Life Insurance Industry Outlook in Singapore
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As of 2016, key drivers that catalyze digital transformation for the Life Insurance Industry in
The Life Insurance Industry in
This is due to the
In this study, not only have we reviewed how technology plays an integral role in providing the primary impetus force to disrupt the industry, we have also identified some key strategic imperatives for success and growth.
Essentially, to stay competitive, it is important that an insurer consider the following success factors:
(1) adopt digital transformation by integrating key technologies such as Artificial Intelligence, IoT, Predictive Analytics;
(2) enhance back-end infrastructure and systems;
(3) adopt customer-centric engagement strategies;
(4) extend wearable devices and healthcare services;
(5) partner and collaborate with digital disruptors such as robo-advisory startups, healthcare app startups, peer-to-peer insurtech startups;
(6) engage and constantly communicate with regulator such as
In conclusion, over the next two years, the Life Insurance Industry in
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