Philippines finance secretary Carlos Dominguez has called for the insurance industry to adapt to technological advances and prepare for the digital revolution.
In an address at the 2018 East Asian Insurance Congress, Dominguez told attendees that the insurance industry should be at the “forefront and centre” of technological changes driving our economies.
“Insurance is among the most closely regulated as well as the most benefitted by technological advances," he said.
“The industry ought to explore new products that will not only mitigate risks for corporations but also mitigate risks for communities vulnerable to natural calamities. This is one area where business opportunities and social consciousness converge quite nicely," he added.
Dominguez noted that insurance and other financial services stand to benefit from technological advancements.
The two industries could “become more efficient, accessible and innovative, leading to shorter transaction time and the ability to quickly exchange data between institutions, which, in turn, would make new products possible, and hence, greater financial inclusion.”