Insurers must take advantage of the digital wave and encourage more effective delivery and administration of healthcare. Mr Tharman Shanmugaratnam, Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), who officiated the launch of Prudential's new workspace in Singapore, highlighted tele-health, which is increasingly used to save patients time and offer convenience. This market in Asia Pacific, he noted, is expected to grow by 12% annually to reach US$1.8 billion in 2020.