Designed by actuaries, 10Life became the #1 mobile app for insurance search terms in Hong Kong last year. Director Iris Lun will present at the Joint Regional Seminar at the Actuaries Institute on 2 August.
The number of insurtechs in Australia has grown rapidly in the last two years across different parts of the insurance value chain. Most startups seem to be focusing on the local general insurance market, unlike in Asia where there is more diversity, Iris Lun (pictured above left) thinks.
Iris is Co-founder and Director of 10Life, an insurtech company based in Hong Kong focused on bringing transparency to insurance consumers and connecting them instantly and anonymously with advisors.
Using an independent ranking system, 10Life analyses products based on features that will significantly impact consumers. Nearly half its users are aged under 35.
Read more about it in these news articles:
“With advances in technology and consumer advocacy, people are demanding better (less complicated) products and services,” says Iris Lun.
We caught up with Iris ahead of her trip to Sydney, to find out a bit about the insurtech market and opportunities for actuaries.
Q) Describe the life industry in Asia
A) Life insurance in Asia is still largely distributed through tied agency, and products are often bundled with different types of coverage and complicated policy provisions. Our research has shown that consumers often end up buying the wrong products, and the most popular products in the market do not necessarily provide the best value.
Q) How do the insurtech markets in Asia and Australia compare?
A) Insurtech is flourishing in Asia, with regional and local StartUps focusing on different parts of the insurance value chain. Consumers can expect to benefit from product innovations, better clarity during research and selection, ease of policy purchase and maintenance, and expedited claims experience in the near future.
Similar to Asia, the number of insurtechs in Australia has also grown rapidly in the last two years across different parts of the insurance value chain. In Australia most of the startups seem to be focusing on the local general insurance market, unlike in Asia where there is more diversity.
Q) What key takeaways for Australian actuaries will be in your talk at Sydney JRS?
A) In the past insurers (and actuaries) have made insurance so complicated that consumers often lose out. With advances in technology and consumer advocacy, people are demanding better products and services.
“It is possible (and important) for actuaries to get out of their comfort zone and innovate, even in mature markets.” – Iris Lun
More about Iris Lun
Iris has 20 years of experience in the insurance industry across Australasia and Europe in various actuarial and business positions at global consulting and life insurance companies including Prudential, ING Group and Towers Watson. Iris has experience in pricing, valuation, product development, risk management and strategic business management and is a Fellow of the Actuaries Institute Australia and the Actuarial Society of Hong Kong. She holds a combined Bachelor of Commerce (Actuarial Studies) and Arts (Japanese) degree from the University of Melbourne.
Travelling to Sydney for the second year in a row, the Joint Regional Seminar (JRS) it gives Australian actuaries the chance to connect with the Asian experience, network with senior actuaries based in Asia and transfer knowledge. It is an annual event co-organised by the Institute & Faculty of Actuaries, Actuaries Institute Australia and Society of Actuaries with the support of the local actuarial societies in the region.
This year, the Sydney program has a focus on life insurance and will explore the factors driving success in the life insurance market in Hong Kong, before comparing that to the experience in Australia.
It will offer a fresh perspective on risk-based capital regimes, claims innovation and the link to pricing, and broader business opportunities in life insurance – like insurtech investment.
Don’t miss this event on Friday 2 August at Institute HQ in Sydney, or via webinar wherever you are based. Find out more and register.
Insurtech opportunities for actuaries in Australia
Find out more about the fast growing insurtech market in Australia and how to get involved. We spoke with Chairman & Co-Founder (formerly CEO) of Insurtech Australia CEO, Simon O’Dell, on the Actuaries Institute podcast, who commended the many actuaries already assisting startups in Australia. Find out how insurtechs are disrupting the traditional insurance market and collaborating with major players.
More insurtech and fintech on Actuaries Digital:
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