Some acknowledgments and key takeaways from the Asia Bancassurance Summit I had participated in and spoken at last week in Singapore. It was a great opportunity to connect with top global and regional leaders and the pleasure of making several new friends and a range of collaborations is on the horizon.
The overarching theme of the event was the hashtag#digitaltransformation sweeping through the industry. It’s heartening to see the level of work incumbent insurers are doing in digital adaptation and re-engineering/ streamlining some of the processes for better CX. Even more exciting is the intention to move towards the mass market that signals promising developments in the times ahead.
I spoke about hashtag#inclusivebancassurance and built an argument that like any other industry, moving from niche to mass in a lifetime is possible through the use of technology hence Inclusive Bancassurance is actually hashtag#digitalbancassurance that complements, not competes, with the niche business.
I also explained how the word “micro” has hindered hashtag#microinsurance growth as it gives a message of something CSR and charitable for bottom of pyramid clients hence leaving the huge 70-80% middle mass un/ under – served. As demonstrated through my work since 2013, micro or inclusive when repositioned to cater for middle mass is commercially viable, scalable and profitable business and certainly not to be overlooked. Would love to get thoughts from my network in comments section 🙂
Anjana Rao Calvin Foo Darren Thomson Doug Sumner Erickson Mangunsong Fang Fang Lee Grzegorz Kaliszuk Jeffrey Manuel John Spence kelum Pushpakumara Nicole Squires Rita El Sokhon, IAF, Ramneet Pal Singh Walia Tariq Lawati Thaung Han Vishal Sharma Equip Global Pte Ltd–
hashtag#bancassurance hashtag#inclusivebancassurance hashtag#digitalinsurance hashtag#insurtech hashtag#instaful
