Singapore official points to benefits big data offers insurers
MAS’ Chua Kim Leng says insurers can exploit it to gain competitive edge
Insurers that utilise "the predictive power" of big data to improve their understanding of their customers will gain a competitive edge, according to an assistant managing director at the Monetary Authority of Singapore (MAS).
Chua Kim Leng highlighted four areas impacting the insurance industry in a speech on March 23: "technology, fraud, consumers and competencies". Technology, Leng said, opens up opportunities for insurers, but also exposes them to new risks.
Leng cited EY as identifying the
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