Status : Verified
| Personal Name | Cruz, Rebecca Carmela N. |
|---|---|
| Resource Title | Comprehensive study on customers’ perspective on life insurance and the emerging trend toward Insurtech Startups |
| Date Issued | 15 January 2021 |
| Abstract | The retail, travel and transportation industries were amongst some of the industries that were gravely hit by COVID 19 pandemic. However, the pandemic proved to be an opportunity, rather than threat, for the insurance industry. Apart from COVID-19, we have also experienced several calamities, such as earthquakes, volcanic eruptions (ash fall), major storms and flooding. All these events have significantly impacted consumer needs and behaviors. The health and financial risks brought about by the pandemic has increased the consumers’ awareness on the need for an emergency fund and proper financial planning. This capstone project studied the Filipinos’ attitude toward life insurance and discussed the effect of the pandemic on the life insurance industry. With the need to go digital, the project also showed how local insurance companies embraced Insurtech, ultimately joining the bandwagon of digital transformation taking place in other industries. In covering the Filipino’s attitude toward life insurance, the customer’s experience and journey starting with awareness, followed by purchase, up to claims, were captured, as well as how the overall customer experience can be improved through digital means. For the reader to gain appreciation of the insurance industry, the laws that regulate the industry as well as the brief history were presented. In addition, the insurance industry was also studied from a market perspective. This includes insurance penetration rate, the challenges faced by the insurance sector brought about by the pandemic and the demand for digitalization as everyone, from the brokers and agents, to customers, were all placed on quarantine to control the spread of the COVID-19 virus. As we enter 2021, more Insurtech startups and large insurance firms are seen embracing and taking advantage of digital technologies such as IoT, Artificial Intelligence (AI), Machine Learning (ML) and Big Data Analytics. This capstone reviewed how these technologies were adopted and applied, to improve the customer experience through new product offerings, and use of web and mobile channels. Moreover, given the opportunities for growth of insurtech and large insurance firms, a platform-based approach was proposed to address the needs of existing customers and emerging markets. |
| Degree Course | Master of Technology Management |
| Language | English |
| Keyword | Covid-19 ; customer perspective study ; digital platform ; digital transformation ; insurance; Insurtech |
| Material Type | Thesis/Dissertation |
Preliminary Pages
198.90 Kb