Benjamin Quinlan of Quinlan & Associates argues that Hong Kong’s incumbent insurance companies are now at risk of losing market share if they do not adopt digital, direct-to-consumer businesses.
Quinlan discusses the rise of virtual insurance companies, which are bringing policies to market that are cheaper and sometimes better.
He speaks with Jame DiBiasio about the costs of maintaining the status quo, the possibility that incumbents will opt to maintain agency networks, and the challenges of digital transformation.
- Timecodes:
- 0:00 – Benjamin Quinlan, Quinlan & Associates
- 1:00 – Why Hong Kong’s insurance companies must go direct to consumer
- 4:33 – Early uses of digital to support insurance agents
- 6:48 – Incumbent apps, engagement, traction
- 8:16 – Confronting old and new business models
- 10:06 – Impact of digital on products and margins
- 12:28 – Challenge of legacy IT systems
- 15:36 – The allure of business as usual post-Covid
- 17:32 – Can bancassurance replace lost revenues?
- 20:14 – Embracing health and fitness apps
- 21:47 – Risks to the virtual insurers post-Covid
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- Source: https://www.digfingroup.com/insurers-direct-consumer/
