insurtech, suptech & govtechinsurtech – web aggregators /wealth management 11 robo-advisers...

InsurTech, SupTech & GovTech

Insights for the Insurance Business

10 August 2018

Agenda

1

InsurTech

- Investment in InsurTech

- Use Cases

- Technology

- Trends

2

GovTech & SupTech

- Trends

- Use Cases

3 Trends to Watch

4 Q &A

2 InsurTech

© 2018 Baker & McKenzie

InsurTech – Trends in Global Investment

4


InsurTech – Trends in APAC Investment

5


What is InsurTech – how is it deployed ?

6

InsurTech

Customer Engagement

Laws & Regulations

Information Security

Internet of Things

Wealth Management

Data Analytics


InsurTech – Customer Engagement

7

Customer Engagement

• Digitalisation of Sales Process (online distribution)

• Digital Claims Processes

• Customer Relationship Management


InsurTech – Law & Regulation

8

• Digital Contracts

• Verification of Identity (e-KYC)

• Automated Compliance


InsurTech – Information Security

9

• Fraud Detection

• Cyber Breach

• Data Storage

• Risk Management


InsurTech – Data Analytics

10


InsurTech – Web Aggregators /Wealth Management

11

Robo-advisers use algorithms to generate investment

advice tailored to personal investment objectives with

minimal human interaction

Robo-adviser – What is it?


InsurTech – Internet of Things

12

Internet of Things

• Telematics

• Sensors

• Wearables

• Asset and Home Security


InsurTech – Internet of Things

13

InsurTech Technology 2


What is InsurTech – what technology is used?

CTRL ALT DELETE

Authentication &

Biometrics

Cloud

Computing

Augmented

Intelligence

Digital & Mobile

Payments

Blockchains &

Distributed Ledgers

Big Data

Flexible Platform

(API)

Cyber Security Advanced

Sensors/Wearables

Inefficiencies

Stagnation

Excessive

Risk

Distrust


Artificial (Augmented) Intelligence

16


Big Data

17


Big Data

18


Blockchain

19

• Claims Prevention & management

• Distribution & Payment Models

• IoT & Product Development

3 InsurTech Trends


Trends

21

Change in mode of consumer engagement

access to new markets

digitalisation of distribution, claims, policy management

connect insurance with complementary products

Big Data & Smart Analytics

New Product Offerings

cyber-risk


P2P Insurance

22


Gamification

23

http://www.google.com.sg/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=2ahUKEwi9_aGqutjcAhVIbysKHQPGArIQjRx6BAgBEAU&url=http://iphone.qualityindex.com/games/552247/axa-equitable-pass-it-on&psig=AOvVaw3lP9y6Ek_zPm647HR3LYON&ust=1533645888064765


Increased Collaboration

24

Insurance companies have innovation hubs to nurture start ups.

Incumbent insurers are collaborating with insurtech start ups to deliver better outcomes for customers

Start ups are employment B2B/B2B2C models.


InsurTech in Action

25

© 2018 Baker & McKenzie 26

InsurTech in Action


Regulation & Risk

27

Technology Neutral Approach. However, to consider the following

data privacy

regulation (e.g.: of online distribution models)

outsourcing

technology risk

use of cloud

2 SupTech


What is SupTech?

29

The use of technology to solve regulatory and compliance problems more effectively and efficiently.

Technology-based solutions to solve regulatory & supervisory challenges posed by the expansion of FinTech and use of new technology/new applications.

A sub-set of RegTech.


The Need for SupTech

30

Current Approach Limitations

Supervision based on past data

Lengthy document heavy onsite

inspections (and delayed

supervisory action)

Template based approach

(document based rather than

data based)

Manual processes for FIs

Potential inconsistency across

different templates

Missing data points

Overlapping templates

(increasing compliance costs)

Data validation at aggregate

level


Emerging Trends in SupTech

31

SupTech Approaches

Data-input

Data-pull

Real-time access

Reporting Utilities

Machine Readable

Regulations


SupTech: Case Study

32


SupTech: Case Study

33


SupTech : Case Study

34


SupTech: Case Study

35

GovTech 4


What is GovTech?

37

Government Technology Agency of Singapore. “We transform the delivery of Government digital services by taking an "outside-in" view, where users are at the heart of everything we do.”

Smart Nation

improving lives of citizens and promote innovative collaborations

customer-centric experience


GovTech

38

• Co-creating a Technology-Enabled Future

• smart monitoring systems (elderly living)

• dialect speaking apps

• automated licensing (ACRA), smart forms

• digitised school transport system

• automated transport pods (driverless cars)

• digital identity - eKYC


GovTech: Some Use Cases

39



40



41



42


GovTech: What to Expect

43

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