Tell us about your role and what it entails.
Sure. I’m the Chief Partnership Officer for South Asia within SCOR’s Life and Health business. We’re a B2B company, a reinsurer, so all our clients are insurance companies. My responsibility is mainly to take care of the multinational and regional clients. Our services entail many aspects of the insurance customer journey, from traditional functions such as product development and treaty negotiation, all the way to the proposal of new services we could offer to our clients.
How did you end up in the insurance industry?
I’m an actuary by training, so I think that predefined my entry into the insurance industry. As a matter of fact, I was originally a double major in maths and business. I was studying in Canada back then. To take business classes, I needed to go to another college campus. I felt that the commute to the class was pretty far (45 minutes’ walk), especially in the cold Canadian winter. That was my honest reason for switching to the actuarial science major. My professor one day said to me, “You seem to be doing pretty good in maths and statistics. Would you consider studying actual science?” So, I followed his advice, basically because I didn’t want that long walk in the cold! I’m glad I did because I found that it was pretty amazing. I didn’t even know what actual science was back then, but I just happened to land in this field that has shaped my entire career.
Your role now is forging, brokering and enhancing partnerships. How does this tie in with your actuary skills? Have they been useful?
Absolutely! People treat us as experts in maths, statistics and financial theories, and we’re good at using data to predict uncertainties and risks. But with all the changes in global dynamics, I definitely think actuaries are embracing a much broader scope – in terms of data science, AI techniques and innovative tools such as ChatGPT – in some of the services that our insurance clients are looking for.
I think it’s very important for us to have that partnership mindset, to be able to reach out to the expertise and knowledge domains outside of our comfort zone. Actuaries are not experts in AI, so we need to partner with those data experts to develop new propositions and products.
As actuaries, we understand the insurance field the best. So, I think these two disciplines of data science and partnerships go together very well.
You have a birds eye view of the marketplace in Asia. Can you tell us a little more about it – and which forces are driving change?
People tend to consider Asia as one big marketplace, but in reality, it’s such a diverse market. If we look at Mainland China, for example, it’s a very digitally savvy place. They have super apps with a huge population using them, and they accumulate a lot of usable data based on that. Then we have Hong Kong and Singapore, which are both viewed as mature markets, especially in terms of insurance penetration and general population awareness of protection and health.
We’ve also got exciting emerging markets such as Thailand and Vietnam, which are emerging with fairly young populations. Their digitalization growth has been tremendous. Insurtech proves highly valuable when we compare its performance across different markets. This approach is particularly beneficial because it allows us to observe how early adoption unfolds in one market and draw insightful parallels with other markets based on their unique characteristics.
For instance, when considering initiatives like scoring systems, we often initiate pilot programmes in markets like Hong Kong, Singapore, and occasionally in China. These pilots enable us to assess the effectiveness of the technology or specific strategies. Subsequently, we leverage our findings to develop scalable solutions for other markets within Southeast Asia. This approach serves as a launchpad, facilitating the accelerated implementation of solutions and enabling us to gain invaluable insights while establishing a continuous feedback loop.
In essence, this methodology streamlines our ability to adapt and learn, fostering a dynamic and agile environment.
What critical success factors are necessary in forging a great partnership, in your opinion?
In my view, fostering a win-win mindset with our partners is absolutely crucial. This mindset serves as one of the most pivotal factors contributing to success. When engaging in corporate-to-corporate interactions, it’s paramount to have an in-depth understanding of the partner company’s objectives and dynamics.
Let me provide a real-case example. Last year, we collaborated with a local insurer on a pilot program aimed at early screening for nasopharyngeal cancer patients. This insurer expressed a keen interest in piloting health programs utilising cutting-edge technology. They sought to integrate preventive interventions into their standard insurance offerings, aligning perfectly with their objectives.
Simultaneously, we actively scoured the market for innovative technology companies, with a particular focus on those in the health and medical fields. This proactive approach led us to discover high-quality companies capable of providing the technology we needed. Consequently, we established a three-way partnership, creating a scenario where everyone involved wins. This approach has proven highly beneficial for our customers.
Does SCOR forge partnerships with startups as well as incumbents?
That’s a good question. In our engagement with startups, we maintain an inclusive approach, irrespective of their developmental stage. However, when it comes to forging substantial pilots or establishing concrete partnerships to implement innovative propositions, we often involve our clients, the insurers, in the process. This naturally introduces certain requirements concerning the maturity of the startup.
Typically, we expect these startups to have their basic product already available in the market. They don’t necessarily need to have a complete package, but they should have progressed beyond the conceptual stage and have something tangible to offer, rather than just an idea on paper.
For startups and Insurtech companies that show particular promise or align with our strategic direction, we maintain ongoing communication and monitor their progress. This approach allows us to track their developments and ascertain if they are moving in a direction that aligns with our goals. Once these startups reach a stage where they meet the criteria we seek, we are ready to partner with them to explore collaborative opportunities.
In essence, our strategy is to remain engaged with startups, continuously assessing their potential and partnering when the timing and alignment are right.
The safety of data and cybersecurity are now massive concerns, especially in regard to third-party services. What considerations do you consider for these things to be successful?
