This report from EY covers the outlook for insurance in Asia Pacific (APAC). The outcome is that insurers need to innovate their services throughout their entire value chain.
Consumers are increasingly demanding digital products and services, growing competition and more complex rules are all affecting the insurance industry in Asia Pacific.
To be able to keep up, APAC insurers should apply the following framework:
- Accelerate the shift to online and mobile access
- Build business through health market innovation
- Identify M&A and alliance opportunities
- Transform underwriting and pricing analytics
- Reinvent operations to reduce costs and drive growth
- Set corporate governance as a strategic imperative