The last three months of the year have been a busy one for those of us dedicated to advancing technology in the insurance industry. Unlike leading banks and other financial institutions, we in the insurance world are catching up.
Come October On January 17, 2022, the Ministry of Trade and Industry, in partnership with the Monetary Authority of Singapore, will launch the Philippine Fintech Festival back-to-back with the SME Financial Empowerment Programme. The Philippine Fintech Festival kicks off ASEAN-wide Fintech Month, followed by similar events in Cambodia (24 October) and Thailand (27 October), culminating in the annual Singapore Fintech Festival in November .
With the move to put ASEAN’s economic integration front and center after the pandemic and other geopolitical events have been put on the back burner, there is a new impetus to bring it to the desired outcome (i.e. people, goods and ASEAN as a whole). Serve). This dream is closer to reality as technology becomes the recognized enabler. One of the main proponents of this integration is the ASEAN Insurance Council, which will meet in December to discuss technology as an enabler and enabler for the industry. The AIC recognizes the region’s total population of 600 million and an economic value of at least $3 trillion, making it the fourth largest economy in the world.
The Philippine Insurance and Reinsurance Association (PIRA) is a member of AIC and an active player in the Philippine insurtech space with a shared vision of educating the industry as quickly as possible. As innovative technologies emerge, PIRA takes the lead in introducing them to its members, and through its IT committee familiarizes and reviews these latest technologies for adoption by its members.
PIRA has identified key business areas that are positively impacted by new technologies.
communication and data storage. Instant messaging applications and the ability to access large volumes of files and data in a secure environment have enabled our members to operate efficiently throughout the pandemic and its accompanying lockdowns. Services to the insured public continue with minimal disruption.
e-payment. Another area that is moving at warp speed is partly due to the pandemic. It provides insurance companies and the general public with multiple convenient electronic payment and remittance methods.
Underwriting and Claims. Thanks to technology, new risk assessment methods are developing rapidly. Motor vehicles can now be rated not only based on usage, age and where they are parked. How they operate and where they operate can now be rated. Technology similar to an aircraft’s black box can record vital data such as speed, time of impact, GPS-assisted location identification, and more. This greatly aids the claims process and reduces claims settlement time. This also offers pay-per-use insurance, a welcome development for car users who aren’t on the road 24/7. For other categories of business, drones and even satellite technology can help determine the cause, scope and volume of claims, which is a boon for both indemnity and parameter-based types of coverage.
Training, conferences, conferences and forums. Living in an archipelagic country makes it difficult to visit and connect with various stakeholders across the country. In the business that requires an intermediary, it is necessary to visit the provincial intermediary, consult the provincial intermediary, and learn about new products, new methods, industry and enterprise dynamics. Technology now allows us to communicate in real time, albeit virtually.
distribution channels. The pandemic has accelerated the use and acceptance of goods and services purchased online. The proliferation of comparison sites has helped the insured public pick out the best insurers in terms of coverage and prices. It has also proven itself to be a good platform to inform the public about the better attributes of a certain product. Chatbots can answer the most basic and common questions, reducing, if not eliminating, the need for humans to be on the other side.
There are many other applications that can help simplify and improve the efficiency of the insurance cycle that we are only just beginning to realize and discover. What we do know is that, when harnessed correctly, technology will revolutionize the way we serve the insured public.