Revolutionising Insurance: Leveraging AI to Drive Inclusivity and Accessibility in the Philippine Market

At Echelon Philippines 2024, a fireside chat titled ‘Revolutionising Insurance: Leveraging AI to Drive Inclusivity and Accessibility in the Philippine Market’ focused on how Lydia.ai is leveraging AI to transform the insurance landscape in the country.

Christina Cai, the Chief Operating Officer and Co-Founder of Lydia.ai, emphasised the importance of inclusivity and accessibility in insurance offerings for underserved and unbanked populations. By utilising AI-driven health scoring models, Lydia.ai aims to provide insurers with the tools needed to develop more affordable and accessible insurance products, thereby integrating insurance into the daily lives of Filipinos.

Also Read: Echelon Philippines 2024: Beyond traditional frameworks with Minette Navarrete of Kickstart Ventures

Cai discussed how traditional barriers to entry, such as invasive health assessments and high costs, can be mitigated through AI technology. The goal is to make health data more useful while ensuring transparency, trust, and customer consent in the process. By tailoring insurance products specifically to the Filipino market using local data and digital sources, Lydia.ai seeks to enhance the overall insurance experience.

The conversation also highlighted the potential of AI to address misconceptions and accessibility challenges, particularly for underrepresented groups and individuals with disabilities.

Moderator Christine Galolo, General Manager at e27, facilitated the discussion that showcased Lydia.ai’s commitment to creating a more equitable insurance environment in the Philippines. With the integration of AI in insurance, the hope is to break down barriers and foster greater financial inclusion across the nation.

Watch the session video above to learn more about these insights and the strategies shaping the future of entrepreneurship.

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State-run Malaysia Digital Economy Corporation (MDEC) has signed Memorandums of Understanding (MoUs) with Singapore’s Ascent and Indonesia’s Central Capital Ventura (CCV).

These strategic partnerships will strengthen Malaysia’s digital economy, bringing in capital investment of up to US$45 million (RM200 million) to fuel innovation and accelerate the growth of local startups.

Also Read: MDEC CEO: Under Malaysia Digital, digital businesses will have more flexibility in fiscal, non-fiscal incentives

This combined funding will foster the growth of Malaysian startups, particularly in alignment with Malaysia’s KL20 initiatives.

Ascent will invest in early-stage Malaysian startups across critical sectors, including fintech, embedded finance, healthcare, sustainable agriculture, SME enablers, and next-generation technologies like Artificial Intelligence (AI) and robotics. This capital injection is expected to enhance financial inclusion, promote digital transformation, and enable promising startups to scale regionally.

Simultaneously, CCV, the venture arm of Indonesia’s largest private bank, Bank Central Asia (BCA), offers Malaysian startups access to its Southeast Asia regional ecosystem network. This investment aligns with MDEC’s mission to accelerate AI, cybersecurity, blockchain, and digital finance growth, providing vital support for Malaysian startups in these high-growth sectors.

These strategic MoUs will drive cross-border innovation, allowing Malaysian companies to leverage resources and expertise from Ascent and CCV to expand operations and compete globally. The partnerships will also foster local innovation and talent development and contribute significantly to Malaysia’s transformation into a dynamic, digital-first nation.

Also Read: TikTok exec Anuar Fariz Fadzil joins MDEC as CEO to drive Malaysia’s digital agenda

Through these collaborations, Malaysian startups will gain access to international markets, mentorship from industry experts, and potential follow-on investments. MDEC will work closely with Ascent and CCV to ensure the successful execution of these initiatives and maximise their long-term impact on Malaysia’s digital economy.

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With close to 30 years of history, Accuron Technologies (Accuron) started out in contract manufacturing for aerospace parts and components. As the years passed, the Singapore-based company expanded to include other pillars: semiconductor equipment manufacturing and advanced manufacturing equipment.

But on Tuesday, at the sidelines of the Singapore Week of Innovation & Technology (SWITCH), Edwin Chow, Vice President for Industrials & New Ventures at Accuron, spoke to e27 about the company’s corporate venture capital (CVC) arm.

“The idea is to invest in younger, fast-growing companies that have their own intellectual property, proprietary technology, and know-how. [These companies] are already scaling up in sectors or segments that are either part of our core businesses or operating in sectors that have a long-term growth trajectory, driven by the so-called megatrends, demographic change, and digitalisation,” he elaborates.

