Asia Insurance Review: Bancassurance faces challenges posed by digitisation
AIR's Asia Conference on Bancassurance and Alternative Distribution Channels
In his keynote address, Mr Eiichiro Yanagawa, senior analyst, financial services at Celent, said that legacy and ecosystem transformation remain among the most important topics for insurers who think beyond their traditional value chain. “Insurers must build an integrated ecosystem compatible with their value chain to form the next generation of insurers,” he said.
Digitisation, he said, drives insurers’ legacy and ecosystem transformation initiatives. He highlighted the three drivers that have a strong impact on insurers when deciding on new platforms. These are technology evolution, changes in economics of development and the emergence of InsurTech. Banks, he said, are finding success through new progressive renovation and entering into partnerships with cloud platforms.
Mr Yanagawa called embedded finance and the cloud as opportunities for modernisation. “Unbundling and repackaging of the core components of the wealth management tech stack represents a breakdown of the existing financial services infrastructure and is a necessary first step in enabling embedded wealth,” he said.
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