Insurance Pulse: Digital Trust
Series #2
In the last episode, Born in the Digital World, we discussed the missing piece in digitalizing insurance is digital trust. Digital Trust cannot be understood alone, it is the result of many variables, such as technology innovation and customer centricity. By building Digital Trust, we can help close societies' protection gap.
We want customers to pay for a product they can’t try before they buy. We ask them to pay for a promise, that they hopefully won’t have to call in. And then on top of all of that, they’re buying from a website or an app, with little interaction from a person. As the industry moves online, how can we convince people to trust online insurance?
In this episode, Robert Burr, CEO iptiQ Global speak with Christopher Ong, Chief Actuary and Head of Product Science at iptiQ APAC, to delve deeper into digital trust and share their views on how this can be achieved.
01:09 – 01:40: Insurance is buying a promise
01:41 – 02:58: Adoption curve with digital payments
02:59 – 03:20: Insurance digital trust is a two-sided coin
03:21 – 05:18: Designing fair value products to deliver on promise
05:19 – 07:05: Understanding customers' needs
07:06 – 08:34: The how is just as important as the what, claims as an example
08:35 – 11:25: Creating a culture of trust means operating with integrity
11:25 – 12:51: Summary and closing