Asia

New course in insurtech launched in Singapore amid digital shift in insurance sector

SINGAPORE – A new course has been launched that will cover insurtech, a relatively new field that uses technology to tackles issues such as the hassle of choosing from a multitude of insurance policies.

The advanced certificate programme in insurtech by Singapore Management University (SMU) and TechFin Consulting will run from Aug 6.

Insurtech companies have been shaking up the insurance sector, leveraging technologies such as artificial intelligence and data analytics to plug gaps in the insurance space such as making buying a policy and filing a claim easier and faster.

The technologies are designed to generate cost efficiencies that outperform traditional industry standards.

The programme will help working professionals and undergraduates keen on the field navigate these technological disruptions and developments in the insurance industry and the role played by insurtech.

As at 2020, there were approximately 19,000 employees in the Singapore insurance sector.

The new course will be conducted under SMU’s professional training arm, SMU Academy, and tap industry professionals as trainers.

Real-world case studies will be used to help participants gain insights about the sector.

The programme consists of an introductory one-day course and a more extensive 12-day one that looks at topics such as funding and the role of policy and regulation in insurtech. Fees range from $121 to $3,852, after subsidy.

Both courses are funded by SkillsFuture Singapore, with up to 90 per cent subsidy on course fees for Singapore citizens and permanent residents.

Mr Jack Lim, executive director of SMU Academy, said the programme is the first of its kind for insurtech in Singapore.

“Social and technological trends which have shifted customer needs and expectations are a source of opportunity for tech-savvy insurers. This programme will help professionals navigate the complex world of insurance.”

Those interested can find out more at SMU Academy’s websites here and here.

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