2024 is believed to be a remarkable year for the financial and insurance sectors in Taiwan, embracing for revolutionary collaborations and innovations. The Financial Supervisory Commission (FSC) in Taiwan recently approved the first trial application for cooperation between the insurance and telecommunications industries. This marks the beginning of a new chapter in cross-industry collaboration to accelerate the development of digital insurance.
OneDegree Global (ODG), together with its brands IXT and Cymetrics, co-hosted a networking event last week themed “The Future of Digital Insurance for Taiwan: Modern InsurTech Middleware and Key Cybersecurity Strategies” with the participation of Systex, Deloitte and Microsoft. Over 15 renowned insurance companies including MSIG, Chubb, CTBC General Insurance, Taiwan Life, KGI Life, and Allianz Life participated. The discussion aims to spark new ideas and takeaways with the industry players in response to digital transformation.
During the event, we shared key trends and use cases in driving transformative change within the insurance industry including embedded insurance, AI-led applications and modern insurance middleware, amplifying ODG’s commitment through delivering digital-first core solutions and secured cloud adoption with proactive cybersecurity defense.
Michelle Ip, CEO of OneDegree Global, shared IXT’s perspective as a leader in embedded insurance in Asia. She highlighted the impact of “embedded insurance” in helping insurance companies to re-emerge in the digital landscape as attractive brands, shifting from a B2B2C strategy (Business to Business to Consumer) to the next stage of B4B2C (Business for Business to Consumer) strategy. Leveraging a scalable and secured digital platform, IXT has delivered a successful embedded insurance product with two insurers and one online platform in Southeast Asia, processing over 650,000 policies in the past five months.
Stanley Chou, Chief Information Security Officer of OneDegree Global, proposed that increasing the cost for hackers shall be the primary goal in cybersecurity defense of insurers, and shared his innovative formula for measuring the ROI of cybersecurity investment. CISOs shall focus on three areas for cybersecurity investment: a holistic understanding of your vulnerabilities, tactics to increase the opportunity cost for hackers, and creating a shared responsibility model to collaboratively defend against cyber threats.
Danny Yu, Senior Manager at Systex pointed out that traditional data collection method has led to data latency and siloes within business organizations. By implementing a data middleware layer, business users can quickly gather real-time data from different systems and perform data-driven decision making while meeting data governance objectives.
As we reflect on the insights emerged from the event, we are confident that ODG continues to be at the forefront of driving positive changes in the ever-evolving InsurTech landscape. We look forward to charting new paths in insurance innovation together with partners and insurers around the world!
Panel discussion from left to right:
- Nick Hung (Service Line Leader, Deloitte Digital Taiwan)
- Stanley Chou (Chief Information Security Officer, OneDegree Global)
- Lettie Sin (Director of Strategy, Sales & Operations, IXT)
- Danny Yu (Senior Assistant Vice President, Data Fabric Development and Services Department, Systex)
- Chung Ming Liang (Senior Partner Tech Manager Global Partner Solutions, Microsoft Taiwan)
Dinner & drinks together with partners and insurers