SINGAPORE - The coronavirus pandemic has greatly changed how global life insurers operate, as they adopt more sophisticated online tools, especially in insurance buying, underwriting and servicing processes.
These were among findings in a survey on the global life insurance industry published on Tuesday by Moody's Investors Service. The survey covered 39 companies in North America, Asia-Pacific, Europe, the Middle East, Africa, and Latin America. In Singapore, the industry has seen an increase in hiring for project and product management roles, and an ongoing need for more digital specialists as insurers accelerate their digital transformation plans, the Life Insurance Association Singapore told The Straits Times last month. The sector has continued to hire despite the downturn, with 368 new hires in the first half of the year - a 4 per cent year-on-year increase - growing the workforce to 8,650.
Despite the benefits of digital transformation, new business prospecting and sales have been hindered by a lack of human involvement, noted Moody's. This is especially the case for more complex products, markets that favour a more traditional face-to-face approach, and younger insurance markets that are less technologically advanced to begin with.
Source: Insurance Report (insurancereport.net)
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