Insurtech Story Podcast Insurtech Story

In this episode, we explore how the insurance industry is navigating the adoption of digital transformation and AI advancements with cautious optimism. These technologies promise to revolutionize underwriting, claims processing, and customer engagement, yet they also bring challenges such as regulatory hurdles and ethical concerns. We will discuss how insurers are balancing innovation with risk management, addressing data privacy issues, and transforming their workforce. Join us as we delve into strategies for leveraging digital and AI to enhance insurance operations while mitigating potential downsides.

Points of discussion:

1.With rapid proliferation of digital, technology and AI across industries, what are some of the risks you foresee? And how can insurers help in mitigating these risks?

2.But digital technologies throw open a world of opportunities as well. Is there something that can help to explore these opportunities?

3.What does digital trust comprise of and can it be measured?

Speaker Bio: Mitali Chatterjee, is the Vice President at Swiss Re Institute, India. Her key focus areas include digital ecosystem, mental health, public sector solutions, electric vehicles, sustainability and decarbonization. She has over eleven years of experience in research and thought leadership and is a regular speaker at various industry and academic forums, along with client events. Prior to joining Swiss Re, Mitali was a research specialist with Accenture. She has also worked at the Deloitte Center for Government Insights. In these roles, Mitali has authored several thought papers focusing on cross-cutting emerging technologies and their impact on the public sector. By education, Mitali is an economist, with a master's degree from Indira Gandhi Institute of Development Research (IGIDR).

Offering Life Insurance Solutions to First Generation Customers delves into the nuanced approach required to provide effective life insurance options to individuals from immigrant or first-generation backgrounds. It explores tailoring policies to align with diverse financial situations and cultural perspectives. The discussion navigates common barriers, like language barriers and lack of familiarity with financial products, offering insights into overcoming them. It also highlights the importance of building trust and understanding between advisors and clients, emphasizing the role of education and culturally sensitive communication in facilitating informed decisions and securing financial protection for these often underserved communities.

Points of discussion:

1.How do you tailor life insurance solutions to meet the unique needs and concerns of first-generation customers, considering their diverse backgrounds and financial priorities?

2.What are some common misconceptions or barriers that first-generation individuals face when considering life insurance, and how can these be effectively addressed to encourage greater participation and understanding?

3.In what ways can financial advisors or insurance professionals build trust and rapport with first-generation clients to facilitate informed decision-making regarding life insurance options and long-term financial planning? Can you give an example from the Cambodian market?

Speaker Bio: Sythan Prou, is the Chief Executive Officer of Forte Life Cambodia, which at the time of writing is the largest life insurer in Cambodia in terms of its customer base. Mr Sythan is among the few Cambodian senior leaders who pioneered life insurance in 2012 when he joined Manulife Cambodia as the Chief Legal & Compliance Officer and later becoming the Chief Partnership Distribution Officer. Throughout his career Sythan has received several accolades, most notably the Royal Order of the Kingdom of Cambodia – Mohasena (Grand Officer) from the King of Cambodia for his contribution towards insurance, education and legal communities; the Young Leader of the Year award in 2021 from Asia Insurance Review; and inclusion in the Asian Legal Business 40 Under 40.

The digitization of the insurance market in Thailand is transforming the industry, enhancing efficiency, accessibility, and customer experience. This shift is driven by advanced technologies such as artificial intelligence, blockchain, and big data analytics, which streamline processes from policy issuance to claims management. Insurtech startups and traditional insurers alike are leveraging online platforms and mobile applications to offer personalized products and services. This digital evolution not only meets the rising demand for convenient, transparent, and swift insurance solutions but also supports regulatory compliance and risk management. As a result, Thailand's insurance sector is poised for significant growth and innovation.

Points of discussion:

1.What specific challenges has the insurance industry in Thailand faced in transitioning to a digital-first approach?

2.What are some notable examples of innovative digital strategies that insurance companies in Thailand have implemented to stay competitive?

3.Can digitization help address the issue of underinsurance in Thailand? If so, how?

Speaker bio: Ben Assanasen, is the Managing Director at Thai Setakij Insurance company. Prior to joining Setakij, Ben lead Tune Protect Thailand, an associate company of Tune Protect Group, as its Chief Executive Officer and Group Health Leader. Ben brings with him a wealth of industry experience that spans over 2 decades - encompassing general management as well as hands-on operational roles covering a broad range of functions. Prior to Tune Protect, he worked for Ernst and Young (EY), as an Associate Partner for ASEAN; as the Managing Director of Bupa Health Insurance; and as the Chief Executive Officer of Aegon in Thailand. He has also been appointed as Director of the Executive Committee and Advisory Director of the Accident and Health Insurance Committee of the Thailand General Insurance Association (TGIA).

