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There is plenty of room for new and disruptive tech in Japan’s insurance industry, particularly in the health space, as the market grapples with a rapidly ageing population and a rising trend of obesity. The InsurTech Japan Roadshow, organised by InsurTech Asia Association in October, brought a cluster of eight InsurTech start-ups – from across Australia, Belgium, Canada, Germany, Singapore, Taiwan, UK and the US – to Tokyo for a deep dive discussion on the opportunities that these new-age disruptors present. Here are some key takeaways.
Innovation is considered the only insurance against irrelevance. Yet, the insurance industry appears to be taking its time with innovation, while other industries – from transportation to retail – have been moving full steam ahead. Are insurers taking their own industry for granted? Mr Kenneth Koh, Director of Insurance for SAS’ Global Industry Practice shares his views.
Whether InsurTech is hype or substance remains to be seen. Particularly in Asia, the value that disruptors bring largely depends on the respective markets’ needs, says Mr Stephen Goldstein, Country Director of US Pivot Ventures, on the sidelines of the InsureTech Connect (ITC) 2017. Here he shares some of the key takeaways – from the world’s largest InsurTech gathering of technopreneurs, investors and insurance industry incumbents – that can be applied to the InsurTech ecosystem in Asia.
fizzy is AXA’s latest parametric insurance offering that leverages blockchain technology, and promises to automatically compensate policyholders whose flights are delayed more than two hours. Mr Laurent Benichou, Director of Research and Development for AXA Next, elaborates on how fizzy works, the challenges faced during its development and when it will be rolled out.
Regulators from Japan, Sweden and Singapore came together at the Singapore FinTech Festival to talk about what they’ve learned in the journey of change and technological advancement – both in financial regulation and in the wider social setting.
With FinTechs taking the financial services industry by storm, the last year or so has seen regulators scramble to set up regulatory sandboxes to balance the innovation onslaught with prudent risk management and consumer protection. But not every market will need such an arena for startups, said panellists at the recent Singapore FinTech Festival.
Employees need to think cross-functionally and move beyond silos in order to execute digital transformation within their organisations, said panellists discussing the definition of digital leadership at the Singapore Fintech Festival.