InsurTech solutions serve as a modernization of traditional insurance. InsurTech solutions produce more customizable and bite-sized insurance products to cater to every lifestyle. The digitalization of insurance companies reduce paper-based documentation, creating convenience for the consumers or optimizing the pricing of insurance to an accurate premium. The solution serves as a platform for retailers, service providers, distributors and brokers to sell all kinds of insurance plans from. The availability of this platform enables insurance companies to provide niche short-term insurance products that fill protection gaps. The personalized insurance increases the variety of products offered by the firm, increasing customer acquisition and revenue generated. The simplified user interface allows consumers ease of taking on new plans and to have control over their protection plans and better financial literacy. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Leading interfaces and technology capabilities
Open API platform Digital management
and processing
Internet of things User authentication
and reporting
Bite-size insurance platform
Case study
Context:
A global insurance company globally was
seeking a solution for tapping into newer
customer segments with innovative products.
Recommended platform:
• Assisted with proposition development for
local context
• Implemented a turnkey digital solution that
can be plugged into all sales channels
without changes to middle-or back-end tiers
• Simple interface with one-click payment
purchase option
• Separate reporting for partners, brokers
and campaigns
• On the basis of open API for insurance
companies to “plug and play”
Client impact:
• Front-end delivered in the clients branding
and in line with target segment
• Creation of insurance products in the
context of local market
• Enabled the ability to deliver real-time
online policy issuance to the end customers
• Included a payment solution with all
standard payment methods and worldwide
currencies
• Back-office for contract management and
integration with policy admin systems
Contact us
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Challenges faced by the insurance sector
One-size-fits-all products; leading to
over and under protection; no
personalization
Lack of niche short-term insurance
products creating protection gaps
No cover or products for the expanding “Sharing Economy”
Inability to offer global insurance
Solutions, products and technology
too complicated
Bite-size insurance
Innovative insurance
products
Technical “plug and
play” solution for all
channels
Easy payment,
contracts and claims
• White-label platform for retailers, service providers, distributors and
brokers to sell all kinds of affinity insurance online and at point of sale
• Partners will have the Facility to deploy and process sales on all desktop,
tablet, and mobile devices provided by partners
• Instant plug-in connecting sales channels of clients to insurance products
• Also tailor-made products for the clients directly by insurer or via re-
insurer (fronted by insurer and jurisdiction)
Advanced analytics Compatibility with a
wide range of
applications
AI, robotics, optical
character
recognition (OCR)
or optical mark
recognition (OMR),
geo-fencing and so
on
Reports generation
with required
formats
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

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