Traditional business models are transformed to address emerging needs.
The FinTech revolution has been changing the global financial services landscape, pushing insurance firms to step up to the digital dare. Executives are challenged to transform traditional business models and offer dynamic solutions to emerging needs, ranging from standalone apps to integrated services on social media.
George Kesselman, CEO and founder of Insurtech Asia, says insurers are changing their attitude to digital innovation. Such a direction has also led these companies to collaborate with startups, with NTUC and Raxel, and AXA and MyDoc as some of the recent examples of insurer-startup collaborations. Raxel’s arrival in Singapore in 2016 began with a partnership with NTUC Income, with the former providing analytics services so that NTUC may come up with more down-to-earth and customised insurance schemes.
This story is from the February 2017 - March 2017 edition of Singapore Business Review.
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This story is from the February 2017 - March 2017 edition of Singapore Business Review.
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