How Is Southeast Asia’s Car Insurance Sector Adapting to New Challenges with Modern Technologies?
How Is Southeast Asia’s Car Insurance Sector Adapting to New Challenges with Modern Technologies? The car insurance landscape in Southeast Asia has undergone a huge transformation in the past few years. This significant evolution is due to several factors including rapid technological advancements, regulatory changes , and altering consumer behaviors. The year 2023 has been challenging for this landscape because of inf lation, supply chain issues, and notable climate change, contributing to huge losses for many insurance companies . To alleviate these pressures, futuristic insurance companies in Southeast Asia are adopting new ways to use modern technologies such as AI to create efficiencies across the value chain. This move has helped the firms to find new opportunities for growth. For example, in Singapore , 50% of respondents to the Salesforce Connected Financial Services Report said that are looking forward to switch ing to new insurers if they offer a n advanced digit