OLDWICK, N.J.--(BUSINESS WIRE)--
In this A.M.BestTV episode, Chris Wei, executive chairman, Aviva Asia, said at the Asia CEO Insurance Summit in Singapore that insurance technology startups are capturing attention but are lacking customers. However, he said the large online platforms in Asia and elsewhere are more likely to disrupt the established insurance sector. Click on http://www.ambest.com/v.asp?v=wei217 to view the entire program.
Wei said he believes that innovation, digitalization and technology are transforming the insurance industry.
“If you have a large existing traditional business, it is really difficult to innovate, and I would say that is the situation in most of Asia,” said Wei. “It is not just the focus. It is also about bringing in talent that understands the nuances of how to do digital business. It is also about engagement now and about the customer experience. As we think about optimizing communication strategies and building products that are going to be actually applicable on a digital format, it requires a fundamental rethinking as to how we operate as an insurance company.”
Wei also said he thinks that going forward it is about putting the customer at the center of the business – not just creating products, but also listening to them.
“If we believe that consumers will embrace digital and that there will be digital disrupters rethinking that model, then we have got to build products that are really simple, really transparent and deliver good value, not with your traditional penalties and lockups. That requires, again, a fundamental rethinking.”
For full coverage of the summit, including exclusive executive interviews, visit www.ambest.tv/ceo17.
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- How Insurance Impairment Data Affects Credit Risk: A.M. Best analysts explain the latest impairment rate and rating transition study and the role it plays in evaluating risk: http://www.ambest.com/v.asp?v=impairment117.
- How Artificial Intelligence Is Remaking the Insurance Industry: The impacts of escalating data analysis capabilities are being seen first in personal and commercial lines, as well as life insurance and group benefits, a new study reports. Artificial intelligence is making some jobs obsolete but expanding the capabilities and effectiveness of others: http://www.ambest.com/v.asp?v=ai217.
- Directors and Officers Market Stands Up to Surge in Securities Litigation: Insurers at the PLUS Directors and Officers Liability Symposium in New York City said they saw the highest number of securities-related lawsuits in 2016 since the financial crisis, and added that the market remains soft with competitive prices and plentiful availability: http://www.ambest.com/v.asp?v=plus217.
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