In this episode, we talked to Vincent Kasten, the Head of Intelligent Operations at Prudential Asia. Vincent has a diverse and quite interesting background. He has worked in the US, Africa and Asia and has witnessed innovation and disruption across a range of industries. During his exceptional career, Vincent has accommodated a number of major technological changes and discovered that technology is actually not the most difficult part. Changing people’s behavior to adopt technology ends up being much more difficult.
Vincent talks about the digitization of the insurance industry and how COVID-19 is accelerating this transformation. In his view, Asia lags behind the West because, in this part of the world, human interaction is even more important to build trust. That is why the current pandemic presents major challenges to the insurance sales cycle when face to face meetings are not an option. While technology can solve this issue, human nature needs to adopt new behavioral paradigms.
COVID-19 has forced people to rapidly change behavior which led to an uptake in digitized services, including telemedicine. Innovation is also accelerating and only companies that understand change will be able to respond to it. Vincent notes that every organization should have a team that spots change and enables innovation. Prudential has recently introduced PULSE which makes telemedicine and other digital services available to its customers. The concept behind Pulse is to make healthcare more accessible and more affordable.