Insurance Asia: What an Insurance Ecosystem Means for Consumers

Insurance ecosystems are nothing new, having been around in one form or another for over 20 years.

The difference today is the ability to harness massive volumes of data within sophisticated digital systems to deliver unprecedented visibility into personal needs and to deliver tailored, immediate products and solutions in ways that weren’t possible in the past.

Fast emerging as one of the biggest insurtech players in the region, Fermion works directly with more than 150 insurance companies and over 12,000 ecosystem partners to deliver a truly disruptive experience for the industry, and ultimately, consumers.

Fermion Group CEO, Peter Miller says it all comes down to providing a faster, better quality of response to insurance customers in their time of need.

“If you are overseas and get unwell then what do you do next?” he asks. “Do you know the right clinic within 5kms? Can a doctor come to your hotel?”

Miller reflects on two recent personal experiences that highlight the broad spectrum of customer experience today. One brought home to him how the insurance business should be, for example all necessary details, including contacts and medical records on hand for a hospital admission.

He is mindful, however, of the fact that in insurance, particularly health insurance, data is very sensitive thus demanding the highest levels of vigilance to prevent it falling into the wrong hands.

“We are custodians of an awful lot of data and it’s something we need to take seriously,” Miller says, stressing the importance of regulations, responsibility and technology and the role each play in safeguarding data.

Getting this right is essential to realise Fermion’s vision of truly interconnected, data driven SaaS insurance ecosystems of the future, where all industry participants feel safe and that they all have an important role to play.

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