Insurers are transforming their legacy operations to reduce their current costs while building new capabilities to support digital imperatives to stay competitive, while enhancing operational efficiency, and productivity. The insurance industry is gradually opening its doors wider to the application of technology which is resulting in a transformational effect on the industry's work providing new consulting and services for insurers toward lower insurance rates, fraud prevention, billing efficiency, lower underwriting cost along with specialized insurance. For instance, harnessing big data facilitates the analysis of hordes of information about prospective risk generated in the insurance industry. This can potentially move risk selection from underwriting to marketing while similarly improving customer profiling and claims analysis.
New tech-savvy InsurTech entrants to the industry are focusing on technologies— such as artificial intelligence, Internet of Things (IoT), robotics, and blockchain— and redefining how insurance is done, and reshaping the economics of the industry. These InsurTech companies bring innovative ideas to the industry fuelling the development of practical consulting and services that benefit the industry. Google's entry into the UK market in 2011, as an insurance aggregator, proved disruptive for the competitive market conditions and even influenced the insurance premiums. Besides, other companies such as retailers, telecom companies, and even car manufacturers are leveraging insurance technology and entering the insurance industry. Catering to the needs of the digitally transforming insurance landscape, InsurTech players help insurers become more customer-centric, agile, and efficient, alongside advancing insurers in the realms of data analytics as the industry evolves from just pricing and pooling risks to truly managing individual risks.
A distinguished selection panel comprising CEOs, CIOs, VCs, and the magazine’s editorial board has selected a list of the top InsurTech consulting/services companies in APAC that leverage innovative technologies and strategies to enhance services for the benefit of today's insurance industry. This edition of Insurance CIO Outlook features companies with expertise in insurance technology to update you about the best insurance measures you can choose from to grow revenues with enhanced customer experience, attract new customers, earn stronger customer loyalty, and boost lifetime values.
We present to you Insurance CIO Outlook’s "Top 10 InsurTech Consulting/ Services Companies in APAC - 2018."