April has come upon us with the sakura and apple blossoms in full bloom. The weather has been clement so far and there is an extra lilt in the air. Could it be AI, “sunsetting” or “eating your own dog food”? Tech-speak is the order of the day as click-baits, unicorns and even IoT are in common parlance. The InsurTech race is certainly hot and getting more serious.
Keeping up with the Valley, our Cover Story this month takes a huge leap to explore the world of InsurTech as IDD (Innovation Disruption…Distraction?) Is the industry riding the tech wave or is it being ridden by it? What is the state of play from the perspective of the disrupted and the disruptors? Are they on the same side? And is insurance being reinvented with digital? Will the industry be able to digest the 43 zettabytes of data predicted to be out by 2020? As a must-read, our Guest Editorial hails the digital knight of the region, Mr Chris Wei, making waves everywhere.
Also, do check out our 1st Asia InsurTech Summit, 26-27 April in Singapore -- a highly anticipated event of the year where the Valley comes to Singapore when we bring some 30 of the most exciting and promising InsurTech companies and start-ups together. They span across automation, analytics, claims, distribution, healthcare, service optimisation and underwriting. Need I say more? It is an event not to be missed by the digital-savvy, digital-wannabes and those just wanting to stay in the business despite all odds. Don’t say we didn’t warn you.
Turning to the traditional world, we have a special call from industry veteran Mr Denis Kessler to make insurance a mission to help billions face the perils and misfortunes of life. We respond to that call by bringing our 15th Asia Natural Catastrophe Conference back to its birthplace in Taipei this June where, this year, we grapple with the theme of “Insurance in the Ring of Fire” with a view to finding smart, inclusive, innovative sustainable solutions for the industry and the world in coping with natural disasters and climate change even if there are some global detractors.
Our Country Profile this month is on Singapore where we zero in on the life market and the industry’s search for the new Pot of Gold, and track the actions of some market leaders in dynamic transformation to compete in a digitally-enhanced environment.
Our Country Spotlight is on Pakistan where we have an exclusive interview with the Insurance Commissioner of the SECP on new regulations and the way forward for the industry which is upbeat with gold flowing forth from the US$46 billion invested in the China-Pakistan Economic Corridor.
As it is April, we launch our search for the stars of the region with the 21st Asia Insurance Industry Awards with greater expectations. And in step with digital, we have added a new category: Digital Insurer of the Year. Send in your nominations with convictions if you are ticking all the boxes correctly. Don’t be coy or shy. Make a “humble brag” to get your business ahead. Do so by 31 May 2017.
This is April. Things can only get better as the days start getting longer, and there is so much hope in the air even if the exit clause has been invoked and free trade is being questioned.
With best wishes.
Asia Insurance Review