The digital transformation of property insurance will be different from that of life insurance, say respondents to a poll on technology in insurance. They also believe that life insurance companies and property insurance companies will apply InsurTech in significantly different ways.
Around 60% of consumers in mainland China prefer to engage with their life insurers on digital channels over physical ones, according to data released by market research firm Forrester.
Major insurance group Taikang Insurance Group plans to double the registered capital of its online-only insurance subsidiary Tk.cn Insurance.
Insurance professionals in China say that combining technology with core insurance functions lines such as actuarial work and underwriting will take time. For this reason, they believe that in the early stages, InsurTech should be applied gradually, with more innovations being carried out as data are accumulated.
KPMG China recently collaborated with ZhongAn FinTech Institute to publish a report on China's rapidly growing InsurTech marketplace.
Janashakthi Insurance, a private life player in Sri Lanka, has launched 'Live Life,' a preventive approach to life insurance in partnership with lifestyle, health and fitness app ayubo.life.
Around 40% of consumers in Hong Kong prefer to engage with their life insurers on digital channels over physical ones; while tech giants such as Apple, Google and Samsung are becoming the companies that consumers in Hong Kong trust to act in their best financial interests, according to new data released by market research firm Forrester.
Welcome to what's new this week, where we cover the low down on key developments in the insurance industry... But first of all, to everyone who calls Singapore home, Happy National Day! And to our Muslim friends, Selamat Hari Raya Haji in advance.
A survey has found that 44% of interviewees think that InsurTech will bring significant changes to insurance companies in the next 3-5 years, while 26% believe that such changes will come in 1-3 years.
A survey has found that 64% of respondents believe that current investments in InsurTech are less than what the insurance industry needs.