Asia InsurTech Podcast

In this episode of the Asia InsurTech Podcast, Ronak Shah, CEO of QBE Singapore, shares his 20+ years of experience in the insurance industry, shedding light on its significant impact on people’s lives. He emphasizes how insurance provides a critical safety net, protecting individuals and families during life’s most challenging moments. Ronak’s personal story of stumbling into the industry and staying because of its far-reaching effects highlights how essential and often under appreciated insurance is. He also discusses the importance of SMEs in Southeast Asia, which make up 99% of businesses in Singapore, and how they are often underserved and underinsured. This presents both a challenge and a significant opportunity for the insurance industry.

Ronak also delves into the evolving role of technology, particularly artificial intelligence, in insurance. While AI can streamline processes and enhance productivity, especially in areas like underwriting and claims, Ronak stresses that it is meant to augment rather than replace human roles. He also emphasizes the need for empathy and human connection in the industry, especially when dealing with claims and customer service. Finally, he discusses the Singaporean government’s critical role in fostering innovation and long-term planning, making Singapore a global hub for insurance and financial services.

The post EP 233 – How Insurance Provides a Critical Safety Net for Families and Businesses – Ronak Shah – CEO QBE Singapore appeared first on Asia InsurTech Podcast.

“I do think AI is going to start to play a bigger and bigger role. Because I think it’s just naturally something, when you start to think about opportunities we talked about with data, AI can be used to produce data, so injecting that within business processes where it could take over some mundane tests, but more importantly, help augment what you do in terms of data to maybe less than the dependency on, on going and seeking that data…” – Jeff Heine

In this episode of the Asia InsurTech Podcast, Jeffrey Heine, Chief Revenue Officer of Novidea, shared insights from his extensive career in the insurance industry. Heine emphasized the importance of firsthand experience in claims, which gave him a deeper understanding of the industry’s core mission to support customers during difficult times. He highlighted the unique challenges and opportunities in Asia, noting the region’s advanced state of digital transformation and strong focus on customer engagement. Heine underscored the necessity of proactive customer interactions and the potential of using data to improve service delivery and risk management.

Heine also discussed the significant benefits of operational efficiencies and data connectivity within insurance companies, which can enhance internal relationships and customer service. He pointed to the transformative role of artificial intelligence (AI) in handling mundane tasks and providing real-time insights. Additionally, Heine envisioned a future where insurance ecosystems integrate with various platforms, such as e-commerce and ride-hailing services, to offer personalized solutions based on customers’ life events. This interconnected approach aims to improve the overall customer experience and ensure that the industry fulfills its promise of protection and support.

The post EP 232 – Navigating Unique Challenges and Opportunities in the Asian Insurance Market – Jeff Heine – Chief Revenue Officer, Novidea appeared first on Asia InsurTech Podcast.

In this episode of the Asia InsurTech Podcast, we sat down with Yamini Bhat, co-founder and CEO of Vymo, to discuss the intricacies of global expansion and the strategic insights she has gained from growing Vymo. Yamini highlighted the critical importance of localizing business strategies to fit different markets, from Japan’s preference for small, highly compliant behavioral changes to the U.S.’s flexible approach that offers a variety of options for sellers. She shared how Vymo leverages data to coach and enable salespeople, tailoring the platform to meet the diverse regulatory and cultural needs of markets across Southeast Asia, Japan, and the U.S.

Yamini also discussed the operational strategies that have propelled Vymo’s growth, emphasizing the balance between maintaining a global brand and adapting to local markets. By building a global yet local team, Vymo ensures responsiveness to customer needs while leveraging centralized expertise. She underscored the importance of adapting to macroeconomic trends and integrating AI technologies to enhance the platform’s capabilities. Yamini’s insights provide a valuable blueprint for any company looking to scale internationally, highlighting the necessity of being globally ambitious and locally adept.

The post EP 231 – Global Expansion: Data-Driven Local Strategies for Sales Excellence – Yamini Bhat – co-Founder and the CEO of Vymo appeared first on Asia InsurTech Podcast.

“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.

