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Articles by Max Ang
Income Insurance: Enterprise Data, Analytics, and AI Strategy
Income embarked on an enterprise and strategic approach to data, analytics, and artificial intelligence (AI) in 2023. The new strategy is focused on data culture, connecting enterprise strategy through data, technology change, AI/ML innovation, data asset development, and commercialization with strong business partnerships. In 2024, the Data, Analytics and AI office deepened its focus on AI, governance, and culture.
IT Spending in P&C Insurance: 2025 Asia-Pacific Edition
This report analyzes regional IT spending patterns of insurance companies. It examines estimates for IT budgets based on premium growth and allocations of IT budgets by resources and domains. To help clients navigate challenges facing the industry, Celent has updated its IT spending forecast model based on recent primary insights from business and technology industry leaders from its Dimensions program.
IT Spending in Life Insurance: 2025 Asia-Pacific Edition
This report analyses regional IT spending patterns of insurance companies. It examines estimates for IT budgets based on premium growth and allocations of IT budgets by resources and domains. To help clients navigate challenges facing the industry, Celent has updated its IT spending forecast model based on recent primary insights from business and technology industry leaders from its Dimensions program.
Health Insurance - Dimensions: IT Pressures & Priorities 2025 Webinar
As health insurance CIOs work to improve to client services and create a meaningful ecosystem that adds value for both insured individuals and patients, what key challenges do they face? Join our experts, Nicolas Michellod and Max Ang, for our Health Insurance Dimensions: IT Pressures & Priorities webinar, where they will examine the critical business and IT priorities confronting health insurance leaders today.
Health Insurance Dimensions: IT Pressures & Priorities Webinar; 2025 Edition
As health insurance CIOs work to improve to client services and create a meaningful ecosystem that adds value for both insured individuals and patients, what key challenges do they face? Join our experts, Nicolas Michellod and Max Ang, for our Health Insurance Dimensions: IT Pressures & Priorities webinar, where they will examine the critical business and IT priorities confronting health insurance leaders today.
Dimensions Asia-Pacific Health Insurance IT Pressures & Priorities
Annually, Celent examines the business priorities, IT budgets, and investments being made by health insurance company technology executives. Celent publishes multiple reports on Europe, Asia-Pacific, the Middle East and Africa, North America and Latin America. Between November 2024 and January 2025, Celent distributed an online survey to Asia-Pacific health insurance company technology executives.
Dimensions Asia-Pacific Life Insurance IT Pressures & Priorities
Annually, Celent examines the business priorities, IT budgets, and investments being made by life insurance company technology executives. Celent publishes multiple reports on Europe, Asia-Pacific, the Middle East and Africa, North America and Latin America. Between November 2024 and January 2025, Celent distributed an online survey to Asia-Pacific life insurance company technology executives.
Top Tech Trends Previsory: Property & Casualty Insurance, 2025 Edition
12 November 2024 Celent's annual look-ahead to 2025 visualizes how trends in digitalization will grow in the next year. Despite economic headwinds, the P&C insurance industry is pursuing a strategy of growth. But to do so in the current macroeconomic environment requires transformative efficiency. In order to meet growth objectives by leveraging digitalization, insurers also must make major investments in data management and governance.
Bancassurance and Technology: Adoption of Technology for Digital Bancassurance
Bancassurance refers to the partnership between banks and insurance companies to offer insurance products and services to bank customers. It involves the distribution of insurance products through bank channels, leveraging the existing customer base and infrastructure of banks. Technology is enabling the bancassurance landscape to be digital, enhancing the efficiency and accessibility of insurance services.
Takeaways from DXC Connect Insurance Executive Forum 2024, Singapore
In July 2024, I had the opportunity to speak and attend the 2024 DXC Connect Insurance Executive Forum and Analyst Lunch in Singapore. The forum included members of the DXC team and insurance customers. The following highlights some of the key takeaways.
Celent Panels at InsureTech Connect Asia 2024
ITC Asia is the region’s largest insurance event - offering unparalleled access to the most comprehensive and global gathering of insurance industry incumbents, tech entrepreneurs and investors. Over the course of three days, the industry convened to share their insights and trends in the insurance market, learn how to increase productivity and reduce costs through innovation and digital transformation.
