Singapore

INSURANCE firms can and must do more with digital technology, while insurance agents must upgrade their skills to stay ahead of technological change, Deputy Prime Minister Tharman Shanmugaratnam said yesterday.

Mr Tharman, who was speaking at the launch of Prudential Singapore's new office at Marina One, noted that insurers can use digital technology to do everything from nudging clients into healthier lifestyles to processing claims much faster. For example, he noted that the life insurance industry is testing smart claims - using artificial intelligence and blockchain to automatically trigger and settle claims. With such changes taking place across the industry, the role of the insurance agent will also evolve, Mr Tharman said.