The Future Of Insurance Is Technology, Digital Adoption

With the harnessing of existing and new data through technology, underwriters can improve the quality of their decisions and guarantee their future

Oliver Miloschewsky, Client Development Director of Concirrus for Asia Pacific

Malaysia is no stranger when it comes to digital adoption and the insurance industry is also moving in this direction.

Oliver Miloschewsky, Client Development Director of Concirrus for Asia Pacific, speaking of the need for the insurance players and underwriters, agents and brokers to adopt technology, says, “The benefits and advantages of digitalisation are indeed immense and in most cases, immediate.”

“We are seeing triple digit efficiency gains, double digit profitability improvements in our work with insurance customers. On top of that, those companies embracing technology are very likely to see improved customer retention and growth.

“BCG’s Digital Acceleration Index Survey estimates that market leading companies using technology are likely to see 2x the earnings and value compared to their competitors who do not transform,” Oliver says in an interview with Business Today.

Oliver also spoke of the role of underwriters, agents and brokers in this transformation. “The starting point should be day-to-day roles of underwriters, agents, and brokers and the acknowledgement of current challenges around expense ratios, profitability and customer service and to look for ways to address it.”

“The industry still needs talented underwriters and passionate brokers, but there is no denying that their roles will change,” he adds.

Andy Yeoman, CEO of Concirrus

Andy Yeoman, CEO of Concirrus comments, “There are opportunities for underwriters to take advantage of the power of ‘prospective knowledge’. There are many significant events occurring in the world we live in which create their own unique set of challenges and questions.”

He also added, “They can then use this prospective knowledge to drive consensus into their organisation about their risk selection and risk management process more widely. Couple this with the harnessing of existing and new data through technology, underwriters can improve the quality of their decisions and guarantee their future.”

For Oliver, insurance is an intangible product, a promise to pay claims and to support customers in their time of need. 

“Disruptive technologies therefore largely centre around data and analytics to efficiently facilitate the risk transfer process, to assess risks and to help their customer to recover quickly from loss.”

He says the focus on data includes the generation of quality data at scale, for example through the use of sensor technology, the efficient transfer and usage of data, as well as harnessing the data to derive value-add insights and predictions.

“Malaysia has its fair share of fintech innovation hubs and start-ups. The challenges they are looking to solve for insurers and their customers alike are global and quite universal. 

“This brings opportunities for the whole insurtech ecosystem as Malaysian insurers can tap into the global network of insurtechs and conversely, Malaysian start-ups can easily access global markets,” says Oliver.

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