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Insurance companies are now using technologies such as artificial intelligence, blockchain, cloud, and predictive analytics to create more direct relationships with their customers. This is a shift from the traditional arm’s-length relationship, which has caused mistrust in the industry. Open insurance is the concept of sharing customer data with third-party service providers, similar to open banking. InsurTech Connect, a Singapore-based industry group, recently hosted a discussion on open insurance in Hong Kong, and the primary challenge is the cultural shift to treat data as belonging to the customer.
