AIA’s Post

Today, the #insurance industry is undergoing a transformation of #digitalization, shifting consumer expectations, and emerging business models like embedded insurance. In the #AsiaPacific region, low insurance penetration and emerging market potential are driving demand for health and life insurance, particularly post-pandemic. Embedded insurance is gaining traction, making insurance more accessible by integrating it into everyday transactions, which could significantly increase market penetration. Personalization is becoming a key trend, with insurers using #AI and #data to offer tailored products and real-time services. The future of insurance, especially in Asia, is expected to see substantial growth, with emerging markets driving premium increases. Article from Tech Wire Asia. Read more on how traditional insurers are modernising their offerings at the link below. Follow Straitsure now for more curated insights! A Straits42 Group company. SAP Fioneer https://lnkd.in/gejsREBq

“The insurance landscape is a complex network where customer-centricity and adaptability are key,” says Carlos Ordoñez, Head of Strategy and Advisory at NTT DATA Insurance EMEAL, while sharing his insights in our Insurance Vision 2024 video. As #AI continues to change every aspect of #insurance, the industry finds itself at a pivotal moment. Adapting to an AI-driven future is a crucial differentiator that allows insurers to deliver exceptional services. Carlos outlines four key challenges that insurers must grasp and address in order to thrive: 1. Ecosystem integration 2. Operational modernisation 3. Process simplification 4. Sustainability For further insights on how to stay ahead amidst the AI whirlwind, watch the Insurance Vision 2024 video below or visit our website: https://bit.ly/4fEIVGQ #InsuranceVision2024 #Innovation

“The insurance landscape is a complex network where customer-centricity and adaptability are key,” says Carlos Ordoñez, Head of Strategy and Advisory at NTT DATA Insurance EMEAL, while sharing his insights in our Insurance Vision 2024 video. As #AI continues to change every aspect of #insurance, the industry finds itself at a pivotal moment. Adapting to an AI-driven future is a crucial differentiator that allows insurers to deliver exceptional services. Carlos outlines four key challenges that insurers must grasp and address in order to thrive: 1. Ecosystem integration 2. Operational modernisation 3. Process simplification 4. Sustainability For further insights on how to stay ahead amidst the AI whirlwind, watch the Insurance Vision 2024 video below or visit our website: https://bit.ly/4fEIVGQ #InsuranceVision2024 #Innovation

🌐 Insurance Connect Innovation Summit 2024: Driving Innovation in Insurance Distribution 🌐 The recent Insurance Connect s.r.l. Innovation Summit brought together industry leaders to explore the future of insurance. A key focus was on Distribution and Offer Models, where companies from various sectors shared how they're transforming the insurance landscape with innovative approaches. 🔑 The main message? Traditional intermediaries still have a vital role in insurance distribution. 📈 The industry is moving towards omnichannel strategies, blending traditional methods with new technologies to create a more seamless, customer-focused experience. The goal is to improve service and streamline processes, especially in claims management. 🔗 Technology and partnerships are key drivers of change. To stay ahead, companies need to break away from outdated practices and focus on delivering real value to their customers. 🚀 The future of insurance will be shaped by those who can effectively combine their core values with the power of technology. Source: https://lnkd.in/dQX3TzyG #d4next #d4x #future #tech #insurance #fintech #startup #business #finance #technology #digital #innovation #software #artificialintelligence #technology #trust #future #gamechangers

“The insurance landscape is a complex network where customer-centricity and adaptability are key,” says Carlos Ordoñez, Head of Strategy and Advisory at NTT DATA Insurance EMEAL, while sharing his insights in our Insurance Vision 2024 video. As #AI continues to change every aspect of #insurance, the industry finds itself at a pivotal moment. Adapting to an AI-driven future is a crucial differentiator that allows insurers to deliver exceptional services. Carlos outlines four key challenges that insurers must grasp and address in order to thrive: 1. Ecosystem integration 2. Operational modernisation 3. Process simplification 4. Sustainability For further insights on how to stay ahead amidst the AI whirlwind, watch the Insurance Vision 2024 video below or visit our website: https://bit.ly/4fEIVGQ #InsuranceVision2024 #Innovation

“The insurance landscape is a complex network where customer-centricity and adaptability are key,” says Carlos Ordoñez, Head of Strategy and Advisory at NTT DATA Insurance EMEAL, while sharing his insights in our Insurance Vision 2024 video. As #AI continues to change every aspect of #insurance, the industry finds itself at a pivotal moment. Adapting to an AI-driven future is a crucial differentiator that allows insurers to deliver exceptional services. Carlos outlines four key challenges that insurers must grasp and address in order to thrive: 1. Ecosystem integration 2. Operational modernisation 3. Process simplification 4. Sustainability For further insights on how to stay ahead amidst the AI whirlwind, watch the Insurance Vision 2024 video below or visit our website: https://bit.ly/4fEIVGQ #InsuranceVision2024 #Innovation

“The insurance landscape is a complex network where customer-centricity and adaptability are key,” says Carlos Ordoñez, Head of Strategy and Advisory at NTT DATA Insurance EMEAL, while sharing his insights in our Insurance Vision 2024 video. As #AI continues to change every aspect of #insurance, the industry finds itself at a pivotal moment. Adapting to an AI-driven future is a crucial differentiator that allows insurers to deliver exceptional services. Carlos outlines four key challenges that insurers must grasp and address in order to thrive: 1. Ecosystem integration 2. Operational modernisation 3. Process simplification 4. Sustainability For further insights on how to stay ahead amidst the AI whirlwind, watch the Insurance Vision 2024 video below or visit our website: https://bit.ly/4fEIVGQ #InsuranceVision2024 #Innovation

𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺𝘀 𝗶𝗻 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 Came across this report by the The Geneva Association which adds some market data to their (not brandnew but ofc still valid) recommendation that insurers should embrace digital platforms and ecosystems as such to access more customers and improve CX. Large insurers should co-develop platform ecosystems while partnering with existing platforms with sufficient and/or fast growing end customer bases is a suitable approach for all. Hence, players which are large enough and determined might even want to pursue both ways. There are interesting European examples and opportunies for your business. Let's talk! #insurtech #ecosystems #platforminsurance #insurance

Insurtech funding was down again in 2023, according to a new report from NTT Data. The report maintains that's not such a bad thing. Like all tech sectors, insurtech made great strides in an environment where money was cheap and in an insurance industry where paper-based processes were the still the norm. Today's a different story. Companies focused on capital formation now place a premium on sustainable and profitable business models. While we see insurtech as continuing to grow (ahem-the AI revolution), the growth of these companies are and should be tied to the growth of the insurance industry overall. It's not an either/or, but a both/and. #insurtech #InsuranceAgency