Hong Kong digital roundtable: five thoughts

Here are five things we learned:

One: Agents will be an important part of the insurance value chain for years to come in Hong Kong and elsewhere in Asia. Agents have been driving insurers to change – such as asking for ipads linked to their platforms - allowing them to sign up clients and share information digitally - bringing them closer to their customers. Agents are adapting to the digital age and need access to the right digital tools to help them win more business. Meanwhile some companies such as Aviva are trying to disrupt the agency model.

Two: Insurance is moving online in Hong Kong – albeit at different paces depending on the type of insurance. E-documents, customer portals, mobile apps, social media chats, submitting receipts with just a few clicks and other digital offerings are gaining traction with customers becoming increasingly savvy dealing with their insurance requirements in this way. Tailoring your business to the digital generation is going to pay dividends in the long term. While some customers will always prefer traditional routes to market - and more complex risks will need personal reassurance and contact - the customers of the future are going to demand digital capabilities - and that should include agents and brokers having them too.

Three: Artificial intelligence, blockchain, fitbits and improved data mining will help underwriting become more precise and in real time. This will allow more personalised products, greater segmentation and improved risk management tools. However there are regulatory challenges around which data is allowed to be used and how it is stored; finding the right balance and being fair to all  customers will be key. Having a flexible technology architecture and infrastructure will also be important.

Four: Mobile apps and other technology sources can help customers improve their lifestyles. From apps tracking exercise to monitoring driving capabilities – technology can help customers and insurers alike - creating a win-win scenario.

Five: The industry is moving too slowly - especially in commercial insurance. Digital-first disruptors are eyeing opportunities, albeit often through partnerships, and the large players will need to ensure they are keeping pace with the change and planning for a future nobody can quite foresee. When will the first passenger driverless cars really be hitting the roads for example?

What do you think ? Leave your thoughts in the comment box below or email them to Insurance Post’s Asia editor Andrew Tjaardstra at atj@incisivemedia.com