“2019 is the year to broaden insurance’s horizon and break free from the traditional mindset by building a larger insurance marketplace and ecosystem”.
The 2019 edition of Asian Financial Services Congress (AFSC) focused on data monetization based on the report of IDC Associate Vice President Michael Araneta. Araneta explained how Asia-Pacific banks are generating new value from data and talked about the seven models for using data and analytics in the world of open banking. The IDC Asia-Pacific senior research executives, who coordinated plenary sessions and operational routes, were Arpita Mitra for "insurtech" or the convergence of insurance and technology, Anuj Agrawal for open banking and Michael Yeo for Fintech and Blockchain. Mitra showed several use cases for Artificial Intelligence in the insurance industry, based on connected insurance and embracing the insurtech revolution. Insurance has become customer-centric instead of product-oriented, with new types of risk coverage like ride-sharing insurance and “sachet” or bite-sized risk prevention measures. According to Agrawal, banks are moving to a wider corporate-based Application Programming Interface (API) plan in the next two years. He invented a future roadmap of digital banking that would transform the corporate banking space and provide access to liquidity management and treasury. Yeo showed the real-world applications of Blockchain technology that have gone online in a variety of sectors including agriculture, education, land titling, identity verification, and law enforcement. One of his examples is the Security Token Offering (STO) like a new asset class from Singapore’s stock exchange.