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With the growing digital generation, it is important for businesses to embrace the digital opportunity and consider new digital business models.
Although many insurance companies have already commenced their own digital transformation roadmap, it becomes more evident that the effort needs to be accelerated with the COVID-19 pandemic where people have been forced to carry out various tasks virtually.
Currently there are a total of 49 players who are actively involved in the insurtech space in Malaysia, compared to only 16 players back in 2019. The importance of these digital business models is further emphasised by Bank Negara Malaysia (BNM) via the introduction of the Licensing Framework for Digital Insurers and Takaful Operators (DITO).
This is an indication that there is a market need and strong growth potential for the insurtech companies and Digital Insurance platforms in Malaysia.
As fintech is doing to banking, insurtech, the digitisation of insurance, is transforming the insurance industry.
Create unique and differentiating value propositions by understanding customer needs to differentiate from other traditional / established digital player as well as enhancing customer user experience.
Reimagine and simplify insurance/takaful sales, services and operations model by leveraging next-gen technology across digital, data and automation (e.g. AI/tech-assisted underwriting, claims and servicing).
Comply with various regulatory requirements (e.g. capital and risk management requirements, cybersecurity, RMIT etc).
Identify potential strategic options and prioritise overall way forward based on strategic objectives (e.g. breakeven period, commercial vs reputational prioritisation).
To have the right talent to drive the business from the strategic and technology angle.
In PwC, we have end-to-end capabilities which can support your digital insurer roadmap seamlessly.
Assisting you in developing a detailed business plan which may include:
Product and pricing framework;
Technology delivery roadmap;
High-level solution / costing model; and
Target IT operating model and operations structure
Assisting you in the preparation of the license application deck;
Assisting you in refining the business plan and financial projections
Development of a detailed governance, risk and compliance structure
Engagement with the regulator on the application process
Other advisory support such as:
Accounting advisory;
Tax advisory;
Transfer pricing;
Valuation; and
Cybersecurity-related reviews
Internal/external audit
In-house appointed actuary
Deals Partner Deals Strategy & Operations, and Healthcare Leader, PwC Malaysia
Tel: +60 (3) 2173 0551