“In a nutshell, we spot promising, high-growth, fast-growing companies that require financial resources and other capabilities that we can provide–and we want to invest in the right ones.”

Accuron invests in areas within or adjacent to its core business areas, from aerospace and semiconductor equipment to 3D printing. The organisation is also looking at sectors that it believes have long-term growth potential, such as renewable energies and digitalisation of the manufacturing process.

Also Read: Malaysia Digital status companies pioneer growth in the competitive semiconductor industry

“People are getting older; fewer people are willing to work in factories. So, the natural thing to do is to digitalise and automate,” Chow explains.

He also added that Accuron is looking for companies at a later stage. “They already have customer traction, so [that includes] positive cash flow and customers in their home base. They have their own proprietary IP and a management team that is growth-oriented and ready to scale. What we do not want is companies that are just too early, but we want to keep these companies on our radar.”

During our conversation, Chow also discussed the challenges late-stage startups may face in scaling their businesses. Securing more customers without losing profitability and managing a more efficient supply chain and supplier base are top of the list.

“The third area is something that most earlier-stage startups tend to ignore until later: the internal governance of the company. It includes the financial and HR governance. As a young startup, you focus on getting the next customers and partners, ensuring you raise funds. Sometimes you do not realise that if you are raising a bigger round, the investors that come in are usually institutional investors,” Chow points out.

“They will probe your management processes, financial statements, and HR policy.”

Looking ahead

With the rising popularity of Generative AI, the semiconductor industry is experiencing a surge in demand. As a company with a business pillar in the industry, how does Accuron plan to seize this opportunity?

Also Read: AI will spur growth in data centres, potentially leading to semiconductor shortage: Bain & Co

Chow begins by stressing that the semiconductor market is “very, very big.” As a US$600 billion market, it includes a wide range of products and requires Accuron to clearly focus on what it wants to achieve in the space.

“We have existing companies that make machines that help the fabrication process of the chips, companies that make machines that help handle the wafers … so when you speak about the relations between AI and the semiconductor industry, it is a very broad brush,” he says.

“In terms of strategy, we look at how we can grow the business units that we already have in that sector and the area of new corporate ventures. We want to identify companies that can perhaps use AI to help in the digitalisation of the manufacturing process,” Chow continues, giving examples of machine learning that can help improve the manufacturing process by reducing defects and improving yields.

“I am quite cautious in saying there is such a grand strategy. Frankly, unless you are TSMC or Nvidia, I would take anything anyone else says with a big pinch of salt.”

The same open-mindedness is also seen in Accuron’s plans for 2025.

“We do not have a target in mind, which is the benefit of being a Corporate VC. Because we do not invest other people’s money; we invest our own money from our balance sheet,” Chow closes.

“We are taking a more curated and targeted approach. So, we want to meet as many interesting companies as we can, but we will probably act on only a few that fit our strategies.”

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Image Credit: Accuron

The post What Accuron wants startups to know about fundraising for late-stage companies today appeared first on e27.

Over the past year, my journey with AI tools such as Claude, ChatGPT, and Google’s Gemini has reshaped how I approach communications and PR for tech founders and funds across Asia. Using these tools has fundamentally transformed my workflow and delivered more effective, targeted, and impactful PR campaigns.

There’s no question about it: AI is and will be an instrumental tool in our industry. Those who do not get on board will be left behind. It is tantamount to using an abacus for calculations.

Before diving into the learnings or applications for AI, one core principle I follow is to steer clear of using AI for first drafts or iterations of meaty content like press releases,  long-form reports, or even an op-ed like this one. These early drafts often land generically and fail to hit the mark. But, who knows, future advancements and continuous learning might further enhance its effectiveness.

For now, though, AI is invaluable for idea generation, short-form content generation and refinement, and the design of simple graphics.

Here is a list of proven use cases:

Idea generation

AI is incredibly efficient for brainstorming talking points or story angles and getting your planning started.  For instance, when developing a pitch about the rise of sector-specific AI for an early-stage VC fund, AI can swiftly generate a list of pertinent questions, which you can then fine-tune.

Example prompt: “I’m pitching a story for [insert publication] on the growth of AI for an e-commerce client – please give me a list of 10 questions.”

I then review and refine the questions.

Media pitches

Without a doubt, using AI has been useful in fine-tuning media pitches and providing a general sense check.

Example prompt:

“[insert media pitch] Please review and edit this pitch for a tech report for e27.

