The life insurance industry underwent dramatic changes through 2021. An industry once reliant on high-touch and manual process reinvented itself with the adoption of new technologies. These changes have knock-on effects on customer expectations, operating cost structures and business model.
As the demand for no-medical-exam life insurance policies grows, insurers need to take advantage of data analytics, predictive modelling, machine learning and AI to streamline their underwriting process and classify risk more effectively. Automation and digitalisation have also driven rapid growth in embedded insurance, opening significant opportunities to create value for customers and presenting the future of insurance distribution. Will embedded insurance overturn the ‘sold and not bought’ mantra? Could the growth be permanent?
Returning as an in-person event, the Asia Life Insurance Summit, set to take place in Singapore in August, will look to address critical issues and challenges facing Asia’s life insurance markets today, and explore ways to gain a competitive advantage and be a winner in the decade to come.