On September 22, 2023, CPI in partnership with Amazon Web Services (AWS), hosted an Insurance Industry C-Suite Gathering at the AWS office in BGC. This event was co-hosted by the Philippine Insurers and Reinsurers Association (PIRA) and the Insurance Institute for Asia and the Pacific (IIAP). This was a 2-sessions event, aimed at bringing together C-Suite level representatives from the insurance industry to engage in discussions about digital trends and to spark action within the industry to help create an environment that would bring the Philippines to the forefront of digital adoption.
CPI’s President and CEO, Carl Ventura welcomed the attendees by highlighting the importance of digital adoption in today’s world, saying that “whether we like it or not, the future is already here”. Ito Gruet, CPI’s EVP, then opened the presentation and discussions by stating to have “Digital Pilipinas”, we first need to learn to continuously adapt to change.
An On-Demand World and Differences in Technology Advancement
Our main speaker was Naveen Asrani, AWS’s ASEAN Head for Strategic Growth, Digital Native Businesses and ISVs. As an advocate for promoting adoption in the Philippines, Naveen began with how we are living in an on-demand world and how industries and countries have transformed and adapted through this new reality. He then shared India’s 7-year digital transformation journey that began with a small group of young nationalistic Indians, the cooperation of a handful of companies and the government, who are now considered one of the world’s most ambitious and successful, transforming the lives of over 1 billion Indian citizens through financial inclusion enabled by simple yet effective digital platforms.
The Industry’s Response to Change
After Naveen’s presentation, the group engaged in an interactive session led by a panel of Insurance Industry executives – Marissa Dela Cruz and Francis Papa from Insurance Institute for Asia and Pacific (IIAP), Jef Lacson from Pacific Cross, and Cindy Gernan from Natre – together with CPI’s Ito Gruet, they invited the audience to share the challenges that their businesses face in the digital age which included security, legal regulators, and data concerns. From there, it became a very interactive discussion of how those challenges can be addressed and what other possible steps can be taken to drive digital adoption within the industry. To sum up our exchanges, Francis Papa stated, “It’s alright to start small as long as you start”.
Quoting British mathematician Clive Humby that “Data is the new oil,” Naveen remarked that just as oil fueled the industrial revolution, data is fueling the digital revolution. It is the key to unlocking innovation, efficiency, and growth in every industry as data can be used to track trends and develop policies that can be beneficial to users. In short, data is essential for success in today’s world, and we must learn to adapt to stay ahead of the curve.
Carl Ventura closed the event and reiterated CPI’s commitment to innovation both in technology and for the insurance industry. By encouraging collaboration within the industry and opening more discussions on our challenges, we can work together to take actionable solutions and changes in being a digital-ready industry.
We offer our many thanks to the attendees and our partners, namely Amazon Web Services (AWS), PIRA, Insurance Institute for Asia and Pacific (IIAP), and the Philippine Insurers Club (PIC) for their support and help in putting this together.
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