Digital Insurance: Cheaper, Better, and Faster?

Digitalisation has been a key tenet for businesses and industries over the last few years, especially so for financial services, especially with the rise of fintech.

We’ve seen Digital Investment Managers - roboadvisors - introduced in 2018 and last year we saw the issuance of 5 digital bank licenses. Up next, the insurance industry. In November, Bank Negara finally published the long-awaited exposure draft on Digital Insurer and Takaful Operators (DITOs) and in 2023 we could see up to five licenses issued to successful applicants.

Today on BizBytes, we explore the potential of digital insurance, what that means for individuals and business, and whether they’ll be able to compete with the sizable incumbents.

Helping us with this discussion is Ravi Kittane, Partner at Ernst & Young Consulting. Ravi specialises in the financial services sector, focused on digital and technology led transformation at incumbents and challengers in the banking and insurance space.