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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