EP 230 – The Convergence of InsurTech and FinTech: Making Insurance Invisible – Anthony Lee – co-Founder and CEO of LydiaAI

“I feel like there’s a convergence going on. And that’s, that’s with InsurTech and FinTech. And what’s being left behind in the world of InsurTech is increasingly, in my view, core systems, a new generation of core systems. But everything else, like when you talk about embedded insurance, it’s becoming part of embedded finance. And it’s this whole kind of movement to make insurance invisible.” – Anthony Lee

The Asia InsurTech Podcast was joined by Anthony Lee, a co-founder and CEO of Lydia.ai in which we delved into the transformative intersection of InsurTech and FinTech. Anthony explained how these sectors are converging, with embedded insurance becoming a seamless part of financial transactions, aiming to make insurance coverage as effortless as possible. Lydia.ai leverages health data from universal healthcare systems to create risk scores that automate the underwriting process, enabling insurers to offer simplified insurance products without medical exams. This approach not only streamlines the insurance buying process but also integrates insurance into everyday financial activities, making it practically invisible to the consumer.

Anthony also highlighted the role of personalized health recommendations derived from AI and data analysis. Lydia.ai’s platform analyzes activity data from smartphones and wearables to provide tailored health advice, leading to better insurance offers. By embedding health risk scores into digital banking and e-commerce platforms, Lydia.ai is making insurance more accessible and integrated into daily life. This innovative approach reflects a significant shift towards a more customer-centric insurance model, driven by the advancements in AI and the strategic use of health data.

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