Hui Yen Tai, Regional Director, Head of Analytics - Asia Pacific, Willis Re, Singapore
How similar, or dissimilar, are the principles? What are the parallels, if any? Why do I, as a general consumer, approach them rather differently? The investments industry continues to challenge consumers with exotic products and solutions that stretch the comprehension of risk-return – yet (re-)insurance is arguably stagnated as a commodity most would rather move on from?
Mohit Rochlani, Director of Operations, IT and Change Management, IndiaFirst Life Insurance
Customers are moving towards self buying, service options increased call centre, whatsapp, portals, mobile apps, and communication though mail, SMS, Twitter. The future looks to bring edge computing, sale through embedded products, blockchain for smart contract management, AI for real time intervention and monitoring, intervening using IoT.
Anuj Jaithalia, Regional M&A and Strategy, Asia – Assicurazioni Generali SpA
Evolution of digital technologies continue to reshape our lives, changing people’s behaviour and habits. The rise of digital ecosystem is delivering a connected customer experience and driving higher expectations for convenience, accessibility and value.
Ayodele Iyun, Head Business Development, Custodian Investment Plc.
The Nigerian insurance industry like most African countries is largely underdeveloped, and insurance penetration levels are very low by global standards. More so there is significant shortfall in promoting and developing the Personal lines insurance sector thereby leading to low (less than 20%) contribution in premium pooled from the country.
Lawrence Cheng, Managing Director, Peak Re, Hong Kong
ILS (insurance linked securities) are continuing to break records and are becoming the mainstream capital provider for property catastrophe (re)insurance. According to Aon Securities, the ILS market has grown from US$ 17bn in 2006 to US$ 97bn in 2018 representing 16% of the total reinsurance capital. The four most common form of ILS, Cat Bonds, Sidcars, ILW and Collaterlised Re have all grown over the years.
This article was originally published in the Summer 2017 edition of INSIGHTS: A Professional Journal by the CPCU Society and is shared with permission from The Institutes CPCU Society. The Society For Chartered Property Casualty Underwriters. All rights reserved. www.CPCUSociety.org
I have been asked a number of times to provide my perspective on the insurance industry in the time of the Industrial Revolution 4.0. In this piece I’ll do so, but first, how did we get to 4.0? What preceded and led to this brave new world of what’s now called “IR4”?