In the podcast "Navigating the Future: Guidewire Driven Transformation in Insurance," industry experts explore how Guidewire technology is revolutionizing the insurance sector. They delve into the ways insurance companies are leveraging Guidewire to adapt to industry shifts, discussing successful implementations and the benefits they yield. The conversation also delves into challenges encountered during these transformations and offers insights into the future role of Guidewire in shaping insurance landscapes. Through examples and analysis, listeners gain a comprehensive understanding of the pivotal role Guidewire plays in driving innovation and efficiency within the insurance industry.

Points of discussion:

1.How are insurance companies leveraging Guidewire technology to adapt to the evolving landscape of the industry, and what specific transformations has it enabled?

2.Could you provide examples of successful implementations of Guidewire-driven transformations in insurance, highlighting the key benefits and challenges faced by organizations during the process?

3.With the rapid advancements in technology and data analytics, how do you see Guidewire continuing to shape the future of insurance, and what are the potential implications for both insurers and customers?

Speaker Bio: Ravi Thakur, who is the SVP – Financial Services & Insurance - Zensar Technologies. Ravi is a seasoned leader with over 25 years of extensive experience in the insurance and healthcare industries. Renowned for his ability to create lasting shareholder value, Ravi has consistently demonstrated his expertise in business and technology transformation, collaborating closely with clients to achieve substantial results. With a proven track record of building and growing profitable business portfolios, Ravi excels in implementing strategic initiatives and optimizing business performance. His growth mindset and passion for taking on new challenges drives him to continuously create value, leveraging a unique blend of strategy, operations, technology, and innovative thinking. Ravi holds an MBA from IIM Calcutta, specializing in Finance and MIS, and a B.Tech. in Electrical and Electronics Engineering from IIT Madras. His diverse expertise spans P&L Management, IT strategy and advisory, innovation, digital transformation, business development and sales leadership, large deal orchestration, operations and operating model transformation, partnerships and alliances, and coaching and mentorship.

In today's fast-paced world, the insurance industry finds itself at the intersection of innovation and ever-changing risks. The evolution of work within this sector reflects a dynamic response to technological advancements, changing customer demands, and emerging workforce trends. From embracing AI-driven solutions to redefining traditional employment structures, insurers are navigating a landscape shaped by digital transformation. In this podcast, we delve into the intricate dynamics of how insurers are reshaping their approach to work in the age of innovation, exploring strategies, challenges, and the future of employment in this ever-evolving sector.

Points of discussion:

1.How does the world today cope-up with Rapid Innovation?2.Two Strategic imperatives of our times - Innovation and ESG - can the two co-exist?

3.What does innovation mean for the insurance industry going forward.4. What does Future of work mean for you? And how does one craft a winning
strategy?

Speaker Bio: Abhinav Garg is the Senior Vice President - Strategy & Change for India & Poland at AXA XL. Abhinav is a seasoned expert in strategy, innovation, and ESG having spent nearly two decades with renowned organizations like AXA, Boston Consulting Group, and McKinsey & Company. Recently honoured with the Innovation Leadership award by the World Innovation Congress, he's actively involved in mentoring deep-tech startups, aiming to foster India's startup ecosystem towards a 1-Trillion startup economy by 2030. He is a sought-after Global Capability Center (GCC) Leader in the Asian Region, often invited at distinguished forums for expert views on the industry. Abhinav advocates for innovation that benefits humanity and collaborates with the broader ecosystem to drive meaningful change in ESG.

Note: Views and opinions shared here are purely of the speaker and not of any organizations and institutions that he/she may represent.

In today's rapidly evolving landscape, the insurance industry finds itself at the forefront of a digital revolution. As technology continues to advance, insurers are navigating a transformative wave characterized by innovations in AI, machine learning, and blockchain. However, amidst this wave, the paramount importance of data privacy emerges as a critical concern. Striking a delicate balance between leveraging customer data for personalized services and safeguarding privacy is imperative. Beyond technological advancements, factors like regulatory frameworks and industry standards shape the trajectory of digital transformation initiatives. Join us as we explore the multifaceted journey of digital evolution in insurance, spanning tech innovations, data privacy, and more.

Points of discussion:

1. How is technology reshaping the landscape of the insurance industry, and what are the key challenges and opportunities for insurers in adopting emerging technologies?

2. Why is data privacy crucial in the digital transformation journey of insurance, and how do insurers navigate the delicate balance between utilizing customer data for personalized services and safeguarding privacy?

3. Beyond technological advancements, what are the multifaceted factors influencing digital transformation in insurance, including regulatory frameworks, industry standards, and the integration of innovative risk management strategies and customer-centric product development?

Speaker Bio: Rohit Kilam, is the Chief Technology Officer at HDFC Life. Rohit at HDFC Life, spearheads digital transformation and innovation efforts. With over 25 years of experience in technology leadership across Europe, India, and ASEAN, he has collaborated with technology giants and financial firms. His expertise lies in developing and managing state-of-the-art fintech products and platforms, utilizing cloud, open source, AI, and IoT technologies. Besides, Rohit has successfully overseen the development of products for various payment channels, wealth platforms, card personalization, and digital lending and collections. Additionally, he serves as an advisor and investor, supporting and mentoring start-ups in deep tech and fintech.