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INTRODUCING GENZ INSURERS
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2022 Key Fintech Trends
Virtual banking takes off
Between June and August 2020, customer sign-ups for DBS Bank’s Digibank mobile app rose by 216% year-over-year (YoY)
Usage of digital payment accelerates
Paynow, Singapore’s P2P fund transfer service saw individual registrations rise by 1.6M in 2020, bringing the number of total registrations to 4.9M
BNPL market heats up
During the pandemic, Hoolah, one of the most prominent BNPL players in Singapore recorded more than 1,500% growth in transactions and over 800% increase in sales value
Sustainable Finance
STRATEGIES
Develop markets and solutions for a sustainable economy
S$1.75m Global FinTech Innovation Challenge
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• Innovative solutions to help financial institutions respond better to the pandemic and climate change.
• Close to 600 submissions from over 50 countries.
Build knowledge and capabilities in sustainable finance
Guidelines on Environmental Risk Management
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• Covers environmental risks beyond climate change, including pollution, loss of biodiversity, and changes in land use.
• Banks, insurers and asset managers to assess, monitor, mitigate and disclose environmental risks.
• Financial institutions to undergo stress tests under different climate scenarios.
Strengthen financial sector resilience to environmental risk
Green and Sustainable Bond and Loan Grant Schemes
• Reduce borrowing costs of green and sustainable bonds and loans by defraying additional expenses of obtaining independent external reviews.
• Promote development of sustainable lending frameworks that provide simplified processes and standardised criteria for borrowers.
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US$2B MAS Green Investments Program
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• Green investment mandates to asset managers who are committed to drive regional green efforts out of Singapore.
Harness technology to enable trusted and efficient sustainable financial flows
Asia-Focused Climate Research and Training
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• Singapore Green Finance Centre (Singapore Management University and Imperial College Business School).
• Groom pipeline of talent in sustainability and green finance.
Sustainable Finance Verification, Review and Rating Services
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• Support corporates in building sustainability capabilities.
• Ensure integrity of green and sustainable financing instruments.
Insurtech
Existing Challenges
Internal processes of insurance companies are often too complicated
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results in
Long processing time for claims
Insurants are not satisfied with their service providers
results in
Benefits of Insurtech
Internal Workflow Automation with RPA and Machine Learning
Automation allows companies to reduce the cost that is spent on routine work and refocus some full-time employees to more creative tasks.
E.g., Fukoka Mutual Life insurance was able to cut costs through automating their payout calculation.
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The company replaced 34 employees by AI and now expects to boost productivity by 30% after complete system integration.
Firm will save an estimated $1.25M in the first year of AI use.
Redefining Traditional Ways of Claims and Policy Management in the Age of Digital Insurance
Claims management software reduces manual workflow and a number of human-to-human interactions.
Clients need less time to apply and smoothly proceed down the path of claim handling.
This reduces labor costs via automation.
Personalized Insurance Pricing with IoT and Social Media
Endpoint devices and social media can provide large amounts of more personal data.
Consumers get cheaper or better coverage and highly personalized services, while a business gets more accurate risk assessment, stable margins, and satisfied clients.
SG Findex
About
Individuals can use their Singpass to retrieve personal and financial information from participating banks, CDP, and relevant government agencies.
This will help individuals better understand their overall financial health and plan their finances holistically.
Benefits of Findex
Secure Infrastructure
A government-owned and operated infrastructure that uses National Digital Identity (Singpass) authentication and consent framework
Efficient and Standardised
Centralised gateway for efficient data sharing based on common data and API standards
Drives Digital Transformation
Enables data-driven innovations