The value of data preparation in insurance

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But some insurers are stuck in the past, using manual processes like Excel spreadsheets and other text or code-driven platforms to manage data for risk insights and claims analysis. Those old-fashioned data wrangling programs are not equipped to deal with the size or complexity of the data that insurers have access to today. 

According to executives at Trifacta, a data preparation SaaS adopted by some of the largest insurance companies worldwide, if insurers rely on outdated tools and strategies for data management, this will negatively impact their performance. In order to improve their workflows, a proper data preparation tool is

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Korea’s FSC to allow internet platforms to sell insurance

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The Financial Services Commission, South Korea’s financial regulator, said that it will create a policy framework governing the sale of insurance products by internet platforms such as Naver and Kakao.

According to a report by The Korea Herald, the FSC is looking to allow internet companies to create and distribute micro insurance products, as part of its financial sandbox programme. The programme lifts or eases certain regulations to foster innovation in the market.

“It is expected that more platform operators will attempt to offer insurance services, while traditional insurance companies seek business partnerships with digital platforms,” an FSC statement quoted

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Aviva furthers talks to sell operations – report

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British insurance giant Aviva is reportedly in advanced discussions regarding the sale of its Italian operations, as it continues to push ahead with around €6 billion (approx. SG$9.63 billion) of divestments. A report from Bloomberg today has revealed that un-identified sources with knowledge of the situation have said the company is in negotiations to sell its Italian life insurance business to Paris-based CNP Assurances.

Meanwhile, Allianz SE is said to be in talks to acquire Aviva’s general insurance unit in the country. The sources disclosed that a deal could be reached in a few weeks and that the Italian disposals

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Singapore MOH welcomes insurer’s move to adjust IP hospital bill rider

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Singapore’s Ministry of Health (MOH) has welcomed a recent move by NTUC Income to adjust the renewal terms of its Integrated Shield Plan (IP) to require policyholders with hospital payment riders to pay for a portion of their hospital bill, according to a Straits Times report.

In a bid to keep health insurance costs sustainable, the ministry had informed private insurers in 2018 to stop offering riders on IPs that cover hospital payments in full, ordering them to instead offer new riders that require policyholders to pay at least 5% of their hospital bill, capped at $3,000.

Read more: NTUC

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