UNION INSURANCE
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“ TECHNOLOGY PLAYERS ARE ENTERING INSURANCE , ESPECIALLY ON THE HEALTH SIDE . THEY WILL NOT COME AS TYPICAL , TRADITIONAL INSURANCE COMPANIES , BUT WILL OFFER REAL-TIME INSURANCE WHERE THEY WILL USE THE POWER OF DATA ”
— Anshul Srivastav , Chief Information Officer and Digital Officer
property and casualty ( P & C ) insurance .
“ Also , paying per mile insurance , where you pay insurance on the amount that you drive , is already in Europe and gradually coming into the other parts of the world . A lot of driving behaviours are captured and bases the rating of insurance offered .”
Globally , countries with ageing populations and an evolving demographic , such as China , will be on the receiving end of an insurance boom .
“ China has also become a significant area of long-term potential . Zhong An , who started their insurance journey in 2013 have recently had an IPO and are a pure digital player . They have 630 products in China and have sold over 8bn policies . If I look at the population of China , which is one and a half billion , every person is purchasing four products , through high-level calculation ,” Srivastav says .
“ They are clearly doing what others
AUGUST 2018