#InsurTech is getting great momentum in Hong Kong. #Bowtie #Blue #OneDegree #CoverGo #Coherent #Weinsurance #ZongAn & a few more have been pioneering it & performing well. At the same time, incumbents gradually ramping up their innovation like #Aviva #AXA #Prudential #SunLife #Zurich
I had a fruitful discussion with Fred Ngan #Bowtie in the #BODW2020 a few weeks ago. Today, I had another chance to talk to a group of experts in the InsurTech industry including Isabel Feliciano-Wendleken Lapman Lee ✔ Syed Musheer Ahmed in the 2020 #NEXX FinTech at #Cyberport.
My key takeaways:
1. InsurTech startups need to find the right sponsor in the incumbents which are aligned on KPIs
2. Like #OpenBanking, #OpenInsurance is needed for better customer experience & collaboration with the ecosystem
3. Build digital insurance from scratch so that the end products are simplier in nature & easier for designing better customer centric solutions
4. #B2B gains good momentum while #B2C can learn from #VirtualBanks.
Apart from InsurTech, the Conference had panels on #VirtualBanking, #Payments & other hot FinTech topics. Glad to see good friends Ernest Leung from #WeLab, Medhy Souidi from #DBS & FinTech guru Emil Chan & others.
Appreciate Mann WM Yim & Ivy Chan for organizing the conference.
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