KUALA LUMPUR, Oct 1 (Bernama) -- Insurers in ASEAN should upgrade their legacy systems and improve their access to data to sustain their long-term competitiveness in the era of digitalisation, said Malaysian Reinsurance Bhd (Malaysian Re).

Citing the third edition of its annual regional Thought Leadership publication, the ASEAN Insurance Pulse 2019, Malaysian Re president and chief executive officer Zainudin Ishak said the research publication found that consumer behaviours are increasingly being shaped by digital technology. 

"They expect immediate transactions, access to transparent information and instant gratification. 

“The increasing sophistication of their purchasing behaviour presents opportunities for insurers as product offerings can be efficiently customised and scaled up," he said in a statement today.

Zainudin believed that this year’s ASEAN Insurance Pulse would stimulate productive dialogues among key executives and stakeholders on ways to promote digitalisation across the entire ASEAN insurance marketplace.

The ASEAN Insurance Pulse 2019 drew on in-depth interviews with senior executives of 43 national, regional and international insurance and reinsurance companies' intermediaries and trade associations operating across the ASEAN region. 

According to the statement, this year's edition of the survey-based research publication focused on the state of digitisation of the region’s insurance players. 

"The survey also analyses the impact of digitisation on the region’s US$31 billion non-life insurance markets and their growth and profitability prospects,” it added.

-- BERNAMA