Year 2018 - INSURTECH & NEW MARKETS 保險科技興新市場

專題探討 FEATURE Insurtech and New Markets Background Insurance is an industry that has long operated without significant disruption in the traditional underwriting process and distribution channel management. However, Insurtech may quickly emerge to shake things up. It is because consumers are looking for easy and convenient insurance solutions especially for the personal insurance needs. Insurers, agents and brokers who have become complacent now need to figure out how they will adapt to digital disruption. Hong Kong is one of the most developed insurance markets in the world, with steady growth of gross written premium in both general and life insurance industry. Therefore, Hong Kong has attracted many multinational insurance companies for doing business in this region. Being an insurance practitioner, it is the time to explore how “Insurtech” can benefit underwriting, quotation processing, distribution and claims application. This article will share with you the potential benefits of “Insurtech” for different parties involved in the insurance transaction process. What is 'Insurtech' “Insurtech” refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. “Insurtech” is a portmanteau of “insurance” and “technology” that was inspired by the term Fintech. Source: www.investopedia.com From my opinion, “Insurtech” is to provide and compare insurance products through on-line distribution channel and the whole distribution process including automated electronic underwriting, quotation processing, policy administration and claims application services. Assuming that the whole electronic distribution services that deliver savings and efficiencies compared with the traditional insurance distribution and underwriting model. Benefits from “Insurtech” New technology and data sets are profoundly affecting the insurance industry, by allowing insurers to better assess the risks they are exposed to and interact with their consumers in new ways. The use and benefit of “Insurtech” services varies for all parties involved in the insurance transaction process. Risk Carriers and Underwriters: • Utilizing new technologies offered by “Insurtech” firms to improve underwriting results, minimize the workload of underwriters and maximize long-term profitability through on-line self-service quotation system and electronic policy administration system. By using Big Data analytics, they can improve risk analysis, risk selection, and insurance pricing modeling. 27