacific? As a following questions, can you demonstrate the process of digital product development to our listeners. 2. Every digitisation effort comes with its own share of challenges and from the product development side, what challenges do you see specially from the sustainability and innovation point and how do you overcome these roadblocks. 3. What trends do you see in the digital products innovation side in insurance that has the potential to fuel growth in Asia Pacific. Speaker Bio: Anupam Dey, is the Head of Digital Products for APAC at Zurich Insurance and he is based in Singapore. He has a strong track record of building and leading multi-million dollar digital businesses. Prior to joining Zurich, he was at Acko General Insurance, India’s first digital Non-life Insurance unicorn where he was an early employee and Senior Vice President. He comes with rich experience in product and P&L management and in scaling Insurtech businesses. He has an MBA from MIT Sloan School of Management and has previously worked with global banks such as Standard Chartered, Barclays and DBS.