These are the highlights for events and updates across the insurance industry this week.
The Securities and Exchange Commission of Pakistan (SECP) has approved the country's first-ever digital-only non-life insurance license to InsurTech Digi Insurance. This is being described as a significant milestone in the evolution of Pakistan's insurance sector.
While the potential for transformation with AI technology remains vast for the insurance companies, the current implementation is far from robust. It is a $450bn opportunity on the horizon, however, only 10% of insurance organisations have partially or fully deployed AI agents, and a further 20% are merely dipping their toes into pilot projects according to a new report by Capgemini Research Institute.
The Financial Regulatory Authority (FRA) has attained full digitalisation of its system for interactions with the insurance broking sector, according to the agency's chairman, Dr Mohamed Farid.
Thailand's regulator, the Office of the Insurance Commission (OIC), has announced that it will move forward with three measures to protect consumers of insurance, including expediting compensation, developing a complaint reduction process and upgrading the protection system for victims of car accidents. These measures aim to promote rights and equal access for all.
The Insurers Federation of Egypt (IFE) has recommended that insurance companies operating in the local market develop new insurance products specifically designed to cover AI risks. The IFE says that this represents a strategic opportunity for market growth and enhancing insurance against modern and complex risks.
AXA China Region Insurance Company (Bermuda), together with AXA International Reinsurance (Shanghai) Company, has signed a Memorandum of Understanding (MoU) with China Biotech Services.
Cathay Century Insurance has plans to transform policyholder experience, including building a smart platform where backend agents will gain real-time insights on clients, enabling quick responses.
InsurTech Plum, plans to invest INR200cr ($25m) for expansion of its healthcare vertical to deliver accessible, preventive, and personalised healthcare at scale.
While AI can transform how insurers serve customers, it should never be used just for the sake of it, bolttech CEO APAC Philip Weiner says.