Insurers Advised to Collaborate with Big Tech Players
With the focus of the financial industry shifting towards non-contact in the wake of COVID-19, experts at a recent webinar pointed out that collaboration with online platforms such as digital insurance services is essential for the survival of insurance companies.
According to mobile app market research firm AppApe, the number of those actively using the top 10 apps of life and non-life insurance companies is currently less than half of the number of Kakao Bank app users. Specifically, the number of active app users is approximately 500,000 for Samsung Fire & Marine Insurance, 340,000 for Hyundai Marine & Fire Insurance, 320,000 for DB Insurance, 250,000 for Meritz Fire & Marine Insurance, 230,000 for KB Insurance and 200,000 for Samsung Life Insurance.
On the other hand, the number amounts to 4.08 million for Shinhan Bank, 3.75 million for NH Bank, 7.5 million for Samsung Pay, 6.75 million for Toss and 5.77 million for Kakao Bank. This implies that insurers’ collaboration with external online platforms for more contact with customers is a very urgent matter.
“A disruptive innovation in the entire insurance industry is coming up from new digital technologies and insurers need to focus on non-financial data to provide their customers with unique products and services,” one of the experts explained, adding, “The survival and development of the industry depends on their insuretech strategy and collaboration with big tech players is now a must.”