Although the COVID-19 pandemic has affected insurance globally, we are bullish on the prospects for APAC's insurance market: recovery in many APAC markets is ahead of the world, while demographic change and relatively low insurance penetration levels provide further optimism about the potential. for growth.
That said, insurance companies in APAC – the world's largest life insurance market and its second largest general insurance market – have a lot to do, especially when it comes to using technology to improve product design, product delivery and customer service.
In short, they need to better understand changing consumer demands. They can achieve this by using data better and by looking at cross-industry bundling of products and services ̵
Technical solutions such as artificial intelligence, data analysis and cloud services will prove to be invaluable in improving the delivery of products and services and will make these offerings more accessible.
Want to know more about how APAC insurance companies can survive and thrive? Click here to read our comprehensive new paper entitled "Insurance in APAC: Navigate the new".
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