Impact on new business models for insurance in the new dig

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New technologies like big data, artificial intelligence, and blockchain, birthed from today’s digital era are resulting in a transformative and disruptive impact on the insurance sector. Emboldened by new technologies and adapting to the changing profile of today’s consumers, InsurTech startups are introducing new business models and capabilities to challenge the way we view and consume insurance products. While this has caused some disruption to the industry, traditional insurers have also begun to leverage upon these same technologies to rethink and transform their existing operations as a direct response to stay competitive. The combined results appear positive, where consumers can benefit from new insurance products and offerings, and insurers are encouraged to scale up their existing capabilities (across all aspects like product development, distribution, risk and pricing modelling, underwriting, claims and administration) for efficiency and cost-savings. As many of us can already tell, this is but only the beginning of the InsurTech wave, which will continue to grow as more InsurTech start-ups join the scene and more insurers start to leverage upon new technologies to maintain their edge in the industry. Against this dynamic and evolving landscape, it is important for ecosystem players (insurers, consumers, regulators) to take a deeper dive into both the multi-facted opportunities and the potential risks, in order to better understand and adapt to this new age of insurance. There is much to be shared and learned as the insurance industry embraces new digital technologies to improve efficiencies, streamline processes and create new solutions.

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