Dominguez says insurers must prepare for digital revolution

Finance Secretary Carlos Dominguez III called on the insurance industry to adapt to  technological advances and prepare for the digital revolution.

"The insurance industry should be at the forefront and center of technological changes driving our economies. Insurance is among the most closely regulated as well as the most benefitted by technological advances," he said at the East Asian Insurance Congress in Pasay City on Monday.

“The industry ought to explore new products that will not only mitigate risks for corporations but also mitigate risks for communities vulnerable to natural calamities," he said.

Dominguez noted that insurance and other financial services stand to benefit from technological advancements.

The two industries could “become more efficient, accessible and innovative, leading to shorter transaction time and the ability to quickly exchange data between institutions, which, in turn, would make new products possible, and hence, greater financial inclusion.” —Jon Viktor Cabuenas/VDS, GMA News