PriyaPatel
TLDR:
- The insurance industry in Asia is undergoing a transformation, driven by the use of artificial intelligence (AI) and blockchain technology.
- Insurtechs are playing a crucial role in modernizing the industry and improving customer experiences.
- AI-powered data analytics is revolutionizing how insurers analyze data and assess risks.
- Blockchain technology is streamlining claims processing and reducing administrative costs.
- Other important measures for the insurance industry include zero-code platforms, digital empowerment of agents, and securing against climate change through insurance.
The Asia insurance sector is embracing artificial intelligence (AI) and blockchain technology to address low insurance penetration and keep up with evolving market demands, according to Singapore-based insurtech company, Igloo. In addition to the challenges faced by the insurance industry in the Philippines, including complexities, outdated systems, and regulatory hurdles, the industry is also focused on innovation and modernization. Insurtechs are driving efficiency improvements and enhancing customer experiences by integrating insurance into diverse platforms, such as e-commerce and fintech. These companies are also enabling brick-and-mortar establishments, like convenience stores, to distribute insurance products and reach offline consumers online.
Igloo highlighted key trends in the insurance industry in 2024 that are expected to enhance efficiency and drive momentum, including AI-powered data analytics and blockchain technology. AI is revolutionizing how insurers analyze data and assess risks, allowing for more accurate pricing and better management of uncertainties in the market. Blockchain technology, on the other hand, streamlines claims processing by enabling efficient and fraud-resistant transactions, reducing administrative costs. Igloo also noted the importance of zero-code platforms for quick product launches, digital empowerment of agents to boost productivity, and using insurance to secure against climate change.
Igloo, as the first full stack insurtech firm in Singapore, aims to make insurance accessible for all. Leveraging big data, real-time risk assessment, and automated claims management, the firm creates B2B2C insurance solutions for platform companies and insurance companies. Igloo is committed to staying ahead of industry shifts and shaping the future of insurance in Southeast Asian communities by incorporating the latest tech trends in its approach.
