Highlights proactive use of AI as an integral part of business
KPMG Consulting and Enterprise Ireland co-hosted a seminar, Fintech Ireland Company Forum, on July 7. Through government-led industrial development programs, Ireland has seen the emergence of numerous FinTech companies, many of whose solutions are recognized as global standards. In this forum, start-up development schemes of Ireland were explained by Enterprise Ireland, followed by presentations of various solutions by each company. One presenter in the InsureTech domain warned against falling behind the technology wave and stressed the essentiality of the use of AI for achieving early insurance payment.
Riding the InsureTech Wave
First, Ms. Reiko Hiruma from Enterprise Ireland explained the country overview, start-up development and foreign investment attraction approaches of Ireland under the theme of “Ireland’s FinTech startup ecosystem”.
The country left the British Commonwealth in 1921. Young as it is with the average population aged 34.2, Ireland enjoys the world’s largest export of software. While attracting foreign investments with the low corporate tax of 12.5%, the country is driving development and globalization of indigenous firms at the same time.
Highlighting the dominance of B2B companies that provide solutions for core businesses of enterprises, Ms. Hiruma said, “the cluster of startups is also richer in RegTech and InsureTech than other countries.” She further shared the latest investments by EI on start-ups and government support measures for industry and academic researchers as well as incubators and accelerators.
Next, Mr. Leo Corcoran, CEO of ClaimVantage took the stage and gave a presentation entitled “Digital Disruption of InsureTech”. ClaimVantage is a software provider of the health, medical and income insurance claim payment process automation for insurance companies and TPAs. Sharing his perception of Japan as the largest market in APAC and the “2nd largest in medical and life insurance globally”, Mr. Corcoran showed his willingness to develop business in Japan.
Other FinTech companies also introduced solutions under five categories. Mr. Corcoran pointed that insurance claim payment system constructed with internal resources contain many issues and lack in flexibility. He also indicated banks providing high-level omnichannel services, changing needs of customers preferring smart tech over person-to-person services as well as the existence of new entrants as potential drivers of changes in the insurance industry. “Existing insurers who are behind in FinTech are not aware who they are competing against in 5 years”, said Mr. Corcoran emphasizing that insurers should not be left behind the technology wave.
He also gave an AI deployment example of a Japanese life insurer and said, “digital transformation is not an option anymore. It is inevitable. In order to achieve early claim payment, you must think of the use of AI” and introduced services of the company. He concluded saying, “insurers can reduce risk reserves by adopting technology and improving risk management.”
This article was first published in the Insurance Mainichi News Paper on August 3rd, 2017.