The Asia InsurTech Podcast had the pleasure of speaking with Amit Ghosh, the Head of Asia Pacific for R3. R3 is an enterprise software company that provides purpose-built distributed ledger technology across industries to foster digital transformation. AIP was excited to have a DLT platform on the show to discuss ways in which this developing technology was pushing change in the Insurance and InsurTech space.
Amit noted, correctly, that the insurance industry needed a technology platform that allowed them to collaborate more effectively and efficiently. Like most industries that are going through digital transformation, many processes are still manual and built on top of spreadsheets and other technologies that are difficult to properly share without suffering from versioning and other problems. These issues can lead to errors and unrecoverable costs to insurance companies.
We also discussed one of my favorite topics…the fact that some of the largest platform companies in Asia are using their breadth to become hubs of distribution for insurance and related financial products. Ride-hailing companies and e-commerce providers top the list of the types of platform companies that Amit was referencing and continue the theme of collaboration noted above.
The conversation naturally trended to how the platform companies can use their reach to address the insurance penetration issue in Southeast Asia. This includes a host of potential clients that have not previously had coverage for multiple reasons, not the least of which was premiums that were too high for both individuals and SMEs.
Amit was extremely thoughtful and very focused on collaboration and efficiency…two words that came up throughout our conversation.
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