Media responses

Many PR professionals are increasingly using AI to develop media responses. AI is supportive in providing initial structure and broader viewpoints. However, the responses always need to be in line with the ‘house’ view, tone of voice, and of course, be original and authentic.

Headline crafting

Crafting the first five to seven words in a headline is crucial for a communications professional. For me, I use AI more often to refine my headlines than to generate them from scratch.

Example prompt:

“[insert current headline] Please provide five alternative headlines for a press release that targets institutional investors.”

Sense-checking messaging

As PR professionals, we always harp on getting the key message through. AI can be a partner in giving you that sense check.

Example prompt:

[insert content/interview response] What is the key message here?

Also Read: How marketing will be enhanced through generative AI

Editing

AI has been immensely helpful in editing content, bringing clarity, and quickly incorporating feedback.

Example prompt:

[insert paragraph of content] + [insert client feedback e.g. “For this paragraph, can you please also incorporate additional context on VC investment in Vietnam’s startup ecosystem?”

Transcriptions

Our clients are often time-pressed so any opportunity they get to speak on podcasts, webinars, media interviews, or panels, we look to reuse and repackage. The “old school” way was to record, get a transcriber to transcribe, review manually, and develop content off the back of it.

With tools like Castmagic, the transcriptions get cleaned up, analysed, and synthesised and are available in various blog, and social media formats. Tools like this are also useful in helping you slice and dice into various other formats, or respond to specific prompts (e.g. pull out all quotes related to hiring for AI roles in Southeast Asia). This can all be done by the time you make a French press coffee.

Graphics

This is still fairly preliminary but I’m excited about the developments. With advanced tools like ChatGPT 4.0, we now have access to the creation of diagrams, charts and pie graphs within minutes following a prompt. This will be an excellent resource in saving time and efficiency all around.

Example prompt: [create a timeline diagram of company X with inception and milestones].

Research assistance

Last but not least, AI has been a great research assistant in supporting media pitches, developing proposals, and overall content creation. With more advanced tools like Perplexity, you also have access to academic papers to draw from.

However, when using AI, it’s important not to take anything generated at face value and review it with a critical eye.

Be wary of inaccuracies or “hallucinations” in AI responses. AI is not perfect and the research presented needs to be double-checked and sources verified.

For example, if you prompt the following: “Give me a list of tech reporters in Asia.” You will find most of the list outdated. Since certain AI tools rely on information only available until 2022, 2023 or information is not fully updated online.

Also, it is important to ensure your work remains original and authentic. This reiterates the earlier point about not blindly trusting AI-generated content.

Ultimately, AI is designed to augment the work of communications and PR professionals. Our role as storytellers remains indispensable. In an AI-assisted world, the creation of high-quality content is more crucial than ever for PR professionals.

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Solving the bot problem may seem like a pretty simple procedure from the outset. You simply eliminate any profile that doesn’t belong to your original profile.

However, as our social lives become invariably intertwined with our online identities, it is clear that one-size-fits-all approach is not going to work. 

According to a Portuguese missionary in the 16th century, Japanese people are so crafty that they may have three faces. The theory suggests that the first face we show to the world. The second face is reserved for family and friends, and the third face is reserved for us alone. Perhaps, the latter is our truest self.

The Japanese three faces theory has spiked the interest of many communities since then, and even today, many people wear different masks for different occasions. 

In a discussion on Reddit, there were many interesting responses about the theory of three faces, with the vast majority agreeing that three or possibly more faces would be the norm.

If this is the case and individuals want to showcase different sides of their personality via the masks that they wear, how can these various masks be incorporated into Web3 social media design?

“[The Japanese people] are so crafty in their hearts that nobody can understand them. Whence it is said that they have three hearts: a false one in their mouths for all the world to see, another within their breasts only for their friends, and the third in the depths of their hearts, reserved for themselves alone and never manifested to anybody.” From História da Igreja do Japão, Volume I, Page 173, written by Father João Rodrigues, SJ.

What is a Sybil attack?

A Sybil attack is an online security threat where one node operates multiple fake identities on a peer-to-peer network. The easiest way to visualise it is the proliferation of social media accounts created by one single user. Opportunists can use Sybil attacks to run multiple nodes. 

Also Read: ‘Tis the season to be giving! 4 ways Web3 is transforming the fundraising sector

The name comes from Schreiber’s book in 1973 based on Sybil, aka Shirley Ardell Mason, who was treated for multiple personality disorder. After therapy, Sybil manifests sixteen personalities.

