It is said that modern insurance can trace its roots at the Greater Fire of London in 1666, and the first accident insurance became available in the late 19th century. But as they say… that is ancient history.

These days, the insurance industry is under siege not by customer looking to buy insurance but by outsiders taking the business and with that – its clients.

In a nutshell, the insurance industry is discovering what banks have learned years ago, digital technology is empowering non-traditional insurers to capture marketshare and potentially make insurers obsolete at their own game.

But we believe it’s never too late to part of innovation. 

EY says insurers must embrace change and rethink business models to move towards a compliant, secure and digitally enabled operating model to enhance customer, employee, partner and other stakeholder experiences. 

The tools are here, what is needed is a willingness to embrace the possibilities.

With us today is Peter Tay, Chief Digital Officer, NTUC Income to talk about the innovations that are transformation the insurance sector. Peter, welcome to PodChats for FutureCIO.

1.       First, in a nutshell, what is the business of NTUC Income?

2.       What is Insurance-as-a-Service (IaaS)?

3.       Where are the market opportunities and appetite for IaaS in Southeast Asia?

4.       How will IaaS enable Income’s regional partners to grow new market segments and revenue streams?

5.       How will the rise of digital consumers change the insurance landscape in the region?

6.       What does the outlook for digital insurance in Southeast Asia look like?

7.       What is your advise to insurers when considering insurance-as-a-service?