ITC Asia has been a highly anticipated gathering this year for the insurance and technology sectors. This year, it places a ‘Spotlight on Digital Transformation in the Insurance Industry’, and brings together industry leaders, innovators, and stakeholders from across the region and beyond.

The event’s theme is very much in line with Novidea’s thinking, as we recognise that the insurance industry in Singapore is on the brink of a significant technological transformation. This is just one of the many reasons we launched there in late 2023, to support the local insurance industry – and global brokers – with a presence in the region.

According to a comprehensive global report commissioned late last year by Novidea, based on interviews with 330 C-level insurance leaders from eight countries, 63% of insurance respondents in Singapore plan to upgrade their core insurance management platforms by the end of 2024, driven by the desire to enhance customers experiences and respondents’ competitiveness.

Hot topics at ITC Asia 2024

The ITC Asia event will be a critical platform for discussing the latest trends, challenges, and opportunities in the insurance industry, with a strong focus on digital transformation and technological advancements. Here are my thoughts on some of the hot topics at the event…

  • Digital transformation and innovation
    • We will see greater emphasis on the integration of advanced technologies in the insurance sector, such as artificial intelligence (AI), machine learning, and data-driven solutions in the cloud.
    • Case studies on successful digital transformation initiatives within leading insurance companies will be watched with interest by experts not only keen to learn, but also to see what’s working.
  • Customer experience and engagement
    • This hot topic was very visible in our survey, with respondents from Singapore placing a heavy emphasis on onboarding customer-centric technology (70% compared with 41% globally).
    • Attendees will be keen, therefore, to learn about strategies for enhancing customer interactions and satisfaction through digital data-driven platforms that improve the customer experience and build loyalty.
  • Insurtech and insurer collaboration
    • Today, many are talking more about collaboration than disruption in the Insurtech and insurance innovation communities. As a result, the insurance industry seems to be steering towards buy over build.
    • ITC Asia promises to showcase the best local and global Insurtechs and their innovative solutions, to uncover opportunities for collaboration between insurers and Insurtechs to drive industry growth.
  • Data analytics and AI
    • More players will leverage big data and AI to enhance the underwriting, broking, and claims management processes through data-driven insights, as well as predictive analytics, risk assessment, and fraud detection.
  • Regulatory and compliance challenges
    • Navigating the evolving regulatory landscape for cross-border transactions and digital insurance products is vital to business success, as is ensuring data privacy and security.
    • At Novidea, we take these issues very seriously, and have both cross-border solutions and world-class Salesforce-backed security on our data-driven platform.
  • Emerging Technologies
    • AI will be the hot topic on everyone’s lips, including Gen AI, but also expect people to explore the potential of blockchain technology for transparent and secure transactions, and the impact of the Internet of Things (IoT) on insurance products and services.
  • Sustainability and ESG (Environmental, Social, and Governance)
    • The role of insurance companies in promoting ESG initiatives and responsible investing has never been more in focus, including integrating sustainability into insurance practices and products.
    • Also, on the environmental side, you can expect to see Insurtechs offering solutions from AI-driven predictive modelling to risk mitigation for the Nat Cat events the APAC region is increasingly affected by.

Novidea’s commitment to Singapore

The Novidea team will be out in force at ITC Asia, as we are seeing an urgent demand from the industry for change, including global brokers in Southeast Asia seeking to drive growth via a single integrated, global, cloud-based insurance management platform.

Others are embracing digital transformation in terms of insurance technology, and many businesses are seeking specialist digitalisation solutions to remain competitive and profitable.

Part of the issue is that there are many technology suppliers in the SE Asia region, however there are very few global insurance management platforms that support businesses across borders, while covering the entire customer journey, end-to-end, and with an integrated front-, middle-, and back-office.

So, whilst the initial demand for Novidea’s platform came from global brokers who need a more efficient way to integrate their operations, both worldwide and between markets, we also now seeing demand from regional brokers and larger MGAs looking to accelerate their growth, with a platform that supports multi language, currency, compliance, and workflows within the region.

Join the panel on 5 June, where @novidea’s CRO @Jeff Heine will be joining  Nicolas Michellod, Digital Proposition Leader – Celent, Somansh Bansal, Vice President, Business Development – APAC – Sapiens, Bhakti Dama, Founder – Protector IQ, and Nandini Sharma, COO – Singapore – Zurich for what promises to be a really interesting session Revamping the Core: Transforming Systems for Amplified Revenue Growth.

The time for change is now

The insurance industry in Singapore is poised for a significant digital overhaul, driven by the need to stay competitive and meet evolving customer expectations. Novidea’s global report underscores the urgency and scale of this transformation, highlighting both the challenges and opportunities that lie ahead.

As Singapore’s insurance market gears up for this change, Novidea remains committed to supporting this journey towards a more modern, efficient, and customer-centric future.