Insurance disruption fuelling customer-centric innovations

Driven by the rapid advances in technology, insurers in Singapore have been taking steps to be more customer-centric in an attempt to retain loyalty and attract new policyholders. Front-end disruption in the sector will continue in 2017, as will the rise of unions between innovation-starved insurers and technology-related start-ups, industry players and observers echoed in unison. They add that artificial intelligence, open application programme interface (API) and blockchain are technologies driving disruption in insurance. The hunger for innovation, be it in products or processes, have led to insurers, including Aviva, AXA, Allianz and Manulife, setting up such labs in Singapore in recent years. Many have also moved to improve front-end processes, including making it easier for their agents to sell products or for customers to purchase policies, particularly through digital channels. Read more: