Digital Insurance Insights - March 2024
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63% of Singapore insurance market to replace core management systems in 2024
As Singapore's insurance market embraces the shift towards modern and efficient management systems, it is a reminder to businesses there to continuously adapt and evolve in order to stay relevant and competitive.
The challenges of outdated technology and siloed systems may seem daunting, but with determination and a commitment to digital transformation, the possibilities for growth and success are endless.
Inspiring Female Leaders in Insurance in Asia
These top female leaders in the insurance industry have faced and overcome numerous obstacles to reach their current positions.
Their determination, resilience, and unwavering dedication serve as an inspiration to all young women who aspire to make their mark in our industry.
Strengthening of the Indonesia Insurance Industry
This roadmap has the potential to greatly impact the insurance industry in Indonesia for the better.
By prioritising soundness, efficiency, integrity, consumer and public protection, and supporting economic growth, this plan sets a strong foundation for the future of the industry.
Electric Vehicle Insurance - Singapore: EV insurance gains popularity but lacks scale
Despite the challenges faced by insurers in the nascent electric vehicle market in Singapore, there is no doubt that the demand for electric vehicle insurance products is growing.
This is a positive step towards a more sustainable and environmentally-conscious future for the country.
Policyholders want support of their agents/intermediaries during claim process
The call to action for the insurance industry to collaborate and redesign their products and services according to the needs of policyholders is not just a suggestion, but a necessary step towards creating a more inclusive and customer-centric insurance market.
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Why Millennials and Gen Z Just Aren’t Loving Insurance: How Organizations Can Win the Next Generations of Insurance Consumers
To effectively capture the attention and loyalty of Millennials and Gen Z, the insurance sector must fully embrace innovation, harness the power of technology, and place the utmost importance on customer-centric approaches.
By adapting to the their changing preferences, the industry can establish enduring relationships with the next generation of insurance customers.
Digitalisation key to transparency in insurance claims
While the transition to digital claims processes presents promising opportunities for insurers, it necessitates concerted efforts towards technological integration, collaboration with innovate insure-tech firms, and a steadfast commitment to meeting evolving customer needs.
The Future of Insurance Agencies
For agencies to stay ahead and remain competitive, they need to embrace a multifaceted approach that emphasises agility, places the customer at the center of all endeavours, and adopts a keen understanding and utilisation of technology.
However, amidst this whirlwind of transformation, it's essential for them to hold true to their core values of providing personalised service and leveraging expertise to meet the unique needs of their clients.
Enhancing Insurer Success with Superior Insurance Customer Experience
In a world where products are hard to differentiate, it's the customer experience that will give insurance companies the edge.
From seamless online processes to personalised customer service, it's the little things that make all the difference.
Open Insurance Conundrum Bridging Innovation Reality
It's clear that data is the driving force behind open insurance and the key to future success in the industry.
As insurers and tech companies continue to merge and collaborate, it's important for them to prioritise data management infrastructure, standards, regulation, and analytics.
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