Artificial intelligence (AI), particularly generative pre-trained transformer (GPT)-based models, is expected to significantly impact the insurance sector by enhancing claims processing and underwriting. Despite the promise of AI, the industry faces challenges from outdated legacy systems, which are still in use by 41% of companies.
Joseph Yew, chief information officer of MSIG Asia, advocates for collaboration between traditional insurers and insurtech firms to overcome these technological hurdles.
Not a solo game
Whilst Yew is optimistic about the insurance sector's transformation, he also notes how insurers seem to be lagging behind this new-age technology, begging the need to be assisted in their transition.
“The insurance industry is not a solo game. Traditional insurers burdened by legacy systems could partner with insurtech firms to utilise technology that they may struggle to develop in-house,” Yew pointed out. “This enables collaboration to develop efficient processes, improve customer offerings and new technology-based insurance products.”
Streamlining work systems
This story is from the Issue No. 22 edition of Insurance Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Issue No. 22 edition of Insurance Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Poor Tech Locks Insurers Into Outdated Systems
Only 56% of local insurance companies in Indonesia use IT, and 38% have not embraced digital marketing channels.
What Insurers Must Do To Withstand Market Shifts
Whilst the market drives towards growth, new rules shrink insurer presence.
EDUARD SARGSYAN
Intelligent decisioning: The essential element of a modern, customer-centric insurance business
One by MetLife app sets new standard in Nepal
With its user-friendly interface and comprehensive services, the app empowers users to take control of their health and financial futures.
Simplifying health and retirement planning
360Health and 360Future provide comprehensive, personalized support for physical, mental, and financial wellbeing, from preventative care to post-retirement life management.
Cocogen remains committed, compassionate, and genuine amidst insurance innovations
The company was recognised at Insurance Asia Awards 2024 for its commitment to innovation and customer service.
Cathay Life insurance strongly supports anti-drug, anti-fraud initiatives
Cathay Life Insurance secured the ESG Initiative of the Year - Taiwan win at the Insurance Asia Awards 2024 by creating an anti-drug and anti-fraud safety net for all age groups.
Etiqa Insurance launches Tiq CashSaver: A simple solution for short- to medium-term savings
Tiq CashSaver by Etiqa Insurance offers flexible, accessible endowment plans to build one's financial security and achieve short-term goals.
Great Eastern grooming financial representatives to become the industry's best
This dedication has helped the company produce top-tier financial representatives who are well-equipped to serve clients and excel in their careers.
Dai-ichi Life Insurance Myanmar has been recognised for Insurance Initiative of the Year 2024
With a robust expansion strategy, innovative financial solutions, and a commitment to community wellbeing, the company is strengthening Myanmar's insurance sector.
