Asia InsurTech Podcast talked to Michael Gerber, the CEO of 360F. Originally from Switzerland, Michael has worked as a consultant in over 100 projects in more than 20 years and understands the pain points the insurance industry is facing. He shares why he chose to work in insurance and why the industry has often a bad reputation.
Michael talks about the importance of protection and investment products and how to educate the next generation in financial products in Asia to increase insurance penetration. In his opinion, the complexity of financial products has to be reduced, making it easier for people to understand the benefits of insurance and investment solutions. Micro-insurance and bite-size products are another tool to increase penetration and get low-income groups familiar with financial products.
The two Michaels discuss the impact of open banking and open insurance and the impact on data ownership and data protection. A hot topic, as privacy laws such as the European GDPR are becoming stricter about the use of personal data. Blockchain, or distributed ledger technology, has the potential to allow people to have more control over their personal data and might even be able to monetise on their data.
Other companies mentioned in this episode: Razer