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How tech-led digital transformation is reshaping the auto insurance battlefield

Our series of papers from Deloitte's Hong Kong Insurance team provides insights into digitalization and market reformation in the insurance and financial services sectors.

Digital transformation riding on ecosystem partnerships, the Internet of Things and big data analytics are joining hands to reshape the global auto insurance business landscape. With driving forces arising from inside and outside the industry, general insurers who can rapidly and flexibly incorporate emerging technology in their operational strategies, will win in a game-changing marketplace. Meanwhile, insurance regulators are taking action to support this rising market trend by fostering a favorable regulatory environment for InsurTech, while enhancing collaboration with market participants to promote Hong Kong as an InsurTech hub in Asia.

This paper highlights how transformational forces pushed by innovative technology, such as new entrants like InsurTech and self-driving cars, are bringing price transparency and innovative products to the market.

Auto insurers will need to take transformational steps to tackle these new challenges and re-gain market share and profitability. Establishing a strong relationship with the innovation ecosystem will enable them to sense change and lock in key alliances through co-innovation initiatives with business partners.

Collaboration vs. competition
Unlocking the power of blockchain in insurance

This paper explains why insurance companies that apply new technologies - also known as FinTech or InsurTech - are not disruptive but collaborative for better business value creation. It recommends insurers to strategize, experiment, and develop proofs of concept to leverage blockchain technology and create next-generation products and services that feature greater interaction with their policyholders, whilst driving business growth and maximizing new opportunities through cross-sector collaborations, such as bancassurance and reinsurance.

Tailwinds or Headwinds?
Using digital technology to empower your traditional insurance workforce 

This paper explores how RPA will impact Hong Kong insurers' existing workforce, and support them in making broader changes to their talent management and operation strategies in order to realize substantial benefits, ranging from efficiency and quality enhancement to risk mitigation, innovation, and ultimately, growth. 

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