Digitalization

The exponential growth of available data and the expansion of Internet access globally have spurred the advent of the digital economy. Digitised data and technology-enabled business models can lead to improvements—as well as disruptions—along the sector’s value chains.

The digital economy is also driving changes in the competitive landscape of the industry: new technology start-up firms (or InsurTech) are entering the industry to deliver some of the services typically provided by traditional insurers and intermediaries, and established technology giants are eyeing opportunities in the sector. Insurers are investigating how to seize their benefits and be prepared for the challenges they pose.

The strategic intent of the programme is to raise awareness amongst industry stakeholders about the changing competitive landscape and the risks and opportunities for the industry. The implications of the digital economy could disrupt the competitive landscape, making it necessary to ensure there is a level playing field for all market participants.