Insurers must shift from product-centric to customer-centric embedded insurance models to tap into the trillion-dollar market opportunity, said experts at Digital Insurance APAC 2024 in Hong Kong last week. Lei Yu (于蕾), CEO of North Asia at QBE Asia, discussed the importance of building more tailored insurance solutions. Arthur Siu, Head of Retail Services at Zurich Insurance, emphasised that insurers now need to be able to launch products more rapidly to meet changing demand. Valer Merenyi, Regional Director of Digital and Tech Development at Ageas Group, underlined the need to update insurance products regularly to keep up with customer needs. More here: https://lnkd.in/gEuZf7Xn (free to access as part of (Re)in Asia's Digital Insurance APAC 2024 coverage).
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The Role of Policy Servicing Solutions in Modern Insurance Practices #insurance #PolicyServicing #API #ServicingSolutions #insuranceclaim #insurancepolicy #insuranceagency #insurancecoverage #smarttechnology #InsuranceLandscape #insuranceindustry #policyholders #insurancesoftware #serviceprovider #AutomatedSystem #communication #QuotationManagement #techinsurance Digital policy servicing software with smart technology is now made available to insurance providers. https://lnkd.in/dbsMZQwq
Benefits of Digitized Policy Servicing Solutions
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Unlocking the potential of micro-insurance in Pakistan. Welcome to the world of Insurance Lo! Thanks for supporting the future landscape of the insurance industry in Pakistan. Loug #InsuranceLo #Pakistan #Startup #InsurTech #FinTech #Insurance #Lifeinsurance #Takaful #Digital #Microinsurance #Termlife #Cropinsurance #AI #Artificialintelligence #Bigdata #Innovation #Technology
In a recent development, Insurance Lo has emerged as a trendsetter in the Pakistani insurance landscape with its innovative AI-powered platform, promising to transform the industry as we know it. With a mission to make insurance more accessible and hassle-free for all, Insurance Lo introduces a suite of pioneering solutions aimed at streamlining insurance processes and enhancing customer experience. At the heart of Insurance Lo's offerings is its Digital Micro-Insurance Brokerage, which seeks to democratize insurance by making it affordable and easily accessible to every Pakistani. Leveraging advanced AI technology, Insurance Lo ensures swift and seamless claims settlement, empowering customers with the peace of mind that comes from knowing their insurance needs are efficiently taken care of. Through its 360° API-Powered Platform, Insurance Lo offers a seamless and user-friendly experience, setting new standards for efficiency and convenience in the insurance industry. With instant claims settlement powered by AI technology, Insurance Lo ensures that customers receive prompt resolution of their insurance claims, eliminating the lengthy and cumbersome process associated with traditional insurance practices. Furthermore, Insurance Lo is dedicated to digital advancement and sustainability, with fully paperless operations that contribute to environmental responsibility. By embracing technology and innovation, Insurance Lo aims to set industry benchmarks for efficiency, transparency, and customer-centricity in the insurance sector. #lougheeloug | Tariq Mahmood asif ghouri
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Senior Executive Search Consultant - Insurance, Financial Services, Consulting Talent representation - Swiss Media & events community I Brand ambassador boost
Hello, as promised for this month, a closer look into Insurance, a sector we proudly evolve in at Lincoln Switzerland, along with Caroline de La Cochetière - Gauden and team. The insurance industry experienced a slowdown in dealmaking in 2023 due to macroeconomic concerns. However, some insurance carriers, particularly global companies, used M&A to strengthen their positions in specific markets. Deal activity dropped in life insurance and property and casualty insurance, while brokerage deals accounted for the majority of industry deal volume. Serial acquirers in the brokerage segment are now focusing on integration and driving scale efficiencies. Two underlying themes in recent deal activity are the acquisition of technology to enhance insurance capabilities and the increasing demand for risk prevention services from consumers. Insurers are expanding their offerings beyond risk protection to address key pain points in the customer journey. Companies are opting for partnerships and equity investments to access services that go beyond the traditional insurance value chain. These information to recall that due diligence and proper governance are critical for successful partnerships. Happy to gather your feedbacks about your companie's strategy and your feeling about reinforcing the customer journey. #insurance #riskprevention #Insurtech #executive #switzerland
Insurance M&A
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🚀 Unlock the full potential of your insurance agency during the Golden Time with Wesurance's Product Information Assistant (PIA)! PIA effortlessly handles queries on over 100 insurance products, providing Chief Agency Officers and their teams with the tools to offer precise, timely information. Discover how PIA is setting new standards in customer interaction and operational efficiency. Dive into our innovative approach! 🔗 #insurtech #insurance #salesagent #brokers #agencyofficer #insurtechuk
Revolutionise Insurance with Product Information Assistant – Efficient AI Management
wesurance.io
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General Partner | Industrial Tech Investor | IndustryTech Growth Fund Specialist | Insurtech and ImpactTech Venture Capital Leader
How Technology is Transforming the Insurance Scene in Australia - Passionate Insurance Agents. Stay updated with the latest trends in insurance technology. #InsurTech #Australia
How Technology is Changing the Insurance Landscape in Australia - Avid Insurance Brokers
