Insurtech = Disruptor, Enabler or Nobody? Insights from a startup vs. the industry – ICA2023

'Insurtech = Disruptor, Enabler or Nobody? Insights from a startup vs. the industry' was held at the 2023 International Congress of Actuaries on Tuesday, 30 May 2023, as part of Concurrent Block 4: Challenges in a Digital Era.

Presented by: Iris Lun and Louis Lee

Abstract:

While technology has transformed various financial services from payment to virtual asset management, the insurance industry has changed relatively slowly. Many companies are still using traditional methods to reach and service their customers, while keeping their market dominance. Can the recent rise in Insurtech disrupt this trend and enable better equity among insurers and customers? Can the established incumbents ignore startups? What are the threats and opportunities for actuaries and other market participants?

Iris will share her journey of founding and growing an Insurtech startup 10Life which has become the largest insurance comparison platform in Hong Kong. She will provide insights on how digital tools and data analytics have been used to provide services to an ecosystem of insurance companies, insurance advisors and insurance buyers.

Louis will discuss the market impact of Insurtech to the insurance industry in Asia Pacific, and how insurance companies, advisors and buyers have reacted.

Iris and Louis will debate the role of Insurtech for both the industry and the customer, and the implications for actuaries.


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