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

Policy Administration: • Electronic Billing systems are not only integrated but now can accept varied forms of payments allowing ultimate flexibility to the customer and thereby making the billing systems efficient. The automated systems can inform and remind customers of approaching due dates for premiums thereby lowering unintentional defaults. • Error comes in all shapes and sizes. Insurance policy document error costs companies billions of dollars per year across the globe. Insurance companies should establish a technology framework, tap into advanced automation and analytics, and take steps to prevent it. Claims Management: • Electronic or online claims application system. Utilizing these technologies to better analyze and adjust claims more efficiently. In addition, it may improve the efficiency of claims reporting and claims settlement processing time. Insureds: • Taking advantage of mobile applications developed by “Insurtech” firms to pay insurance bills or report claims and using smartphone to buy different kinds of insurance products. • Customers are seeking more digital touch points for convenient customer experiences in their daily lives, and they are expecting higher degree of personalization. Intermediaries: • Using “Insurtech” developed analytic tools to track sales outcomes and leads. Insurance remarketing and comparison electronic platform can be established for selling insurance product and provide value added services such as policy renewal and claims application. “Insurtech” – Support from Insurance Authority Under the new regulatory regime administered by the Insurance Authority (IA), there will be an expanded scope of regulatory oversight over insurance companies. The IA will also take over the regulation of insurance intermediaries from the three existing self-regulatory organizations, hence putting in place a more holistic and effective insurance regulatory system. The development of financial technology “Fintech” is important in strengthening the role of Hong Kong as an international financial centre. Against this background, the IA has been closely monitoring the development and application of technology in the insurance industry “Insurtech” and proactively assisting market participants to tackle Insurtech-related regulatory issues. The IA has launched various initiatives to promote “Insurtech” development in Hong Kong. These include: • Insurtech Sandbox • Fast track for applications for authorization of new insurers owning and operating solely digital distribution channels • Insurtech Facilitation Team • Working Group on Embracing Fintech in Hong Kong under Future Task Force Source: www.ia.org.hk 28 2017 年刊與 2018 展望 YEARBOOK 2017 & PROSPECT 2018