Achieving 'economies of speed' is much more important in today's digitally-powered environment than developing the traditional notion of 'economies of scale', according to Google's financial services lead for Singapore Duncan Foster. This would mean being opportunity-driven and having the ability to test and learn in a rapid manner.
At the Asia InsurTech Summit 2019 organised by Asia Insurance Review, Mr Foster said that insurers would have to respond dynamically to the high expectations that customers have of businesses today.
“You are competing in an era where customer experience is the best it has ever been,” he said.
While insurers have always been driven by the need for internal efficiency, digitally-savvy customers today demand that you focus on customer efficiency.“
When asked by a member of the audience about the type of customer experience that businesses would need to strive for, he said that the answer is to have a blend of online and offline channels for customers to select for interactions in a seamless and consistent manner.
The summit was chaired by Mr Stephen Collins, Partner at NMG Consulting, whose work in bridging the gap between start-ups and traditional insurers provides him with unique insights in the InsurTech space. He pointed to the low success rate among InsurTechs, while acknowledging that cultural change among traditional insurers remains a work in progress.
However, he pointed out the reality that insurance remains a highly regulated business and InsurTechs would be well-served to align their creative energy with the regulatory and compliance aspects of the industry.
This year’s summit, which attracted 200 delegates, is sponsored by NMG Consulting.
The three-day conference ends tomorrow with an ‘Innovation Lab Crawl’ during which registered delegates will go on a half-day tour of three insurance innovation labs that have been operating in Singapore’s dynamic FinTech sector.
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