The insurance industry is well-known for its conservative nature, but that’s a characteristic that’s now having to evolve as the industry faces the digital age. For these reasons, trending tech topics such as artificial intelligence (AI), IoT and blockchain are rapidly becoming hot topics in these most traditional of boardrooms.
It seems as if the world is living in the kind of “interesting times” promised by the infamous Chinese saying. Take Asia-Pacific for example, where a season of uncommonly powerful and destructive storms, like the monster Typhoon Hato that caused Hong Kong to grind to a halt; and Hurricane Harvey in the United States just a few months ago, have cost countries billions in damages and exacted a sad toll in human lives.
When it comes to mitigating the impact of potentially dangerous events, China’s insurance industry is making the most of a very large and fast growing opportunity. They also recognize interconnection will be the difference between being competitive and being left behind.
Today, we are still some distance from achieving such harmonious co-existence, but the financial institutions recognize that in the emerging era of distributed ledgers, such as blockchain, and digital currencies, such as Bitcoin, there is an imperative to adjust to this new and radical paradigm.
Like most insurance industries around the world, China is moving to shift its regulatory regime towards a more contemporary risk-based system. This is where the total risks of an insurer, from a business as well as operational perspective, are brought together to ensure a company’s solvency is maintained.
The future insurance landscape is heavily tied to embracing new modes of dealing with data. Here's what the future holds.
Here's the “must-know” and “up-and-coming” drivers that are generating huge amounts of data and impacting how the insurance sector will operate.
While the insurance industry is beset by rapid change, the rise of new technology and working models also presents a host of new opportunities for insurers to reshape their own business practices.