Capturing Value from Insurtechs and Insurers: An Australia Study
How will the Australian insurance industry achieve the next wave in business performance improvement without having to start again? Insurtechs provide niche solutions for insurers’ activities on the value chain and more. However, there have been observations that some insurtechs’ solutions, although innovative and on the cutting edge, may not directly address insurers’ pain points. We look deeper into this issue and aim to provide the perspective from Australia’s insurance industry.
Insurance Architecture Design and Development: Where Are We Now and What Can We Do Next
24 April 2024 The digital middle layer has been a constant and prominent topic with insurers looking to modernize their legacy architecture and to cater to new API-based services. How has this perspective evolve among insurers and solution providers, and what can we expect next? We will take a look at Celent's earlier perspective on APIs and system architecture design for the insurance industry, followed by examining an evolution of architecture design.
Embedded Insurance: Moving from Analog to Digital Models and Partnerships
In an era characterized by technological innovation, digital transformation, and a focus on customer-centricity, the insurance industry has undergone significant evolution. One of the latest trends that is shaping this industry is the emergence of embedded insurance—embedding insurance products into the customer’s journey, making it relevant at the point of interaction or even invisible.
Income Insurance: Data, Analytics, and AI Organization Strategy
20 March 2024 Winner of the 2024 Celent Model Insurer Award for Data, Analytics, and AI A new data and analytics strategy was established in 2023 to align and unite the organization, with the inclusion of ethical and responsible AI based on the Fairness, Ethics, Accountability, Transparency (FEAT) principles as stipulated by the local regulator, Monetary Authority of Singapore (MAS), as well as Generative AI for risk management policy development.
InsureTech Connect Japan and Plug and Play Roadshow on 12 March 2024
On 12 March 2024 at Toranomon Hills Forum, Tokyo, Japan, InsureTech Connect (ITC) Japan in collaboration with Plug and Play will be hosting the 2024 roadshow. ITC was founded in 2016 in Las Vegas, USA and has since become the largest global gathering for innovation and transformation in the insurance industry. Over the past few years, the ITC brand has expanded to the Asia Pacific market in 2021, LATAM and European market in 2023.
Understanding Takaful Insurance
What is Takaful Insurance? Takaful, often referred to as 'Islamic insurance', is a way for businesses to mitigate the financial risk of unforeseen events and is based on values of social solidarity and cooperation. It is an agreement to jointly indemnify loss or damage from a collectively donated fund. Compared to traditional insurance, takaful insurance are based on the principles of mutuality, whereby each participant donates to a takaful fund and with shared risk among participants.
Implementing Technology Innovation for Health Insurers
Max Ang // (Image source: ThisisEngineering RAEng.) Data can be an indispensable resource to health insurers. That’s true, though, only if insurers identify how to use that data to improve decisions—such as claims decisions, pricing, rating, or underwriting—for a range of users. Health platform innovation relies on data, analytics, and artificial intelligence (AI). Applying data in a valuable way requires health insurers to turn to sophisticated analysis techniques.
Taiwan Life: External Open Health Data for Digital Accelerated Underwriting
16 March 2022 Winner of Celent Model Insurer 2022 Award for Data, Analytics, and AI Abstract Taiwan Life saw an opportunity to be the first to leverage new digital data from the government’s e-health initiative, using machine learning (ML) to facilitate and support underwriting for the digital remote world. Taiwan Life created a mobile application that enabled customers to obtain personalized artificial intelligence (AI) health assessments, by consent, of their own digital health data.
Web3, metaverse, crypto, and a place for traditional finance and insurance
In this blog, we build on 2021’s technology buzzwords that may hold potential for financial services’ innovation in the years to come. These technologies may provide an alternate or a refreshed way of interacting on the internet. We will briefly explore these buzzwords which will be worth watching as we move into 2022.
