As for many other industries, the development of technology is transforming the insurance industry. With sensors incorporated in wearable gadgets, built in cars or installed in houses, individuals’ health and behaviors can be tracked in real-time through a vast array of data that is now integrated into new risk modeling.
The development of the Internet of Things – IoT – together with health and automotive technologies is at the heart of the revolution of the insurance industry. Thanks to these new technologies, relevant data can be collected and analyzed to produce a much more precise profile of users and their behaviors.
These new technologies therefore greatly impact how insurances price their services according to their customers and their various risks profiles. Not only are these new technologies relevant for financial costs evaluation and pricing but also for education of users to prevent the actual hazards that insurances mitigate from actually happening.
The beginning of InsurTech in Asia
Through to these technologies, new financial services and business can now be created to take advantage of their advances. InsurTech can enhance the services of large insurance companies or be developed by startups to disrupt established businesses and create new services in risk modeling, risk pricing, hazard prevention, group participation, etc.
As InsurTech emerges globally, some companies already provide insurance advances in Asia Pacific, especially in Singapore which, as for FinTech, is becoming is a regional InsurTech hub. Yet, as large markets in the region are still untapped by traditional insurances, the opportunity to seize them directly through more efficient and better priced insurances is even more attractive for InsurTech companies and startups of Asia.
Introduction to InsurTech – summary
- What is InsurTech – slide 2
- InsurTech: Innovations & Applications – slide 3
- Health Technology – slide 4
- Auto Technology – slide 5
- Internet of Things – IoT – slide 6
- Snapshot – slide 7
- Value Loop – slide 8
- Applications – slide 9
- Smart Home – slide 10
- Artificial Intelligence – slide 11
- Insurance Industry – slide 12
- Health Technology – slide 13
- Benefits – slide 14
- Underwriting – slide 15
- Strategy – slide 16
- Auto Technology – slide 17
- Telematics – slide 18
- Benefits – slide 19
- Investment trends – slide 20
- Changing Landscape – slide 21
- Disruptive Drivers – slide 22
- Key Opportunities #1 – slide 23
- Key Opportunities #2 – slide 24
- Key Opportunities #3 – slide 25
- Key Opportunities #4 – slide 26
- Key Opportunities #5 – slide 27
- InsurTech Landscape: Global – slide 28
- InsurTech Landscape: APAC – slide 29
Presentation from August 2016 by The Singapore FinTech Consortium