#InsurTech is getting great momentum in Hong Kong. #Bowtie #Blue #OneDegree #CoverGo #Coherent #Weinsurance #ZongAn & a few more have been pioneering it & performing well. At the same time, incumbents gradually ramping up their innovation like #Aviva #AXA #Prudential #SunLife #Zurich
I had a fruitful discussion with Fred Ngan #Bowtie in the #BODW2020 a few weeks ago. Today, I had another chance to talk to a group of experts in the InsurTech industry including Isabel Feliciano-Wendleken Lapman Lee ✔ Syed Musheer Ahmed in the 2020 #NEXX FinTech at #Cyberport.
My key takeaways:
1. InsurTech startups need to find the right sponsor in the incumbents which are aligned on KPIs
2. Like #OpenBanking, #OpenInsurance is needed for better customer experience & collaboration with the ecosystem
3. Build digital insurance from scratch so that the end products are simplier in nature & easier for designing better customer centric solutions
4. #B2B gains good momentum while #B2C can learn from #VirtualBanks.
Apart from InsurTech, the Conference had panels on #VirtualBanking, #Payments & other hot FinTech topics. Glad to see good friends Ernest Leung from #WeLab, Medhy Souidi from #DBS & FinTech guru Emil Chan & others.
Appreciate Mann WM Yim & Ivy Chan for organizing the conference.
What is the chemistry when we put AI & FinTech together? How top players Payment Mastercard, VirtualBank Lending WeLab & WealthManagement InsurTech Convoy are preparing themselves for the opportunities & challenges in the AI Era? CUHK APIB & Convoy held a forum to explore these hot topics on Jul 5. https://lnkd.in/f5sDQSb
As the keynote speaker of the forum, I delivered a speech on AI Innovation on FinancialServices. It followed by a panel discussion. Special thanks to all panel speakers Kenny Cheng George Lee Ricky Wong.
1. data platform talent startup & enterprise collaboration are the sources of today’s FinTech Era
2. If you were not taking any risks, your risk will be even higher.
3. All other payments companies are not our competitors. We worked with partners to connect the dots of data to serve our customers better.
4. When we started, we had zero customer & no data. Used traditional way to loan money out with professional risk management because of no data. We gradually accumulated data and did testing. Now we have millions of customers with powerful big data driven credit scoring with 1000+ plus data points as our predictors.
Appreciated support from Almond Wong Professor Cheung Wendy Lai Tat Lee Helena Chen Bobo Wong Rebecca Wong