stark group
  • People
  • Start-ups
    • My-insurer
    • DBS-motor insurance
    • Insurance Market
    • Wellnex
    • Insure chat
    • No-deposit
  • News
  • Publications

Understanding the Difficulties of the Insurance Industry in Innovating and Transforming Itself Through Digitalisation Imposed by New Entrants.

5/2/2021

 
Picture
Picture
The study compares the different nature of incumbents and insurtechs to explain the digital transformation path in the insurance industry in Singapore. The study shows that insurance players are dealing with a complex industry that requires insurance expertise and experience beyond digital know-how. The barriers to entry (e.g., regulation, capital, compliance), the difficulties to respond to a passive demand (e.g., poor value perception, no willingness to pay), and the necessity to provide a well-processed supply (e.g., technical nature of insurance, underwriting, after-sale and claims management) favor the position of incumbents and challenge the fragile ambition of digital entrants New entrants maybe experts in digital technologies, yet they lack experience in insurance which is critical to comprehend a complex regulation and a conservative consumer. Incumbents understand the importance to transform, but are slow to digitalize. The results highlight that the priorities of the traditional players are to protect the company legacy and comply to the regulation. Incumbents endorse innovation as a defensive rather than an offensive strategy. Lastly, the study shows that incumbents should accelerate their digitalization by making their organization and governance more agile while recruiting more tech savvy resources.

go to study

Comments are closed.
    Picture

    Author

    Matthias de Ferrieres has more than 15 years experience in the insurance industry in Asia.
    In late 2014, Matthias established Stark Group Private Limited to pioneer the digital transformation of the insurance industry. 

    Archives

    September 2021
    May 2021
    April 2021
    March 2021
    January 2020
    October 2019
    February 2019
    November 2018
    July 2018
    February 2018
    November 2017
    October 2017
    September 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    September 2015

    Categories

    All
    Article
    Document
    Video

Picture
Copyright © 2014 Stark Group Pte. Ltd. No. 201433305Z - All rights reserved.
#34 - 8 Shenton Way - AXA Tower - Singapore 048616
Disrupting the insurance industry - Creative digitalisation & innovative distribution 
Picture
  • People
  • Start-ups
    • My-insurer
    • DBS-motor insurance
    • Insurance Market
    • Wellnex
    • Insure chat
    • No-deposit
  • News
  • Publications