Although the COVID-19 pandemic has affected insurance globally, we are bullish about the prospects for APAC’s insurance market: recovery in many APAC markets is ahead of the world, while demographic changes and relatively low insurance penetration rates give further cause for optimism about the potential for growth.
That said, insurers in APAC – the world’s largest life insurance market and its second-largest general insurance market – have much to do, particularly when it comes to using technology to improve product design, product delivery and customer service.
Briefly, they need to better understand shifting consumer demands. They can achieve that by using data better and by looking at cross-industry bundling of products and services – propositions that, our research shows, their customers are open to receiving.
Technological solutions like artificial intelligence, data analytics and cloud services will prove invaluable in improving the delivery of products and services and will make those offerings more accessible.
Want to know more about how APAC insurers can survive and thrive? Read our comprehensive new paper titled, “Insurance in APAC: Navigating the New”.