Aviva CEO Says Asia Is Far More Price Competitive Than Mature Markets

The video discusses the competitive pricing landscape in Asia compared to mature markets, driven by digital advancements and automation. It highlights the role of AI and big data in reducing costs and increasing margins. The importance of data scientists in building algorithms is emphasized, along with the future of insurance through composite insurers. The video also touches on the potential for simplifying and bundling insurance policies.

Why are Asian markets more price competitive than mature markets?

• Due to stricter regulations in Asian markets

• Because of lower production costs in mature markets

• Due to businesses exiting mature markets for growth

• Because of higher demand in mature markets

How has digital technology impacted the cost of producing insurance products?

• It has no impact on the cost

• It has doubled the cost

• It has reduced the cost by 30%

• It has increased the cost by 30%

What role do data scientists play in the insurance industry?

• They handle customer service

• They develop algorithms for better pricing

• They manage financial accounts

• They design marketing strategies

What is a composite insurer expected to achieve in the future?

• Offer only life insurance

• Integrate various insurance policies for one customer

• Focus solely on asset management

• Provide insurance without any digital tools

What is the anticipated market change due to simpler and cheaper insurance offerings?

• Higher prices for consumers

• A shift towards more integrated insurance solutions

• Increased complexity in purchasing insurance

• A decline in the use of digital tools