Mark Wales, CIO at Galileo Platforms, envisages hundreds of millions of new customers for insurance in Asia over the next few years. He believes the old-style system of distribution via agents and banks won’t scale, and instead, it needs to be digital and mobile.
There’s also a demand for insurance products by the e-tail platforms and telcos as well as a need to execute in real-time.
“So if a client is on a mobile phone working with a distributor, they can get a real-time quotation back across the blockchain while they’re actually sitting on the phone. That’s the sort of environment we wanted to have.” When Wales refers to distributors, it’s less likely to be an agent, rather a website, application or comparison site.
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