The last semester of the year has been a busy one for us as we work to improve our technology in the insurance industry. Unlike banks and other financial institutions that got off to a head start, we in the insurance industry are catching up.
On 17 October 2022, the Ministry of Trade and Industry, in partnership with the Monetary Authority of Singapore, will host the Philippine Fintech Festival alongside the SME Financial Empowerment Programme. The Philippine Fintech Festival kicked off ASEAN-wide Fintech Month, followed by similar activities in Cambodia (October 24) and Thailand (October 27), and the annual Singapore Fintech Festival in November. culminates in
With the move to put ASEAN economic integration front and center after being sidelined by the pandemic and other geopolitical events, there is renewed impetus to bring it to its desired conclusion. services across ASEAN). With technology acting as an identified enabler, this dream comes closer to reality. One of the main proponents of this integration is the ASEAN Insurance Council, which will meet in December to discuss technology as an enabler and driver of the sector. AIC recognizes that the region has a total population of her 600 million and at least he has an economy worth $3 trillion, making it her fourth largest economy in the world.
A member of AIC and an active participant in the Philippine insurtech scene, the Philippine Insurers and Reinsurers Association (PIRA) shares the vision of up-skilling the industry as quickly as possible. As innovative technologies become available, PIRA is at the forefront of introducing them to its members, furthering its knowledge through its IT committee and scrutinizing these latest technologies for member adoption.
PIRA has identified key business areas that have been positively impacted by new technologies.
Communications and data storage. Instant messaging apps and the ability to access large amounts of files and data in a secure environment have enabled members to operate efficiently during the pandemic and associated lockdowns. Service to policyholders continued with minimal disruption.
Electronic money transfer. Another area developed at warp speed, partly due to the pandemic. This provided multiple convenient electronic payment methods for both insurance companies and the general public.
Underwriting and Billing. Thanks to technology, new methods of risk assessment are again rapidly developing. Cars can now be evaluated for more than just their use, age and parking location. Now we can evaluate how they are operated and in which areas. The same technology, similar to an aircraft black box, records vital data such as speed, time of collision, and GPS-assisted location identification. This greatly aids the claims process and shortens the time it takes for claims to be resolved. This also makes pay-as-you-go insurance available, a welcome development for car users who are not on the move 24/7. In other classes of business, drones and even satellite technology can help determine the cause, scope and amount of claims, benefiting both compensation and parametric-based compensation.
Trainings, conferences, conventions, forums. Living in an archipelago country makes it difficult to visit and contact different stakeholders across the country. Businesses that require intermediaries should not only visit and consult with local intermediaries, but also keep abreast of new products, new methodologies, industry and enterprise developments. Technology has made it possible for us to communicate in real time, albeit virtually.
distribution channel. The pandemic has accelerated the use and acceptance of purchasing goods and services online. The proliferation of comparison sites helps policyholders choose the best insurer in terms of coverage and price. Likewise, it has also proven to be a great platform for educating the public on the better attributes of a particular product. The need for a human on the other side cannot be eliminated, but it can be reduced.
We are just beginning to realize and discover many other applications that can help simplify and streamline the insurance cycle. What we do know for sure is that technology, if used correctly, will revolutionize the way we serve the insurance community.