Leveraging digital transformation in Asia Pacific to drive insurance industry growth
Global insurers are attracting market share through digital solutions that drive efficient distribution and create an excellent customer experience.
The COVID-19 pandemic has accelerated innovation and forced insurance company treasurers to think differently by embracing digital solutions to distribute policies, enabling remote working and driving greater efficiency. Digital innovation is also having a significant impact on cash and treasury management, from payments and collections through to treasury processes such as reconciliation, liquidity management and decision support. Insurance companies globally have faced the dual challenge of serious operational disruption during the COVID-19 pandemic, and increasing pressures on profits, largely due to a prolonged period of low interest rates. Insurers are therefore investing in new, fast-growing markets in the pursuit of growth, most notably in Asia Pacific.
We explore three distinct trends that are shaping the future of global insurers in Asia Pacific:
- market expansion
- changes in regulation and risk
- technology as an enabler and disruptor
