BCG make a compelling case that Chinese Insurers head the global pack when it comes to digital innovation. It explains how and why in the report: "Why Chinese Insurers Lead the way in Digital Innovation."
When the most innovative insurtechs and digital platform providers are in Europe and North America this is puzzling. An urgent topic for the CEO and Board of Western Insurers to review and seek answers
BCG proffers the advice that "European companies can adopt Chinese Innovations; the line between what's possible and impossible is often not firm". BCG Feb 23rd 2018
As the technologies are plainly already available locally, deployable and scalable it must be vision, strategy and products that need implementing particularly to ensure insurers solve real problems and needs.
Action Plan
- Be open to innovation
- Work to solve real-world problems
- Find the right partners
One partner has already processed over 1.2 million discreet claims for various insurers that deployed its digital claims & customer engagement platform
China has rapidly become a force in innovation, especially in embracing technology to upend entire business models, making them more attuned to digital-centric customers. Chinese e-commerce and financial services companies have been quick to apply artificial intelligence to all aspects of their businesses with the aim of generating revenues and reaping operational efficiencies. The government has applied a light regulatory touch toward tech companies as their progress is helping achieve the goals of boosting consumption and climbing the value-added food chain.
https://seekingalpha.com/article/4162200-zero-sixty-innovation-china
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