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Unlock the power of #customerdata & transform your insurance purchasing journey. Boost loyalty, mitigate risk, & deliver value-driven experiences in P&C insurance. Learn more: https://lnkd.in/g3iyT6ra #insurance #dataanalytics #insurtech #riskmanagement #customerjourney #OwlSurance #cioleadership #CIO
Data-Driven Insurance: How to Build Stronger Customer Relationships - OwlSurance
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Enthusiastic about the Future of Financial Services | Learning about AI, Web3, Digital Assets | Advisor | Investor | Podcast Host | Author | LinkedIn Top Voice | Father to two daughters | All views on LI are personal
Closing the Insurance Gap in the GCC with Embedded Insurance aided by Open Insurance The insurance penetration rate – the gross written premium (GWP) as a percentage of GDP – in GCC countries remains low. In 2020, the average GCC penetration level stood at 1.9%. This is well below the emerging-market average of 3.4% and the global average of 7.4%. Across GCC countries, the UAE, at 3.2%, and Bahrain, at 2.1%, have the highest penetration rates. This gap is characterized by #underinsurance and a lack of widespread insurance adoption. This gap poses challenges to financial security and economic stability. ➡️ How Embedded Insurance Can Help Close the Gap While Embedded insurance is no silver bullet, it can effectively contribute towards closing insurance gap in the GCC by making insurance more accessible, affordable, and integrated into everyday transactions. ➡️ Open Insurance, which is the focus of the attached paper, will be a Key Catalyst for Growth in Embedded Insurance Open insurance can significantly accelerate the growth and effectiveness of embedded insurance by fostering innovation, improving integration, and leveraging data. ⛽️ Fostering #Innovation: Open insurance promotes a collaborative #ecosystem where insurers, tech companies, and other stakeholders can innovate and create tailored insurance solutions. This environment encourages the development of products that meet the specific needs of the GCC market. ⛽️ Improving Integration: Standardized and secure #APIs in open insurance enable seamless integration of insurance products into a wide range of digital platforms. This seamless #integration expands the touchpoints where insurance can be offered, increasing the reach and impact of embedded insurance. ⛽️ Leveraging Data: Open insurance facilitates #data sharing across platforms, allowing insurers to create highly personalized products. For instance, usage-based auto insurance can be offered using telematics data from ride-sharing apps. Personalized products are more relevant to consumers, driving higher adoption rates. ⛽️ Enhancing Customer Experience: With open insurance, the customer experience is significantly improved. Consumers can purchase insurance effortlessly as part of their regular transactions, leading to higher satisfaction and loyalty. Addressing the #insurancegap in the GCC is crucial for enhancing financial security and economic stability. Embedded insurance provides a practical solution by making insurance more accessible, affordable, and #integrated into everyday transactions. Open insurance, in turn, accelerates the growth and effectiveness of embedded insurance by fostering innovation, improving integration, leveraging data, and enhancing customer experience. Arthur D. Little #embeddedfinance #fintech #futureoffinance #insurance #insurtech #openinsurance #embeddedinsurance
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Helping Financial Services organisations build better businesses with the power of data & AI
Excited that PwC UK is a Gold Sponsor for the new Generative AI in Insurance conference happening in the City this week. We'll be sharing our perspective on the three strategic horizons of AI transformation in insurance in a keynote talk at 3pm (hint: we're only at the beginning of the disruption AI will bring) and looking forward to sharing experiences with others already working to apply GenAI to practical problems in insurance. Glynn Austen-Brown Kieran Lesforis Graham Jackson Diego Cervantes-Knox Viswa Swaminathan Matthew Vaccaro Tom Brown Shazia Azim #aiininsurance #pwcdigitalspecialty #pwcinsurance #dataandanalytics
As the anticipation for our upcoming Gen-AI in Insurance Conference on February 8, 2024, continues to grow, we are thrilled to share some exciting news about the event... Due to the overwhelming response and unprecedented ticket sales, the Gen-AI in Insurance Conference has outgrown its initial venue at America Square. To ensure an exceptional experience for all attendees, we are delighted to announce a change in venue to the prestigious One Moorgate Place in the heart of London. For more information on the event go to: https://lnkd.in/eue6ewTM Join me at One Moorgate Place on February 8 where you’ll have a chance to meet industry pioneers from such companies as: Munich Re, WTW, RGA Reinsurance UK,Tryg, Simply Business, Lawyers' Mutual, Zurich Insurance, Dai-ichi Life, Swiss Re, Liberty Specialty Markets, Brit Group, Chubb, Convex, Tokio Marine Kiln, Unum, Aviva, MAPFRE, First Central Insurance, Generali, Great Lakes Insurance, Ecclesiastical Insurance, NFU Mutual, RSA, AXA, UNIQA, Lloyd's and more! This ground-breaking new event offers a unique opportunity for you to meet and network with AI decision-makers from Europe's leading insurers across various disciplines, including Analytics and Data, Operations, Innovation and Strategy, Technology, Underwriting, and Claims. You’ll discover the unique applications of Generative AI within product design, underwriting, customer service, claims, and more.
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Exploring the latest trends and expert insights on navigating shifts in customer expectations within the Canadian insurance industry. Stay informed and stay ahead. Read More: https://lnkd.in/gzyjzXij #InsuranceTrends #CustomerExpectations #IndustryInsights #InsuranceProfessionals #Insurance #InsuranceIndusty #InsuranceCareers
Ask the Expert: Navigating Changes in Customer Expectations in Insurance
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