Media Asuransi: Insurance Ecosystem, What is Important for Business?

Fermion Group CEO, Peter Miller speaks to Media Asuransi in a podcast interview where he describes seeing a world where people, companies, assets and solutions across the industry are digitally connected enabling everyone to work together more effectively and deliver better customer experiences.

“The most important thing is looking after customers end-to-end,” he says.

“You shouldn’t just be seeing the products, you should be making sure your customer is being serviced and that you’re there throughout the claims process.”

Fermion makes this a reality that is both fast and safe.

The approach Fermion is taking is in sharp contrast to how the insurance industry used to operate, whereby customers made their claim and then compensation was paid.

“Where the industry is moving now is it is not just financial compensation, it is offering protection service,” Miller says, adding that healthcare is one area leading the way in protection and prevention given so many people are connected these days to devices such as fitness trackers, generating large volumes of important data.

He however, stresses that all areas of insurance stand to benefit from digitised and interconnected ecosystems, especially in terms of being able to deliver far more targeted products benefiting customers and insurers alike.

Miller also notes the importance of ecosystems in helping to standardise insurance processes across different jurisdictions.

“The initial challenge is changing processes for the better and the way we have expanded throughout the region is that big multinationals we have worked with in one country will ask to work with us in another country.”

Fermion works with both multinational and local companies. In Indonesia this includes PT Asuransi Central Asia, Asuransi Korporasi Tugu, AXA Mandiri, Chubb, Asuransi Adira and Allianz, with more partnerships being announced all the time.

Fermion is also looking to expand beyond the number of countries it is currently working in, while continuing to grow operations in existing growth markets, including Indonesia.

Click for more and watch the interview