The approach we take in this regard is primarily governed by our company’s policies, and we maintain a stringent internal data privacy compliance framework. Given that we are a French company, adhering to GDPR (General Data Protection Regulation) regulations is of paramount importance to us. Therefore, GDPR compliance is a foundational consideration in all our discussions with our partners. Fortunately, most of them are well aware of these requirements, so we can ensure a high level of compliance with the regulatory standards we seek in most cases.
When it comes to Asia, each market within the region may have its own set of data privacy regulations, often with varying degrees of stringency. For instance, in the case of China, there are stringent rules governing the transfer of data out of the country. This dynamic necessitates caution, especially when engaging in cross-border data transfers, as is the case with our project involving China and Hong Kong. Nevertheless, when operating within individual countries, data privacy concerns are generally manageable.
In summary, having a deep understanding of the specific data privacy rules that apply in each market is crucial for us. This knowledge allows us to address compliance requirements effectively and in a timely manner, ensuring that we operate in accordance with the regulations in place.
What new innovations and services can we expect from SCOR over the next 12 to 18 months? Is there anything exciting that you can tell us about that’s going to be coming up specifically in relation to the Asian market?
There are indeed many exciting developments taking place within our organisation. A significant area of focus for us revolves around health and wellness. This comprises two key components:
The first is Engagement and Tracking. We have launched the Good Life health & wellness mobile app, developed in-house and powered by our Biological Age Model (BAM) algorithm, primarily focusing on tracking individuals’ activity data. This includes metrics such as daily steps, active calories, sleep patterns, and resting heart rate. We leverage this data to determine an individual’s biological age compared to their chronological age. Nowadays, many people are viewed as much younger in biological terms than their actual age, thanks to medical advancement and improved healthcare. We use this information to offer insurance discounts based on mortality assumptions from a reinsurer’s perspective. This incentivises individuals to lead healthier lives. This is an area we continue to work on.
We don’t just stop at physical activity in terms of our health and wellness initiatives. We are also taking a Holistic Health Approach, expanding our approach to encompass various aspects of holistic health. Mental health has gained increasing importance, especially in the post-Covid era. Dietary habits and nutritional intake are also critical factors. We are actively working to integrate these different components into our programmes to offer a more comprehensive approach to health and wellness.
On another front, we are also focusing on prevention and intervention. This involves cancer detection programmes, which we started with smaller pilots and plan to scale up with larger clients in the future. Additionally, we are exploring cancer disease management, aiming to provide services, care, and information to diagnosed patients to alleviate their concerns and empower them with knowledge during a challenging time.
From a technological perspective, we continue to leverage big data and AI to enhance our pre-selection process. This helps us gain a deeper understanding of an individual’s health assessment during the underwriting process. By triaging applicants based on their risk profiles, we streamline the customer journey, making it more seamless, faster, and efficient. Our goal is to minimise the waiting time for underwriting results, ensuring a superior customer experience.
In the coming 12 to 18 months, these pillars will remain at the forefront of our efforts as we strive to innovate and provide enhanced services to our clients and policyholders.
What inspires you about Insurtech today when you look at the marketplace?
When I look at the current landscape of Insurtech, it’s evident that we’re navigating a more challenging funding environment. Unlike the funding boom of the past, many Insurtech startups now find themselves needing to survive with better discipline and by offering superior solutions and services. This shift has compelled companies to focus on their core strengths and address specific market needs more efficiently. The outcome is a marketplace that is becoming more refined, with Insurtech companies and startups playing a crucial role in bridging gaps and ultimately benefiting end customers.
I’ve also observed a notable increase in the participation of women in the Insurtech field. Insurtech startups offer a lower entry barrier compared to larger corporations, making it an exciting arena for female entrepreneurs. Witnessing this trend is inspiring, and I’m genuinely thrilled to see more diversity in the industry.
What truly keeps me inspired is the ongoing dialogue with these companies. Their ideas, focus areas, and innovative solutions are nothing short of amazing. They have a remarkable ability to pinpoint customer pain points and develop offerings that genuinely enhance people’s lives and well-being. This, in itself, is a tremendous source of inspiration, and I’m eager to continue engaging with these remarkable companies and their transformative ideas.
Join SCOR’s Leaders in Hong Kong at Insurtech Insights Asia, 2023
Leaders from SCOR will be speaking at the Insurtech Insights Asia 2023 conference, at the Kerry Hotel on December 6th and 7th.
Rebecca Zhang, Chief Partnership Officer, South Asia, will be a panelist in the session entitled: “Reinforcing Insurer’s Future Through Insurtech Partnerships”.
Masaya Arao, Deputy General Manager, Japan, will also be taking to the stage as a panellist on the session: “Defending Against Natural Catastrophe Risk in APAC”.
And Randy Liu, Head of Ventures, APAC, will be taking part in the panel session: “Insuring Southeast Asia: Maximising Coverage Through the Power of Technology”
For more information on speaker opportunities, events, sponsorships and tickets for the upcoming Insurtech Insights Asia 2023 conference, visit here
Interview by Joanna England
Joanna England is an award-winning journalist and the Editor-in-Chief for Insurtech Insights. She has worked for 25 years in both the consumer and business space, and also spent 15 years in the Middle East, on national newspapers as well as leading events and lifestyle publications. Prior to Insurtech Insights, Joanna was the Editor-in-Chief for Fintech Magazine and Insurtech Digital. She was also listed by MPVR as one of the Top 30 journalist in Fintech and Insurtech in 2023.
