Personal Asset Liability Management System
By Ming Chiu
CEO, Actuarial Financial Group
and Yawei Cui, PhD
Senior Academic Director, Moody’s Analytics
The first wave of InsurTech innovations in the period 2010–17 have already made profound impacts on the traditional insurance value chain. Internet-based innovations in insurance prior to the invention of the term InsurTech concentrated on the product price comparisons and broadening product distribution channels through the Internet, for example, Policybazaar in India1 illustrates the importance of price comparison portals in more price-sensitive markets while the rise and fall of InsWeb in the US shows the limitation of pure Internet insurance distribution channels. The key features of this wave of InsurTech innovations (starting in 2010) are the disaggregation of the insurance value chain and connected insurance – anywhere anytime. Traditional retail auto product design and pricing have been changed by the availability of telematics, and pricing algorithms based on usage-based insurance and behavioural-based insurance.2 Underwriting processes are being enhanced by ubiquitous smartphones and big data algorithms running on the cloud.
China’s ZhongAn insurance, with a strong Internet startup gene since its founding in 2013, utilized cloud computing and real-time pricing to issue over 100 million package transportation insurance policies during the 11 November 2015 ecommerce big promotion day.
Drones and aerial images are being ...
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