The insurance industry in South East Asia is in the early stages of undergoing a digital transformation. However, many companies, especially newcomers to the digital space, may find digitalisation a daunting and complicated task.
The ultimate aim is for companies to fulfill current demands and future-proof themselves for the long haul. By building a scalable digital infrastructure, companies can easily add new products, expand their customer base, and adapt to changing market conditions.
This is to ensure that insurers can meet future organizational needs at any given moment to compete with leading players in the industry.
The Race Towards Digitalisation
Intense competition is rising in the age of technology. Many big players in the industry are forced to innovate their digitalisation efforts to outcompete their rivals in this race towards digitalisation.
For instance, Prudential joined the digital race with the launch of their digital health app in 2020. It’s funny to note that even pets now have a digital insurance platform launched by Oyen Sdn Bhd, a Malaysian company, in 2021.
In the past, insurers used to compete over who offered better premiums, value, and products. However, nowadays the competition is more focused on who can provide the most convenience, accessibility, and outreach to their customers.
The stakes are high and industry demands are constantly changing. Insurance companies can only compete by innovating in their digitalisation efforts, otherwise, they will be left behind.
What Challenges Do Insurers Face From Scaling Up?
- Increasing complications in scaling up due to sophisticated cybersecurity threats.
- Fraudsters are continuously exploiting processes in new and innovative ways, leaving insurers unsure of how to deal with the ever-evolving cybercrime landscape.
- In addition to insurance fraud, ASEAN insurers also need to worry about identity fraud which is becoming increasingly prevalent in countries such as Indonesia.
- Scaling up involves a convoluted and meticulous process
- Implementing digitalization in a scalable way without having to use many separate systems is a struggle for digital insurance companies.
- These companies are concerned about various aspects of their cybersecurity systems, such as digital signatures, eKYC, and process automation, among other things. This requires sourcing multiple suppliers for each of these modules.
- Maintaining different modules for each cybersecurity requirement can result in increased costs and the need to source from multiple suppliers. Additionally, it can be challenging to effectively coordinate all these different modules in unison.
What Do Insurance Companies Need?
ASEAN insurers require a scalable and comprehensive cybersecurity framework to meet the many needs of their customers and organisation. But what exactly do these needs comprise of?
- ASEAN insurers need a comprehensive cybersecurity solution that can address the 3As (Authorisation, Authentication, Assurance).
- Customer Due Diligence – Insurers need to conduct thorough background checks on their customers by screening their criminal records, bankruptcy status, credit scores, and other relevant information.
- Digital Signatures – Digital signatures help insurance companies securely sign and authenticate important documents like policies, claims, and agreements. This reduces paperwork and speeds up transactions. They also verify the identity of customers and the integrity of documents, reducing the risk of fraud and aiding regulatory compliance.
- eKYC – eKYC (electronic Know Your Customer) helps to streamline the customer onboarding process, reducing the time and cost associated with manual verification, improving accuracy and compliance, enhancing security, and providing a better customer experience.
- Insurance companies need solutions that are fully automated and capable of relaying data without the need for human input.
- API/Process Automation: Application Programming Interfaces (APIs) enable insurers to automate various processes, including underwriting, claims, and payments.
- Process Control: Insurers can accept or reject applicants when necessary, striking a balance between automation and control.
- Support: Relying on human decision-making whenever necessary to handle any complex issue that cannot be automated.
- Insurance companies need a solution that can integrate seamlessly with their existing infrastructure.
- CRM: A Customer Relationship Management (CRM) system that allows insurers to manage their customer interactions efficiently.
- Permission Control: A system for managing user permissions and access rights, ensuring that sensitive information is only accessible to authorized personnel.
- Agent Access: An access portal that enables insurance agents to access policy information and assist customers quickly.
How Does CIDA Help Scale Your Digitalisation Efforts?
What is EMAS CIDA: EMAS CIDA is a living framework that showcases different types of ID authentication solutions to help implement a comprehensive ID assurance process for users and help identify and mitigate fraud and scams
EMAS CIDA caters to the varying needs of different companies that aim to move forward into the future of cyber existence. Some key features include:
- An all-in-one cybersecurity package that effectively meets your organization’s ever-changing requirements while delivering value to your customers in a scalable and streamlined way.
- Highly customizable framework that also provides relevant ID assurance services at the same time.
- Able to run on various cross-platforms and offer multiple access channels to ensure seamless accessibility.
Organizations can be confident in their ability to adapt to changing circumstances and effectively manage ID assurance while keeping cybersecurity threats at bay.
Innov8tif’s CIDA framework is the ultimate solution that eliminates the need for companies to search for piecemeal solutions. Our team can help you seamlessly implement the core product and enable you to expand at your own pace. With CIDA, you can take your business to new heights while ensuring complete security and peace of mind.
To get an in-depth look at EMAS CIDA and its features, feel free to refer to our dedicated wiki page or reach out to [email protected]
