Year 2020 - CAPITALIZING ON PROFESSIONALS AND INSURTECH TO REACH GREATER HEIGHTS 善用專才與科技 保險中介創高峰

37 2019 年刊與 2020 展望 YEARBOOK 2019 & PROSPECT 2020 Like many different industries, the advancement of technology is reshaping the insurance industry globally. While new insurance products are being designed and developed in meeting customer needs, new ways of conducting businesses aided by new technologies like artificial intelligence and data analytics help automate business processes to a great extent and reduce the operating cost of the insurers, insurance agencies and broking houses favourably over time. In Hong Kong, InsurTech is still in its infancy stage. Many e-platforms developed in the local market are being used by insurance intermediaries rather than the consumers. In most situation, consumers are relying on the insurance intermediaries to provide them with the insurance services instead of procuring the services they need on their own e-platform. Taking this opportunity, insurance intermediaries are urged to step up and invest in service system and applications as well as human resources in order to provide consumers with adequate customer service support and help close the deal speedily. In recent years, most international insurers and insurers in Mainland China take the lead to transform operations by embracing technologies including artificial intelligence, blockchain, big data, Internet of Things, mobile, robotic process automation to provide enhanced customer experience and achieve operational efficiencies. It is advisable that insurance intermediaries in Hong Kong should consider to seek support from their business partners, inter alia, those insurers which are forerunners in InsurTech development to start the digital transformation since the digitization in operations will bring many benefits and convenience to the insurance intermediaries such as increase in sales and long-term sustainability. Allan Yu Chairman Insurance Training Board, Vocational Training Council