Sunday, November 19, 2017

HK regulator tells insurers to embrace technology

Hong Kong’s newly set up insurance regulator, the Insurance Authority (IA), has urged insurance companies to embrace financial technology and big data analytics.

The call came at a time when insurance firms outside Hong Kong are slowly embracing fintech to cut pending and boost delivery of services.

IA chairman Cheng Mo-chi said the regulator is very keen on promoting fintech in the insurance industry for the insurers to harness technology to enhance their services and better manage risks.

Among the global insurers that have welcomed the change is German insurer Allianz, which is now seeking fintech investments and using big data to improve product design and manage claims.

George Sartorel, regional chief executive of Asia-Pacific for Allianz, was quoted by the South China Morning Post as saying that the use of big data will benefit not just the insurance companies but also customers because it will drive prices down.

 

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