Acceptance is the biggest challenge for insurtech, says expert

Companies and employees could be resistant to the changes brought about by new technology

Acceptance is the biggest challenge for insurtech, says expert

Insurance News

By Gabriel Olano

A great deal of time and resources has been spent on developing technology for financial firms. However, one business leader says that the biggest challenge is actually getting organizations to accept the changes brought about by technology.
Speaking at the SAP Hybris event in Singapore earlier this month, Michael Gourlay, chief executive of general insurer MSIG Singapore, said that one of the most challenging aspects of adopting technology is convincing agents that the company won’t be throwing out intermediaries by integrating digital platforms and selling insurance directly to consumers.
“It has taken us a long time to work together with them to provide a platform they need to serve their customers,” said Gourlay.

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He also added that while there are many digital tools and services companies can access to usher in digital transformation, the challenge lies in identifying what the company should focus on.
“Every day, you read about new ways of doing things on LinkedIn and Twitter, but what do we do? For us at the moment, it’s still around customer experience, sales and fulfilment, but we’d like to go beyond that,” he said.
Gourlay shared that it took a while to convince people in the company about the necessity of digital transformation, but he was thankful that the workforce supported the company’s efforts. In fact, the use of technology boosted its agents’ sales capabilities.
“Over the last three to four years, we’ve been able to go further and last year, over half of our new product sales in Singapore were made through our digital platforms,” he said.

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