This event brings together distinguished personnel from banks, government bodies and technology companies to discuss and address crucial issues on how to seize new opportunities in retail banking and wealth management while making it beneficial for all stakeholders.
An interview with - Tanvir Haque (Chief Commercial Officer - Lifecare International)
Tanvir Haque shares his view on "Innovation in Insurance"
Chief Commercial Officer
1) Which innovations in the insurance sector do see becoming major industry disruptors?
Digital transformation will no doubt become a major industry disruptor. Like FinTech, InsurTech is on the rise and it will only gather more momentum as the industry embraces change through digital. Insurance providers are now going direct to the customers, offering their products online through their own digital footprint and as we are seeing here in the UAE, “aggregators” are now entering the market. The online channel could be seen as a threat to the broker. It’s true, digital will impact the way brokers do business. Lifecare is embracing the change and we have decided to react positively by partnering with digital businesses as we look to introduce digital platforms and systems to make it easier for our customers to purchase insurance products and manage risk.
2) What are the key drivers for innovation in the insurance industry today?
The key driver is customer-centricity and customer engagement. Insurance providers and intermediaries who put the customer at the heart of everything they do will drive innovation and disruption. The result of this strategy will naturally mean that they will develop digital tools and products that make it easy for customers to understand and manage risk. Customers are expecting this. Both B2B and B2C consumers need help and advice in preventing risks from occurring rather than just having an insurance company indemnify them based on what is a financial assessment of the loss. The insurance sector needs to change from being a ‘claims handler’ to a risk manager.
3) What latest insurance products do you see becoming popular in GCC in the near future?
Cyber security and information protection is a challenge for companies of all sizes across all industry sectors. Hackers are not the only threat. Deliberate intrusion or accidental events that disrupts delivery of digital services can lead to brand and reputation damage, regulatory scrutiny, stakeholder dissatisfaction, and financial loss. As businesses across all sectors embrace and adopt digital infrastructure and applications to improve organisational capabilities and customer experience, cyber security is making its way to the top of the agenda of most management teams. Insurance products protecting businesses against cyber threats will become more popular in the region.
4) How do you think this conference will benefit the attendees?
Conference participants will learn what company’s like Lifecare are doing about putting the customer at the heart of everything they do, and what digital transformation plans they are executing to enable customers to buy insurance products online, and what systems are being put in place for after-sales service. For intermediary firms like us, after-sales service is critical as it makes our customers feel values and engaged. Automating a plethora of activities required to manage a policy is something we’re aiming to do as part of our digital transformation journey.
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