The post EP 230 – The Convergence of InsurTech and FinTech: Making Insurance Invisible – Anthony Lee – co-Founder and CEO of LydiaAI appeared first on Asia InsurTech Podcast.

“So we’re getting great conversion rates on eligible items. And we’re just in that period. Now. We’re moving to convert those customers to paid customers. So I’ll keep you posted on what that looks like. But really, I mean, honestly, you know, when you launch something, you go, this is going to be crickets. I am prepared for silence. I agree. We’re very prepared for the champagne moment, the launch and then nothing. So the fact that customers are even clicking or understanding what we’re offering us, or seeing it there, online is a huge win for us.” – Katherine Clayton

The Asia InsurTech Podcast was joined by Katherine Clayton during which she shared her extensive experience in transforming legacy industries and the unique challenges she has navigated in launching her latest venture in the insurance sector. Coming from a background in organizational and business transformation across various traditional industries such as oil, gas, and mining, Katherine has leveraged her expertise to innovate within the insurance space. She emphasized the importance of keeping businesses relevant in the face of rapidly evolving technology and consumer preferences, drawing examples from successful transformations like Netflix, and failures like Blockbuster.

Katherine also discussed the strategic approach behind Peachii’s product design and market engagement. Recognizing the gap in traditional insurance offerings for younger consumers, Peachii innovates by providing insurance for individual high-value items directly at the point of sale, simplifying the insurance process and making it more accessible. This model not only appeals to a demographic with evolving asset ownership patterns but also embeds insurance into everyday shopping experiences through partnerships with trusted retailers. These efforts are underpinned by a commitment to build consumer trust and educate new markets about the value of insurance.

The post EP 229 – From Legacy to Leading Edge: Transparent, Affordable and Flexible Item-by-Item Insurance – Katherine Clayton – co-Founder and CEO of Peachii Insurance appeared first on Asia InsurTech Podcast.

“Health is not a sprint. Health is a marathon. We spent seven years only creating the health score. 400 million man years of clinical data. So it was an enormous undertaking to create that health score.” – Peter Ohnemus

In this episode of the Asia InsurTech Podcast, Peter Ohnemus, President & CEO of dacadoo, discusses the development of its Health Score & AI-based Lifestyle Navigation Platform that integrates clinical data to evaluate individual health comprehensively. Peter notes that dacadoo spent seven years analyzing 400 million man-years of data to create this scoring system. This effort aims to make health status understandable and actionable for consumers, thus fostering better personal health management.

Throughout the discussion, Peter emphasizes the transformative potential of technology in health and insurance sectors. He explains how traditional methods in these industries are being overhauled by innovations that offer personalized insights and proactive health management. The conversation also touches on the broader implications of such technologies, including their ability to drive down insurance costs and improve overall societal health by promoting healthier lifestyles through data-driven insights and individualized health metrics.

The post EP 228 – Building Meaningful Health Scores: Understanding Health in the Digital Age – Peter Ohnemus – President and CEO of dacadoo appeared first on Asia InsurTech Podcast.

“When you talk to customers, I would say both we have to make sure that insurers are willing to embark on the journey with us and that it addresses their needs. But ultimately, the end user is super important, if solutions are not compelling for the end users, you know, it doesn’t work.” – Sebastien Gaudin

The Asia InsurTech Podcast welcomed back Sebastien Gaudin, the Founder & CEO of The CareVoice, after his last appearance on the show in 2021! Clearly, a lot has changed since then, and this episode dives into those changes, especially focusing on the company’s product evolution and geographic expansion.

Sebastien discusses the shift from a standalone app to a platform that allows seamless integration of digital health services into the interfaces of various insurers. This platform is now operational in 15 countries across all continents, marking significant progress in their global expansion. Sebastien also highlights the importance of engagement management in their services, explaining how it increases user activity and satisfaction. Additionally, Sebastien shares insights from their recent Series B funding round, emphasizing how it will help scale their operations and invest in product and commercial development.

The post EP 227 – Revolutionizing Health Insurance: Embedded Health Solutions and Driving Customer Engagement – Sebastien Gaudin – Founder and CEO of The CareVoice appeared first on Asia InsurTech Podcast.

