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Jun 2019

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Singapore: Leading insurers to accelerate digital transformation

Source: Asia Insurance Review | Nov 2018

Four leading insurance companies – Great Eastern, LumenLab-MetLife’s Innovation centre in Asia, NTUC Income and Prudential Singapore – have signed a Memorandum of Intent (MOI) with the Infocomm Media Development Authority (IMDA), to accelerate the insurance sector’s digital transformation.
 
Through the MOI, tech companies in IMDA’s Accreditation@SG Digital programme will be partnered with insurance companies to co-develop innovative insurance technology. This opens up more opportunities for the SG:D Accredited companies by helping them further establish their credentials and enable them to build a track record with global insurance players. Insurers can in turn leverage the innovative technology developed by the SG:D Accredited companies to transform their business processes, improve the customer experience and introduce better products and services.
 
Accredited companies are already working with insurers, such as, Sense Infosys with Great Eastern on a proof-of-concept on transaction monitoring, while DataRobot is working with NTUC Income to improve and automate its pricing analysis. 
 
“This partnership with Great Eastern, LumenLab, Income and Prudential is an exciting effort to identify problem statements in the insurance industry and co-develop innovative InsurTech solutions. We hope that this will help to accelerate the adoption of digital technology in the insurance sector, and at the same time help our accredited companies grow,” said IMDA chief executive Tan Kiat How.
 
Great Eastern group CEO Khor Hock Seng said, “The collaboration with Accreditation@SG Digital enables us to tap the digital technology solutions from its accredited companies. We look forward to playing a role to support the growth of the InsurTech community in Singapore.” 
 
IMDA’s Accreditation@SG Digital programme was started in 2014 to help local tech companies partner businesses in various industries. There are 31 tech companies accredited under the programme today, including local data analytics, AI and cyber security firms. A 
 
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