Fred Ngan, co-founder of Coherent Capital Advisors and Seasonalife, spoke at the Asian Financial Forum (AFF) 2018. The event was held over January 15th to 16th at the Hong Kong Convention and Exhibition Centre.
Organised by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), the theme of the AFF 2018 is “Steering Growth and Pioneering Innovation: Asia and Beyond” while technology and innovation are the priorities.
Distinguished speakers from the Hong Kong Cyberport community of companies were invited to share their insights on emerging fintech innovations for Asia. As an insurtech entrepreneur and actuary, Fred shared his views on developing technological solutions to transform the insurance industry.
“Insurers are hungry for innovation, and most of them carry too much legacy and conflicting channels to try new things and move fast, partnering with a startup is a low cost and low risk to pilot a new project,” Fred said in his speech. “The scope for the pilot should be light and manageable. It is a great opportunity to try something new that no one has ever done before.”
Insurance is unlike other fintech arenas. “It is quite difficult for insurtechs to be truly disruptive from day one” said Fred. “Insurance value chain is very complex involving customers, intermediaries, insurers, reinsurers, and regulator. Compliance and licensing costs are also high. This means that we have to collaborate with the big players rather than disruptive.”
He also discusses the opportunities of competition against this emerging insurtech innovations for Asia. Fred believes that the barriers will gradually disappear when there are more successful startups in Hong Kong which serves as an encouragement for funding and building a fintech startup culture.
About the Asian Financial Forum
The Asian Financial Forum brings together some of the most influential members of the global financial and business community to discuss developments and trends in the dynamic markets of Asia. In 2018, more than 3,000 financial policymakers, financial elites and business leaders attended the two-day 11th Asian Financial Forum. The forum examined the latest economic trends, industries with the greatest growth potential and investment opportunities presented by technology and innovation.