“Asia, of course, is a construct of many, many geographies. And each geography is very different…I see a real opportunity to leapfrog and not go through all the stages… Here in Asia, you can make markets, you can create markets.” – Bernhard Kotanko

In this second episode of the Asia InsurTech Podcast featuring Bernhard Kotanko, a Senior Partner at McKinsey & Company, we do a deep dive into the future of Property and Casualty (P&C) Insurance in Asia. Amidst a backdrop of rapid technological advancements and evolving societal needs, Bernhard explores the untapped potential within the region’s P&C insurance sector, examining the challenges and opportunities that lie ahead.

As emerging markets in Asia show significantly lower insurance penetration compared to their GDP growth, Bernhard sheds light on the need for innovative solutions to bridge this gap. From the rise of digital and embedded insurance to the integration of AI for better risk management, this episode navigates the complex landscape of insurance in Asia, discussing how technology continues to reshape the industry.

Bernhard addresses distribution, insurance literacy, and the impact of new risks like cyber threats and climate change on the sector. This conversation balances the technical with the transformative and explores how the P&C Insurance market in Asia is poised for a leap into the future, driven by innovation and a deeper understanding of customer needs. 

McKinsey & Company’s “Global Insurance Report: The Future of Asia P&C Insurance” can be downloaded here.

The post EP 226 – Bernhard Kotanko – McKinsey & Company – Overcoming Obstacles and Seizing Value in Asia’s P&C Insurance Market appeared first on Asia InsurTech Podcast.

Amidst a backdrop of slowed growth rates in Life Insurance, both developed and developing markets in Asia are facing critical junctures. In an insightful episode of the Asia InsurTech Podcast, Bernhard Kotanko, a Senior Partner and Asia-Pacific Insurance Practice leader at McKinsey & Company delves into the transformative shifts within Asia’s Life Insurance sector. Bernhard emphasizes the importance of adopting customer-centric strategies to bridge the gap between consumer expectations and insurance offerings. Despite the rise in digitalization efforts, the penetration of purely digital insurance sales remains minimal, indicating significant room for improvement and innovation.

A crucial part of navigating these shifts involves making bold decisions in the realms of talent and technology. Bernhard suggests that the future of the industry depends on attracting diverse skill sets and leveraging technologies such as generative AI to enhance customer interactions and operational efficiencies. Moreover, he advocates for a reinvigoration of the insurance sector’s purpose, highlighting its unique position as a “triple win” industry that aligns the interests of customers, shareholders, and employees alike.

McKinsey & Company’s “Global Insurance Report: A Paradigm Shift in Asia Life Insurance” can be downloaded here.

The post EP 225 – Bernhard Kotanko – McKinsey & Company – A Paradigm Shift – Navigating APAC’s Dynamic Life Insurance Landscape appeared first on Asia InsurTech Podcast.

In a truly fascinating episode of the Asia InsurTech Podcast, Damola Oloko and Victoria Olorunmola dive deep into the transformative potential of InsurTech across the African continent. Highlighting the critical importance of tailoring insurance technology solutions to local cultures and consumer behaviors, they discuss how understanding regional nuances can drive the adoption of insurance products. From the success of funeral insurance in Ghana, rooted in deep cultural traditions, to leveraging Africa’s youthful, digital-first demographic, the conversation underscores the unique opportunities and challenges that shape the InsurTech landscape in Africa.

The dialogue also sheds light on the power of storytelling and community building in enhancing insurance literacy and fostering a collaborative ecosystem for innovation. As professionals who transitioned from communications to the forefront of InsurTech, Victoria and Damola exemplify the impact of bringing diverse perspectives to the sector. Their journey underscores the significance of adaptability, continuous learning, and the collaborative spirit in driving the future of insurance, offering valuable lessons not just for Africa, but for global markets navigating the complexities of InsurTech.

The post EP 224 – Adedamola Oloko and Victoria Olorunmola – AXA Mansard – A Deep Dive into Africa’s InsurTech Evolution appeared first on Asia InsurTech Podcast.