In Conversation
with Paul Carson
With over 25 years of leadership experience behind him, Paul Carson has recently moved to Australia. Paul has previously held executive positions managing Operations, CX Innovation and Technology Transformations for large insurers like AXA Hong Kong, AIG Life UK and AIA Australia.
How has the insurance industry changed & evolved during your career? Where do you see it going from here?
Paul: When I started in Insurance, there was no internet, no mobile phones, no PC’s (only mainframes). While the need for insurance has not changed over this period, yet the processes and technology used to support insurance has changed dramatically. This is where innovation is really taking hold on making it “easy to do business” for customers interacting with insurers. Customers want the experience of dealing with any organization to be easy and friction free.
Which of the two will have a bigger impact on the insurance industry – Blockchain or AI?
Paul: I think both will have their place. With customers seeking frictionless experiences – AI can present many real opportunities to enhance how customers purchase, maintain and potentially claim against their insurance policies. Whilst Blockchain will help to drive scale and ease of transaction, further enhancing the partners ecosystem.
What’s the biggest challenge facing the insurance industry today?
Paul: The biggest challenge for all organizations is how to improve the experience they provide to their customers – in Asia and the same in Australia. A focus on being the most efficient in the short-term can sometimes conflict with providing the best experience. Although both need to be considered, yet sometimes, the balance is skewed.
What’s your take on Insurtech, are they a threat to traditional insurers?
Paul: I see InsureTechs in the space of redefining the buying needs of insurance, facilitating policy maintenance along with making a big leap in reaching to end customers. Traditionally we have been referring to risk protection, savings and investments as the key elements. InsureTechs will certainly fill the gap of micro /event-based protection through fast connect digital channels. Instead of seeing them as a threat, I see InsureTechs to be a main stay partner in the ecosystem.
Do you see the needs of Insurance customer changing today?
Paul: Yes. In the last 10 yrs the customer is certainly more aware of the insurance products and services that are being offered. Insurers today need to service customers who are well informed, are tech savvy and clearly understand the multiple choices available in the market. Customers today are expecting products that are tied to the need and look for enhanced experience, during the buy stage as well the claims stage.