EP 233 – How Insurance Provides a Critical Safety Net for Families and Businesses – Ronak Shah – CEO QBE Singapore

In this episode of the Asia InsurTech Podcast, Ronak Shah, CEO of QBE Singapore, shares his 20+ years of experience in the insurance industry, shedding light on its significant impact on people’s lives. He emphasizes how insurance provides a critical safety net, protecting individuals and families during life’s most challenging moments. Ronak’s personal story of stumbling into the industry and staying because of its far-reaching effects highlights how essential and often under appreciated insurance is. He also discusses the importance of SMEs in Southeast Asia, which make up 99% of businesses in Singapore, and how they are often underserved and underinsured. This presents both a challenge and a significant opportunity for the insurance industry.

Ronak also delves into the evolving role of technology, particularly artificial intelligence, in insurance. While AI can streamline processes and enhance productivity, especially in areas like underwriting and claims, Ronak stresses that it is meant to augment rather than replace human roles. He also emphasizes the need for empathy and human connection in the industry, especially when dealing with claims and customer service. Finally, he discusses the Singaporean government’s critical role in fostering innovation and long-term planning, making Singapore a global hub for insurance and financial services.

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