00000nam a22000004a 4500 UP-1685954869149764854 Buklod 20240313111731.0 m |o d | ta 240313s2023 xxu r |||| u|eng d TMC rda eng LG 995 2023 T4 F56 Florencio, Juan Carlo R. author The insurance technology in the Philippines its future through scenario building and relevance tree analysis Juan Carlo R. Florencio ; Glen A. Imbang, adviser. Quezon City University of the Philippines Diliman 2023 152 leaves color charts 28 cm text rdacontent unmediated rdamedia volume rdacarrier Thesis Master of Technology Management University of the Philippines Diliman, Technology Management Center. F - has no patentable invention or creation, the author does not wish for personal publication, there is no confidential information. Yes - available to the general public. This capstone project explores Insurance Technology's (InsurTech) potential in the Philippines and presents a comprehensive strategy to drive its growth and adoption. The project begins by identifying focal issues in the insurance sector, including client engagement, fraud prevention, risk assessment, claims processing, and regulatory compliance. Through an extensive analysis of emerging trends, scenario building, and relevance tree analysis, three distinct scenarios are developed, highlighting the transformative impact of technology on the insurance landscape. Scenario 1, "SeguroTech: Empowering the Future of Insurance Technology in the Philippines," envisions a future where advanced technologies such as artificial intelligence, chatbots, and IoT devices revolutionize insurance operations, enhance customer experiences, and foster collaboration between traditional insurers and market disruptors. Scenario 2, "The Insurance Resilience Revolution: Harnessing Technology for Climate Resilience," explores how technology can be leveraged to address climate-related risks. Machine learning algorithms, remote sensing technologies, and automation tools enable insurers to assess and respond to climate events more effectively, improving risk assessment, claims processing, and overall resilience. Scenario 3, "Regulatory Harmony and Secure Innovation in Insurance Technology," focuses on the importance of regulatory harmony and data protection. This scenario highlights the role of robust data protection measures, cybersecurity protocols, compliance automation, and collaborative partnerships in creating a supportive environment for InsurTech innovation. Building upon the insights from these scenarios, a National Strategy for Insurance Technology in the Philippines is formulated. This strategy emphasizes implementing robust data protection and privacy protocols, strong cybersecurity measures, continuous monitoring of AI algorithms, a collaboration between insurers and technology providers, and investment in research and development. It also emphasizes the importance of engaging with regulators, leveraging RegTech solutions, and establishing partnerships to develop Insurtech sandbox platforms. Lastly, the project recommends a roadmap for the next five to ten years, outlining key recommendations for the insurance technology sector in the Philippines. The roadmap includes initiatives such as fostering an innovation ecosystem, enhancing regulatory frameworks, investing in talent development, and promoting public-private collaborations to drive the growth and adoption of insurance technology. This capstone project presents a comprehensive analysis and strategy for developing insurance technology in the Philippines, aiming to enhance customer experiences, improve risk assessment and claims processing, and ensure regulatory compliance in the rapidly evolving landscape of the insurance industry. Insurance Technology. Imbang, Glen A. adviser. FI UP UPD TMC LG 995 2023 T4 F56 Thesis