Insurance for the New Possible was joined by Darius Mahtani Cheung, CEO at 99 Group, and Richard Bracken, Regional Head of Consumer Partnerships, APAC at Chubb.
Some of the insights they shared included:
- AI will transform real estate, but it is not a threat, yet. While AI-driven platforms like ChatGPT are increasingly used for natural language searches, Darius said that people still return to listing platforms like 99.co to see and compare properties.
- Blockchain did not have the impact in the real estate market that some had predicted. Questions of ownership, land titles, and taxation make it nearly impossible to implement blockchain-based solutions at scale in Singapore.
- One of the most powerful insights was the potential for insurance to replace rental deposits. Deposits are just a hedge against risk, and that’s what insurance is for. However, in Singapore, where vacancy rates are low and landlords have leverage, there’s little incentive to change.
- Embedded insurance has finally found its home. As digital property experiences become more transactional, insurance has a chance to embed itself directly into the customer journey.
- The Singapore government is the ultimate real estate player. Darius provided a fascinating look into how Singapore’s housing market is engineered.
- AI will transform real estate, but it is not a threat, yet. While AI-driven platforms like ChatGPT are increasingly used for natural language searches, Darius said that people still return to listing platforms like 99.co to see and compare properties.
- Blockchain did not have the impact in the real estate market that some had predicted. Questions of ownership, land titles, and taxation make it nearly impossible to implement blockchain-based solutions at scale in Singapore.
- One of the most powerful insights was the potential for insurance to replace rental deposits. Deposits are just a hedge against risk, and that’s what insurance is for. However, in Singapore, where vacancy rates are low and landlords have leverage, there’s little incentive to change.
- Embedded insurance has finally found its home. As digital property experiences become more transactional, insurance has a chance to embed itself directly into the customer journey.
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