Insurance Innovation Congress, Shanghai 2018

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Attending the Insurance Innovation Congress in China, April 2018

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The Insurance Innovation Congress China 2018 took place from 9–10 April 2018 in Shanghai, China. The Dean of the School of Financial Planning and Insurance at Milpark Education, Marilize Putter, attended this event as a speaker.

China has the largest fintech industry in the world, mainly due to the demand for access to finance, and also the advances and increase in usage of smartphone technology. First-hand interaction with some of the leaders in this sector and being able to address this market proved to be an insightful experience.

The topics discussed at the congress ranged from the importance of making provision for retirement and the role of fintech in this sector to world-wide block chain revolution in the reinsurance market. Prevalent in the discussions were the automation of back-office processes and streamlining of client interaction from sales to after-sales services with the use of technology. The purpose of these technology enhancements is mainly to increase the quality and timeliness of service to clients, with the added benefit of a cost saving for the company.

The CEOs of Emotibot and Webot Technology shared their latest developments to increase client satisfaction when dealing with robo-advisers.

As part of one of the sub-themes of the congress to open up new markets for insurance by using technology, Marilize shared cases from Africa, illustrating the use of technology in microinsurance. The innovative use of technology to make agriculture insurance accessible in Kenya (among other countries) and the case illustrating the collaboration of insurers and mobile network operators in Ghana, were well accepted by the audience. 

 

08 Jun 2018