In this keynote presentation, Yannick Even shared his thoughts on where the world of insurance is headed, with some best practice examples from various insurers in Asia to inspire the audience to continue their innovation journey here in Australia.
The presentation was broken up into three key parts, including the impact of technology on our industry, new emerging models in insurtech and lastly some examples of tech and data-enabled solutions.
Even mentioned, “In a world that is becoming more and more AI-driven, data-driven, the first mover’s got an advantage,” as those who are first to leverage AI have been outperforming their competitors.
He then continued by providing some insight into what’s happening in China that’s making it an interesting market to watch. This included the impact of most people in China making payments over their mobile phones, which in turn creates a lot of data that insurers and others can use to better understand their customers.
Even said there’s a real need for digital insurance innovation across the world. The first step being the automation of processes like claims and creating better data interfaces to consolidate the insights we have on our customers in order to understand their real needs.
He also talked about leveraging access to sensitive data and technology to better understand the risk and create more personalised and predictive models.
Even then talked about five key strategies that insurers are adopting to move forward in this space – 1) to build your own capacity to develop your own tech solution, 2) acquiring businesses and tech companies that help you to build your skills rapidly, 3) partnering with tech companies and digital distributors, 4) incubating ideas that don’t already exist and 5) investing for the future.
While millions of dollars are being spent on insurtech each year and many new solutions appearing in markets like Asia daily, Even noted it’s still early days– particularly when it comes to speech recognition, deep learning and the use of blockchain.
The presentation concluded with some examples, including Zhong An, a pure digital insurer and Ping An, who are using facial and voice recognition and health prediction models to improve the way they do business and interact with their customers.
To read more about the Summit, click one of the session topics below.