Currently, insurers must compete not only among themselves, but also with insurtech startups and disruptors. This event focuses on the latest trends in channel management, digitization, customer-centric strategies, digital customer journeys as well as product innovation.
An interview with Zia Zaman (Chief Innovation Officer - MetLife Asia and CEO - LumenLab, Singapore)
Zia shares his views on "Innovation in Insurance"
Chief Innovation Officer - MetLife Asia
CEO - LumenLab, Singapore
1) Innovation in the insurance sector as major disruptors:
“Nowadays, customers interact with life insurers less than twice per year on average, generating low retention rates and the lowest customer satisfaction ratings across industries. Innovations that put customers at the core and increase customer touchpoints to enhance customer experiences is the new basis for competition.”
2) Key drivers for innovation in insurance:
“When an insurer can deliver value sooner to a customer, where they are spending their time, providing instant gratification, simplicity and transparency; then we can call it innovation.”
3) Latest insurance products becoming popular in GCC (Gulf Cooperation Council) in the near future:
“We see two customer trends that are working across the GCC. Firstly, people in the Gulf want to be treated as unique individuals and are attracted to on-demand customizable products which allow for setting personal goals, with rewards and ramification features. Secondly, with the highest incidence of diabetes across the world, GCC customers are turning to MetLife to help them navigate life’s twists and turns, especially when facing chronic disease management.”
4) How the conference will benefit attendees:
“Insurance Innovation 2017 provides an excellent opportunity to explore present and future insurance trends not only in GCC, but also in the fastest-growing markets worldwide.”
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