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Income Insurance: Transforming Insurance Beyond Digitization

Published 28 Jan 2025
Reference 6946
Topic Strategy
Region Asia
Length 9 page(s)
Language English
Summary

In response to digital disruption in the Southeast Asia region, Income Insurance began a digital transformation in 2017. Focused on partnership development and market expansion, its comprehensive digitization strategy has significantly impacted the company’s market position, operational efficiency, and community resilience. Its digital journey offers valuable insights and best practice that other regional insurers can adopt to thrive in the digital age.

Teaching objectives

• To illustrate how established organizations foster corporate entrepreneurship through dedicated innovation units (like the Digital Transformation Office), balancing traditional operations and digital transformation initiatives. • To explore how incumbents can leverage digital innovation to reimagine their business model, particularly through embedded finance, micro-insurance, and platform-based strategies in traditional industries. • To examine the challenges and success factors driving organizational change and innovation in a regulated industry, including partnership strategies, product development approaches, and cultural transformation.

Keywords
  • Digital transformation
  • customer-centric
  • embedded finance
  • partnership
  • insurance industry
  • SDG9 Industry, Innovation and Infrastructure
  • SDG10 Reduced Inequality
  • SDG11 Sustainable Cities and Communities
  • Q12025