On-Demand Webinar | Technology Trends Previsory: Life & Health Insurance; 2022 Edition
9 November 2021 Recorded on November 9th, 2021 The insurance industry continues to change rapidly to respond to new technologies, changing business models, the explosion of data and the need to digitize and innovate across every aspect of an insurance company. We’ll provide a “previsory” — a preview of the top trends for 2022 and advice on how to evaluate the impact on your business. Sign in to watch or create a guest login to watch our on-demand recording.
Insurtech in Asia Series: Greater China and Southeast Asia
14 June 2021 Max Ang Abstract In Insurtech in Asia Series: Evolving Landscape, Changing Innovations in Singapore, we summarize the observations and segment four main areas for enabling innovation in the city state. In this report, we will travel to Asia, specifically Greater China and Southeast Asia, and explore the region’s insurtechs and technology providers to uncover insurance innovation.
iúnigo: Dynamic Pricing Optimization for Auto Insurance
10 March 2021 Max Ang and Marty Ellingsworth Winner of Celent Model FI 2021 Award for Data, Analytics, and AI Abstract Read about how an insurer optimize price and provide price personalization through the analysis of customers' reponse to price change and their interaction with the organization's distribution channel. The process of matching a great use case of dynamic pricing with dataset integration and analytics capabilities is a great example of success in Data, Analytics, and AI.
Top Technology Priorities For Life Insurers in 2021
28 January 2021 Karen Monks, Max Ang, Juan Mazzini, and Keith Raymond Abstract The global pandemic changed everyone's course in 2020, some a little others a lot. The insurance industry was affected in some positive and negative ways. With global premiums set to rebound, insurers are looking at technology plans for 2021.
At the Heart of Design - Adopting Machine Learning with a Data-focus Design
Data science derive experimental conclusion on a hypothesis through experiments with data and statistical methods. As a branch of data science, machine learning is an engineering initiative involving data learning by machines and refinement of model algorithms till a conclusion is accepted. Machine learning algorithms involve neural networks and the size and depth of the neural network is not the default indicator of model success but in the ability to adjust experiments for a desired result.
At the Heart of Design – Care for Customers | Celent
User Experience and User Design In human-computer interaction, the goal is to bridge the gap between a user mental model with the product conceptual model. For a simplified explanation, the mental model is the representation of how users represent real-world objects and its usage in the mind. The conceptual model is the actual representation of the actual product.
Health and Insurance: Health Informatics, Internet of Things, and Integrated Electronic Health Records
3 October 2020 Max Ang Abstract Healthcare is more important than ever, and digital health solutions are enabling personalized health assessment and overall care. Digital health solutions have broadened the outreach and network of healthcare professionals, offering teleconsultations and telerehabilitations to remote customers and patients. The advocacy for the usage of such services can increase.
IT Spending In Insurance
17 September 2020 Nicolas Michellod, Max Ang, Donald Light, Juan Mazzini, and Karen Monks Making Sense of the Future Insurers' Technology Investments Abstract Following the COVID-19 outbreak earlier this year that is still impacting economies globally, pressure on IT budgets remains, with insurers' CIOs being asked to keep run costs flat or to reduce them.
Integrated Insurance Ecosystem: The Next Generation Insurer
26 August 2020 Max Ang Abstract As we come to grips with the events at the turn of a new decade, there is never a better opportunity to re-imagine current business processes and initiatives to build the next-generation insurer. To sow the seed for the insurer of tomorrow, this report explores a technology-focused ecosystem with guidance in developing an innovation-centric enterprise.
MLOps Part 2: Examples of Enterprise Machine Learning Deployment Providers
2 August 2020 Max Ang Abstract Today’s artificial intelligence (AI) and machine learning (ML) will require a different approach in management, combining both technical assessment and team management. Due to the difference between experimentation, which is usually small in scale and production and focuses on scalability, there is a need to look at development operations (DevOps) for AI/ML projects, like how DevOps manages software engineering.
Natural Language Processing: The Next Frontier in Data Aggregation and Understanding
7 July 2020 Max Ang Abstract Natural language processing (NLP) is the technique to provide semantics to information extracted from optical character recognition engines and documents. In this report, we progress from understanding the mechanics of extracting data from unstructured documents with image recognition towards a deeper understanding of information understanding through NLP. We will look at the use cases in insurance, challenges, and tools and application.
