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Trend 2
Insurtechs are disrupting the market
Insurtech is a rapidly growing sector in the market , using cutting-edge technology to make insurance more accessible and relevant to customers . Singapore , a growing hub for insurtechs , is seeing significant innovation in this space . This includes embedded insurance , which enables insurance offerings to be integrated seamlessly into various non-insurance platforms . Take , embedded protection insurtech firm Cover Genius , which partners with online travel platforms like Booking . com to offer ‘ Cancel-for any-Reason ’ protection . It ’ s a concept that reflects the industry ’ s strategic evolution , where products are easily available for purchase within the context of everyday transactions and services .
Trend 3 across insurance , payments , lending , and wealth . App usage among customers of traditional banks and digital banks has gone up in the last few years and , digital payments , which accounted for half of the region ’ s total transaction value in 2023 , is expected to reach 66 % by 2030 . As online and mobile banking grow , customers expect insurers to offer payment options like credit and debit cards , e-wallets , and direct bank transfers . Modernizing payments infrastructure is crucial for a digital-first experience .
How payments technology can help
Upgrading customer experiences is crucial , but insurers also face constant pressure to cut costs and manage risks in an uncertain business environment . For traditional insurers , outdated technologies and processes only add to these challenges .
Payments innovation – an important influencer
Southeast Asia ’ s digital economy is booming , with more people adopting digital financial services
Payments processing is a key touchpoint in the customer journey . Here ’ s how insurers can leverage payments technology to enhance the customer experience , streamline operations , and reduce risk . p
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