Zurich Middle East reaffirms support for distribution partners

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According to the insurer, it launched its ZurichPro point-of-sale platform to help its advisors complete sales in just once meeting. Launched in October 2020, the instant quote, application, and underwriting solution enables partners to submit applications and receive payments online. The insurer claims the platform has policy issuance times by 60%.

With regard to COVID-19-related claims, Zurich Middle East said it has paid 100% of these claims, translating to over US$110 million (SG$148 million) in customer benefits. It was also the first insurer in the region to publish regional claim statistics and key health trends.

Despite the financial disruption caused

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Is the insurance sector going to be able to cope with new tech risks?

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Gono said that over the next five to 10 years, “insurers will have to create entirely new product lines” as technological advances create new risks.

“Difficult conversations will need to be had over liability – if a driverless car is to blame for a road incident, who is responsible?” Gono said. “Only those insurers that adapt to these risks will survive and thrive. At the same time, with the developments of data and AI, incumbents will soon know more about risk than ever before. This is creating an opportunity for insurers to embed themselves deeper into consumers’ daily lives, in

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Digital wallet hit 4.4 bn

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A new study has found revenue from tokenisation provisioning and management in mobile payments will exceed $53 billion in 2025, from $18 billion in 2020.

The report found tokenisation, where account details are replaced with data useless to fraudsters, is taking hold in both in-store and remote commerce.

This strong growth, of over 180%, will be fuelled by increased use of OEM Pays in both in-store and remote commerce, as well as increasing adoption of tokenisation by digital wallet providers and their tighter integration into app checkout processes.

The research recommends that digital wallet providers move to implement tokenisation

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IDEMIA, G+D, NXP launch WLA to offer independent payment standard

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Following a 2019 announcement, IDEMIAG+D and NXP Semiconductors have launched the White Label Alliance (WLA), which responds to growing global demand for next-generation, independent payment solutions for domestic and private-label payment brands.

IDEMIA, G+D and NXP launch WLA to offer independent contactless payment standard

The White Label Alliance (WLA) consolidates and sets independent standards for contact and contactless cards, mobile and other form factors and payment terminal acceptance. WLA has also signed a strategic licensing agreement with JCB.

JCB is offering JCB Contactless Kernel Specifications to members of the White Label Alliance looking to move to the contactless

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