MLOps Part 1: From Machine Learning Innovation to Production
28 June 2020 Max Ang Abstract The insurance industry is moving beyond small proof of concept projects toward large-scale adoption of machine learning (ML), and this calls for more industrialized processes and tools. As data analytics and ML development adoption evolves, we will examine the use cases and procedures required to run a data-driven project successfully.
Sustainable Finance with Technology Enablement and Risk Protection
Sustainable finance refers to any form of financial services integrating environmental, social and governance (ESG) criteria into the business or investment decision relating to ESG initiatives, with long-term benefits for both the business and society. The topic of ESG is more pertinent in recent times, where there are increase focus into sustainable technology for products and investments, promoting business longevity and supply chain maintenance.
Pushing Boundaries in Moving Times: Digital Contracting and Beyond
As we head forward into 2020, we are witnessing common acceptance for remote delivery and communication, whereby both client-relationships and internal business units are arranging work-from-home arrangement and remote support. Adapting to a more digital workplace is taking shape strongly now. Therefore, the pace of digital transformation and innovation will need to increase to cater to the shifting demands in the way we work. Can We Do It Online?
Insurtech in Asia Series: Evolving Landscape, Changing Innovations in Singapore
24 April 2020 Max Ang Abstract Insurtechs and innovation are the disruptors of the insurance world, and in Singapore, there is a unique group of insurtech companies that seek to innovate and transform how insurance is sold. In this report, we profile prominent insurtechs and digital insurers in Singapore and consider how established insurance companies are supporting innovation efforts through innovation labs.
Insurance in Asia-Pacific: 2020 Business and IT Priorities
10 April 2020 Max Ang Abstract Asia-Pacific insurers continue to invest in technologies to enable better business efficiency. What are their business plans and IT priorities for 2020? Are there specific initiatives they prioritize? Every year we survey insurance CIOs across different regions including APAC. Perceived CIO Role in a Post Digital Era (multiple answers possible): With this annual report, Celent examines business priorities, IT budget and investment being launched.
Partnerships and Community Support in Unprecedented Times: a Singapore observation
The current Coronavirus Disease 2019 (COVID-19) has put the global environment into trying times and it signify opportunities to extend current work practices and go beyond business-impact projects to social-impact projects. Social-impact is the ability to deliver projects that will help the community as a whole. This calls to the topic of supporting an ecosystem and building partnerships.
Image Recognition in Insurance: Applied Machine Learning
23 February 2020 Max Ang Key research questions What are the success factors leading to image recognition implementation? What are the use cases to consider for insurance? What are the key terminologies in a convolutional neural network model development? Abstract In this report, we look at insurance claims and healthcare use cases for image recognition. Due to the synergy between insurance and healthcare, the areas to cover are telerehabilitation, teledoctor, and vehicle damage estimation.
Unlocking the Value of Unstructured Documents: Insurance Use Cases
9 February 2020 Max Ang Key research questions What common use cases do insurers apply computer vision machine learning methods to? What are the key terminologies in a computer vision application? What are the top priorities for AI innovation going forward? Abstract This report explains the use cases of computer vision and OCR in insurance companies, together with the offerings vendors have developed. Next, the report looks at AI predictions and how it has transformed technology today.
Moving times, evolving business models: a Singapore observation
At the start of the new decade, there is a noticeable observation in how business models are evolving to satisfy the latest generation of working adults, notably labelled as Generation-Y or Millennials. In this aspect, companies are maximizing the way users interact on their mobile devices, which enjoys a high penetration rate of 154%[i] in Singapore. This means that in a single population, there is a huge majority of people with more than 2 SIM cards, hence exceeding 100%.
APAC Policy Administration Systems 2019: Life, Annuities, and Pension Vendor Spectrum
4 December 2019 Nicolas Michellod, Max Ang, and Karen Monks Abstract A policy administration system (PAS) is the system of record for all policies that an insurance company has written. In actual practice, an insurer uses a PAS, either by itself or with closely integrated specific point solutions, to execute a number of core processes, and relies on several types of supporting capabilities: This report profiles policy administration systems available in the Asia Pacific region for life insurers.
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