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Exploring the Digital Frontier of Insurtech at Insuretech Connect Asia

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8 June 2023
Juan Mazzini

Last week, I had the privilege of attending Insuretech Connect Asia in Singapore, a premier event that brought together industry leaders, startups, and innovators in the insurance technology space. The conference provided a platform to explore the latest trends and advancements in digital innovation, particularly in personal lines product and distribution, with a strong focus on underserved markets and the transformative power of data. The event shed light on the enormous opportunities for efficiency and accuracy through automation and data utilization, showcasing the potential to revolutionize the insurance landscape.

On May 30 Celent had its pre-conference session. As the picture below shows, we had a full room. You can see our jolly faces :)

The team presented in several sessions, including our own, and had special guests share the amazing things being made to transform and move the industry forward. Here is what we put together (and happy to connect offline to discuss this in detail):

  • Celent Preconference: Innovation for the Insurance Value Chain: Success and Lessons from Different Markets. Speaker: Jamie Macgregor, CEO at Celent
  • Celent Preconference: Strategies for Technological Innovation and Application in the APAC Market. Moderator: Max Ang, Insurance Technology Research Advisor APAC at Celent. Panelists: Theresa Lin, Senior Vice President, Corporate Planning Department at Cathay Life Insurance; Mukul Tuli, Co-founder at RIA Insurance
  • Celent Preconference: Technology Initiatives Implemented for the International Insurance Market. Moderator: Juan Mazzini, Head of Insurance Practice, APAC, EMEA, LATAM at Celent. Panelists: Gabriel Lazaro, Senior Vice President, Head of Digital Overseas General Insurance at Chubb; Jun Kashioka, Director at Softbank
  • AWS Preconference: Disruptive to New-Normal: Insurance reimagined with AI/ML. Panelists/Speakers: Gurindar Singh, Head of Insurance Business Development- APAC - AWS Max Ang, Insurance Technology Research Advisor APAC - Celent; Qanit Al-Syed, Interim CIO - Liberty Mutual Asia; Na Zhou, Partner and Data and Analytics Lead, Asia Pacific - Oliver Wyman; Nipun Grover, Head of Insurance Business Development, ASEAN - AWS; Bala Chandrasekaran, Managing Director & Chief Digital Officer - Marsh
  • Main Stage: Cyber Products Development to Protect the Increasing Digital Risks. Speaker: Jamie Macgregor, CEO at Celent

One of the key takeaways from Insuretech Connect Asia was the emphasis on serving the needs of underserved or unserved markets. Microinsurance and just-in-time insurance emerged as compelling solutions, leveraging digital platforms to offer affordable coverage to individuals who were previously excluded from traditional insurance models. By harnessing technology, insurtech companies are finding innovative ways to overcome barriers and extend insurance services to those who need them the most, helping reduce the insurance gap.

Another recurring theme at the conference was the importance of data in driving innovation. Insurtech companies are harnessing the power of data analytics, machine learning, and artificial intelligence to gain deeper insights into customer behavior, risk assessment, and claims management. By leveraging vast amounts of data, insurers can make more accurate underwriting decisions, provide personalized offerings, and streamline claims processes. The transformative potential of data in insurance cannot be overstated, and its innovative applications were a prominent topic of discussion at the event.

While the focus of Insuretech Connect Asia leaned more towards insurtech and personal lines product's mass distribution, there was an underlying recognition (by a few of us) of the immense opportunities for efficiency and accuracy through automation and data utilization in the commercial insurance sector.

The traditional incumbents, though not the primary focus of discussions at the event, were indirectly urged to embrace digital innovation and adopt agile strategies to remain competitive in a rapidly evolving landscape. Smart automation has the potential to improve every aspect of the insurance value chain ultimately leading to cost savings, growth, and improved customer experiences.

As the curtains fall on Insuretech Connect Asia, my excitement is growing for the next insurtech rendezvous. Insuretech Connect Europe, scheduled to take place in Barcelona from June 27 to 29, promises to be another exceptional event that will bring together industry leaders, startups, and thought leaders from across the globe. With Europe being a hotbed for insurance innovation, the conference will likely showcase groundbreaking technologies, emerging trends, and collaborative opportunities. I anticipate continued discussions on digital transformation, the disruptive potential of insurtech, and the quest for improved customer experiences.

If attending ITC Europe, please reach out (to jmazzini@celent.com) so we can meet there. I also have discounts available for tickets, and maybe a free pass for some lucky ones. Looking forward to catching up at the next stop.

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