Data will characterise ‘winning’ insurance companies

22 April 2021
| By Chris Dastoor |
image
image
expand image

Applying data to the whole customer journey and not just the end claims process will be a key characteristic of “winning” life insurance companies in the future, as well as a full customer/digital transformation, according to a panel discussion.

Speaking at a panel at the Financial Services Council (FSC) Life Insurance Summit on Wednesday, Damien Mu, AIA chief executive, said the industry needed to go through a genuine transformation around customer and digital transformation.

“Not just about a front-end application for insurance, but a genuine digital transformation,” Mu said.

“We’re going to have to be willing in the future to simplify propositions with total permanent disability (TPD) and trauma; we need to be talking very different types of benefits and they need to be living and preventative benefits.

“Insurance can’t be something that happens when something bad happens; it’s going to be there to protect people and deliver on that promise, but it actually has to be a living benefit, which means being engaged with customers day in/day out to help them live healthier, longer lives.”

Sharon Ooi, Swiss Re Australia and New Zealand head, said: “If you look at the digital transformation in Asia and there’s a huge change in terms of what they’ve taken with data analytics, in terms of being part of the customer journey and not just at the end when claiming has occurred”.

Simon Swanson, Clearview managing director, said as an industry it would help to get access to the health insurance market.

“We are almost the only country in the world where life insurers don’t deliver some kind of health benefit,” Swanson said.

“That would be a good customer outcome – and I know there’s a lot of politics in that.”

Mu said: “In markets in other nations, life and health go together and from a customer perspective, they don’t understand two different systems, so there’s some work for us to do”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

22 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

22 hours 53 minutes ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

23 hours 52 minutes ago