What is Sybil resistance and why is it a crucial component of Web3 security?

Although there is no way to fully prevent a Sybil attack, Sybil resistance has become a critical component in maximising defence against potential attacks.

Building a trusted, decentralised profile for navigating the digital world is going to be critical as your digital identity becomes more and more associated with your online engagements.

Consider the role of a freelancer as an example. They want to provide services to various Web3 communities without having to give away personal information every time they consider a job offer or application. 

Kevin Owocki, Founder of Gitcoin Grants on Sybil resistance

What users need versus what users want

Social media platforms and communities should provide a safe place to share online content, a way to interact with new community members, built-in privacy tools, built-in trust and easy access to the community with clear navigation between different communities. 

Now for what users want. Using the three faces theory and based on the analysis of responses to the theory online, it is clear that users want to showcase different versions of their personality depending on the platform and the objective of the profile created. Providing the tools to facilitate what users want is no easy task. 

However, technologists across Web3 ecosystems are hoping to offer solutions to facilitate our digital behavioural needs. Orbis protocol has integrated verified credentials so that profiles can now be associated with and display credentials issued by both Gitcoin Passport.

Why is this important? It directly prevents bad actors from having multiple accounts within a social platform.

An open, wholesome social experience

As somebody who dabbles in and out of different social media platforms, it would make the internet a much nicer place to hang out if I didn’t have to log in and out every time I switched profiles.

Web3 tools allow users to create, migrate and switch between social applications. Projects like Orbis Protocol and Subsocial are providing new tools that are Web3 teams to build decentralised social applications into their products.

Also Read: The Philippines can be ‘Korea of Web3’, says Axie Infinity Co-Founder

However, how can SoFi developers ensure that the end user is protected from bots while also allowing creative expression via their “three faces”? 

“Subsocial’s transaction fees, though minuscule, serve to effectively limit the widespread usage of bots on the platform. In the future, we plan to integrate a decentralised identifier (DID) solution, allowing users to see who is verifiably real. Social networks built on Subsocial will have the option to only show content from verified users. On the other hand, users can choose to take things with a grain of salt if they are coming from an unverified account,” says Alex Siman, Founder of Subsocial. 

New social experiences will allow communities to create hubs where people can share valuable information, access educational content and connect with leaders.

The tools being developed for newer forms of online engagement need to provide a safe place for individuals to speak openly and passionately about any subject matter, while also providing a level of privacy that is needed for self-preservation and autonomy.

Bots, bots and more bots

Eliminating the unbearable bots on social platforms has become a painful but critical objective for all social platforms. In addition to ruining the experience and interrupting the flow of information, bots are being used to manipulate vulnerable users and hack into accounts.

Even the most popular social engagement platforms have become almost unbearable with the sheer amount of fake avatars flogging products and services. 

Harassing user profiles on social media platforms has become a skill set of communities across Web3 ecosystems. Are these the type of skills encouraged to participate in the future of the internet?

Some warning bells are ringing here. Let’s not turn the entire internet into a place for harassment.

Spaces to the rescue. Many seek refuge from the onslaught of unverified user profiles in Twitter spaces. The sound of actual voices having honest conversations has become a welcome reprieve but also a novelty in an age of fakery and mundane “influencer” content. 

The recent migration of users to Mastodon demonstrates a willingness for internet users to consider new ways of interaction. Since Elon took over, Twitter reigns, over one million people have flocked to this new platform.

Factoring in the three faces theory

During our lifetime, people wear different masks for occasions. This is human nature whether it is to hide vulnerabilities or project a different level of confidence. 

A question on Reddit regarding the legitimacy of the three faces theory had 97 responses, and the vast majority agreed that you have at least three faces. The first face you show to the world. The second face you show to your close friends and your family. The third face, you never show anyone.

In fact, many respondents believe that you have more than three faces. “I think I take on different personas depending on who I am and/or what I am doing.”

Another interesting reply was, “Nobody except my internet service provider and data compilers at Google know the true me”.  

If self-preservation is a necessary component of a public persona, how can social applications cater for the three faces that one might wear?

In the future, could users select their masks just as they would select their clothes for the day?

The potential of Web3 social applications to provide more seamless, open and sustainable experiences is intrinsically tied to our ability to alter our personas based on different online environments.

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This article was first published on December 15, 2022

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