PriyaPatel
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TLDR:
Key Points:
- Insurance industry challenges – rise in rates, regulatory scrutiny
- Technology driving insurers in navigating landscape
In 2024, the insurance industry in Asia-Pacific is facing challenges due to inflation, geopolitical uncertainties, and regulatory scrutiny. Technology is emerging as a key driver for insurers to navigate this turbulent landscape. A survey by Gartner found that 58% of insurance respondents have increased funding for digital innovation. Insurtech is playing a crucial role in enhancing insurers’ performance through modern technologies. Key technological trends shaping the insurance sector include hyper-personalization with AI/ML, NLP, cloud-based services, and embedded insurance. Insurers are increasingly turning to machine learning algorithms and gen AI to analyze customer behavior data, customize insurance products in real-time, and use AI-powered chatbots and NLP to engage with customers.
Another important trend highlighted is the drive for operational efficiency with automation and AI. Insurers in APAC are leveraging advanced technologies to cut costs and enhance efficiency. Embedded insurance is seen as a big opportunity for insurers and consumers, offering convenience, simplified processes, and market expansion possibilities. The market for embedded insurance in Asia is estimated to grow significantly by 2030, presenting new opportunities for insurers.
ITC Asia is a key event bringing together insurance industry incumbents, tech entrepreneurs, and investors to share insights, discuss trends, and explore opportunities in the insurance market. Participants can expect an enriching experience tailored to their specific interests and goals, including networking with industry experts and innovators, gaining visibility into promising insurtech companies, and learning about digital transformation and innovation in the insurance sector.
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