Galileo Platforms Offers Tools to Help Thai Insurers Manage Costs and Create New Products in Post-Covid World
KristiTafoya964 28-01-2021, 16:10
  • Amodo partnership creates compelling low-cost means to create and deliver new products
  • Galileo Platforms blockchain technology allows for savings with no compromise on services

 

HONG KONG SAR - [1], well below the global average of 7.23%[2] or that of Asia's more developed economies, such as Hong Kong (19.7%). Insurance distribution in the Thai market is heavily dominated by bancassurance and agents, with digital channels growing but still a tiny (~1%) percentage share of the market.[3]

According to a recent report by Deloitte, 35% of insurers in the Asia Pacific expect to cut costs by 20% or more in the coming year, with 84% anticipating cuts of 10% or more. This will affect Thailand too. The trick will be to make the cuts without compromising on existing services or the development of new ones. Blockchain technology offers a low-cost and highly secure solution.


"Many insurers are struggling to become digital, constrained by legacy processes and systems.  We've re-thought the approach to managing policies, coverage and premiums to create flexible products and straight-through processing giving the customer a complete digital experience," said Mr. Wales.


"With Galileo, new business quotes, pricing, digital policy issuance, commissions and claims are completed in real-time with a single, secure "source of truth" that is agreed by all parties. It's an immutable point of reference that replaces the need for multiple copies of transactions, customer and policy records. This could be the way forward amid budget cuts, while maintaining high quality personalised services."


Galileo Platforms supports all types of retail insurance -- medical, life, and general. Its technology helps insurers and customers by removing the need for reconciliations and slow back-office processes, thereby reducing cost, complexity, and errors. Its vision is to make insurance more widely available to the mass of under-insured people across Asia.


[1] This figure is for 1H 2019. Source: Insurance Business Asia 1H 2019 [2] Statista [3] Bangkok Post https://www.bangkokpost.com/business/1979859/digital-future-gives-insurance-new-life


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