The insurance industry is on the lookout to improve, adapt and modernise for the 21st Century consumer. Adopting an API strategy could be the ticket to improving the insurance digital end-to-end experience and deliver better customer experience. In this report, we answer the following questions:
In addition, you will also learn how leading insurers like Etiqa Insurance Singapore, OCBC Travel Insurance, Eligible, Haven Life, Clearcover are using APIs.
In this 21 st Century digital age, we expect services to be seamless, on-demand and bespoke, a culture created by the so-called “Amazon effect.” The insurance industry is notorious for lacking behind other industries in the quest to modernise, but there are a few notable exceptions. Here, we explore five apps that are disrupting the insurance industry, and what other insurers can learn from their trailblazing ways.
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Artificial Intelligence continues to demonstrate its significant disruptive potential in multiple industries across the Asia-Pacific region, including healthcare, energy, hospitality and, of course, global finance. With its large-scale, repeatable yet often complex operations, the insurance sector is a prime candidate for disruption as AI begins to unlock the true value of companies’ data, impacting and improving practically every facet of its customer-facing and back office setup.
While there’s a vast array of interconnected AI technologies emerging onto the scene, the following are combining to have a marked impact on the insurance industry:
Machine learning: Training computers to identify patterns in data and/or predict outcomes.
Deep learning: Self-learning modelling of data-based analysis used to solve problems without explicit instructions or frameworks.
Neural networks: Mimicking the composition of the human brain, neural networks uncover patterns in data too complex for humans to code for.
Natural language processing: Tools designed to allow computers (typically chatbots) to understand, interpret, and respond in written text or speech.
Together, these technologies and others are combining to place powerful new tools in the hands of insurers, who can better understand the needs of the customers and present them with better products and customer experiences (CX) as a result. Read the report to find out more.
See who you could meet at Digital Transformation for Insurance 2019!
In this report, we explore ways in which a digital transformation across each phase of the customer journey can be implemented by insurers to improve their customer experience. It covers:
The insurance industry is on the verge of a dramatic shift in how it operates and serves its customers. Driven by advanced technologies and ever-rising consumer expectations, Asian insurers are taking a more proactive approach to win the future.
With so much at stake, and the myriad of choices available for Asian insurers to train its focus on, we’ve identified the top 5 priority areas of investment Asian insurers should pay attention to today. Download today to make sure you stay ahead of the maturity curve.
See who you could meet at Digital Transformation for Insurance 2018!
Digital transformation is no small feat for insurance companies as they face inflexible legacy systems and a culture that is notorious in its resistance to change. Yet change they must if they want to succeed in the age of the customer. Customer centricity is more important than ever when it comes to driving profitable growth of insurance companies. These customers are digital natives who expect personalised and pain-free experiences. They desire meaningful interactions at every stage of the policy life cycle. A “one-size fits all” policy does not cut it in the 21st Century, customers want products and services to suit their individual needs.
Singapore Life has taken all of the efficiency that technology provides to create a 100% digital and technologically enabled life insurance company that creates a better value and experience for their customers. We asked their CEO, Walter de Oude what tools and strategies they used to achieve this.
Traditionally, the insurance industry has always been more of a follower than a leader when it comes to adopting new technological innovations. However, currently we’re seeing a significantly speedier approach being taken by an increasing number of leading insurers who want to leverage the most important tech trends and innovations. As developments like blockchain, next generation chatbots and advanced AI all make their mark on various industries including retail, healthcare and education, insurance is now beginning to feel the impact of digital transformation with more noticeable force.
This ebook provides examples of how AIG, Tokio Marine Life Insurance Singapore and Zurich are implementing innovative technologies within their organisations.
In order for insurance companies to thrive in the fast-paced digital landscape of the globally interconnected economy, it is essential that they seek out and fully engage with new opportunities brought about via digital transformation. Download the article to know more about it.