Monday, August 21, 2017

Big data to lower premiums in Asia

The insurance industry in Asia is expected to witness a decline in the cost of property and casualty insurance as players welcome a wide range of new technologies and improve their customer relations.

According to price analytics services firm Quadrant Information Services, the Asian insurance market will take the lead in embracing the big data revolution in an effort to control risk and reduce the cost of their products.

The firm’s CEO, Michael Macauley, noted that technology in the insurance industry has reached a critical level, spelling the advent of an era of more flexibility, technological capability, and much closer relationships with customers.

In Asia, Hong Kong is one of the markets encouraging the development of financial technology.

Another trend seen in Asia is that some of the tech giants are slowly entering the insurance business.

Cases in point are tech firms Tencent and Alibaba, which are bringing in new technology to help spur growth in the sector.

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