Community

I believe you're missing the point entirely. I can explain you something that you don't want to understand it. I believe we better agree to disagree. But go and read through what banks are going to achieve with Ecosystem and platform building. I guess that should set the baseline for any discussion  

Kethar, yes you have a point, but we're looking at the next frontier of where we can push the innovation. Just picking a  link of the customer to the website of the manufacturer won't cut the deal. When we talk to any affiliate platform we have to ensure the entire journey flows through else the chance of getting a commission also won't materialize. In order to get the commission, the deal must go through and in order to complete the deal, the user experience and entire journey to the completion have to be managed with a seamless transition from A to B. 

Very rightly said Chris. I have written about gamification in my previous blogs. Do check them out. In fact, basic gamification can yield better results if you layer them with specific rewards.

Pretty much true. Many times they get frustrated to see lack of adoption from banks or other FIs but they fail to recognize the strong Risk assessment processes and risk-averse structure in place. If they remain cognizant of that and provide additional justifications and details, the issues could've been resolved much quicker.

Nice touch to give a flavor of Spice girls to the topic that is making people a bit uncomfortable. PWC's report is not alarming at all. It is a blatant attempt to strike panic and hysteria in the market. Yes AI poses a threat, but rather than alarming doom and gloom, we should be looking to leverage the tech and how it can best help in channeling the human resource to a much more useful outcome, how to find creative solutions to daily mundane problems. 

How is this a competitor to Fintech, as I see, Regtech originated as one of the sub-domains of Fintech like InsurTech, WealthTech, GovTech, RegTech. Fintech was the first and many times used as an umbrella term for all these sub-domains. 

Interesting point, but sadly it seems the IT systems deployed in public works or utilities segment haven't yet considered the basic ring fences put in place by Financial systems. A simple maker checker would've eased out the issue if what you explain the real cause of alert being sent to a production system.

I beg to defer from your comment that enough testing isn't done on the systems that go live in Banking domain. Yes, there have been mishaps and certain miss outs in the banking sector that has created headlines, but with process automation comes the ever so micro focus on testing automation and overall simulation that is possible with new generation Automatic testing systems. 

Sadly, with the new technology, the upskilling of existing IT workforce to adopt the changing tech is another concerns many companies struggle with, but I believe the emphasis on testing has increased more in current times than before.

Identifying the trends, potential fraud and improving the digital experience are key areas that any Insurer would like to improve upon, as this creates customer retention and a simplified workflow eases out the claims process for those who need it. But why we need to push blockchain in this procedure.

Today Blockchain is being tossed as a Silver bullet to all the woes of exisitng process gaps and failures. Yes smart contracts is a novel idea to create an easy way to capture value of that contract, but isn't that part of your process automation. The touchless process you highlight can be a simple instrumentation implementation that can deliver the desired output without overloading the Insurer with the need to put a blockchain solution in their infrastructure. 

I beg to defer. Yes there are stronmg entry barriers for start ups to get into financial sectors, thats okay and understandable but many times the reason of delays in integration is purely driven by lax culture of managing production systems themselves, and the ingrained inertia to change to something new. I am all in for delayes due to security clearances, additional testing including Penetration tests for the new solutions with incresed threat through DDoS or other brute force attacks, but what gets challenging is unwillingness to change.

Dental health is a non life threatning exercise, at least that is what it seen as in the Risk assessment. So they classify as a beutification exercise than health. And it is treated as a different subclass within insurance. Hence the high premiums.

People may use insurance for their teeth whitening and denture symmetry operations, which would be difficult to challenge that they are more for beauty and root canal or dental surgery is for health, hence there is a caveat for dental insurance and premiums are pricier.