With Myanmar’s insurance market finally open to foreign competitors, the country represents an ideal case study on insurance reform and liberalisation to serve the growing needs of the dynamic economy and the role of insurance in today’s era of technology.
The insurance ecosystem is experiencing growth and innovation like never before. Last year alone, US$7 billion was invested in InsurTech which has risen beyond the hype to become a mainstay in the business making heads turn. Some US$75billion is expected to be invested in the next five years as every big investor eyes a slice of the $5trilion global gross premiums. The numbers are big.
With rising runaway healthcare costs exacerbated by tech-driven modern science and medicine, everyone is looking at insurers as the bearer of the last costs with deep pockets. Consumer demand for quality personalised care is growing, cognitive computing and precision medicine are evolving rapidly and big companies who are not in the health space are coming to the fore and accelerating their healthcare strategies.
Brokers have been playing a key role in the insurance value chain since time in memorial though at times unappreciated. In this digital era with InsurTech and the various modes of online distributions, brokers seems further challenged. Some have been talking of disintermediation for almost 30 years now.
Under the Patronage of H.E. Nasser bin Khamis Al Jashmi, Undersecretary of Ministry of Finance, Sultanate of Oman.
As our lives become hyper-connected and customer expectations increase, the imperative on insurance carriers to deliver automated services with a 360° customer view is increasing. It is also now undeniable that AI, machine learning and innovation are the only means through which insurance carriers will be able to meet customer demands at scale, whilst remaining efficient and profitable.
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The 2019 Asia Insurtech Conference will be launched on 12th Dec in Shanghai. With the theme of "Innovation as a breakthrough, Integration to achieve results", we will invite about 200 high executives from Insurance regulatory agency, famous international Insurance Companies and Insurtech companies to discuss the supervision and risk control the innovation of insurance science and technology, the intelligent compliance and risk control of insurance enterprises assisted by Insurtech, digital access channel, accurate marketing and AI user portrait, customer interactive experience