The data processing power of the computer allowed the industry to design new products, scale up operations and increase efficiency. Fast forward to today, we are at the brink of another great technological revolution and disruption. Artificial intelligence, big data and robotics will reshape the way we live, work and play. In many ways, the industry is in a prime position to seize the opportunities arising from these technologies given that the ability to manage risks remains the single most compelling proposition of insurance. For example, e-hailing services have become part and parcel of modern life. Many of the drivers do not benefit from generic motor insurance products. Perhaps usage-based or pay-as-you-drive insurance policies would be better suited for these consumers. Technology such as telematics could also be adopted to incentivise drivers to good behaviour. Artificial intelligence and blockchain can be utilised to enhance the efficiency of the claims settlement process. As a service industry, it is important for insurance companies to address the user experience. From our extensive engagements with the public, many Malaysians still find purchasing insurance too much of a hassle. Products are perceived to be too convoluted, complicated and non-transparent. We are taking this very seriously, particularly given the measures we have taken to encourage the use of plain language coupled with clear and concise disclosures. 2/4  BIS central bankers' speeches  Clearly, these measures have not had the desired effect. There is an urgent need for the industry to design a more positive customer experience.
The Green Swan explores three dimensions of this coordination: ‐ firstly, the interactions between monetary and prudential policies with fiscal policies; 14  See for instance the call for action issued by Nobel Prize Laureates and other experts: Agre et al. (2021). Our Planet, Our Future: An Urgent Call for Action. Accessible at: https://www.nationalacademies.org/news/2021/04/nobel‐prize‐laureates‐and‐other‐experts‐issue‐urgent‐call‐for‐ action‐after‐our‐planet‐our‐future‐summit  5  ‐ ‐  secondly, how central banks can facilitate the international monetary and financial coordination needed on climate change; and, lastly, how central banks can contribute to promoting values and behaviours that are particularly important for the low‐carbon transition, such as long‐termism. For example, climate change is now at the agenda of the G7 and the G20 finance Tracks where representatives of finance ministries and central banks work together. New forms of cooperation between the public and the private sector have emerged as well, such as on the very important topic of disclosure: ‐ The TCFD for climate‐related disclosure; tasked by the FSB (finance ministries and CB) but private led; the work of the TCFD is now taken into account by public authorities and standard‐setting bodies at the global level (IFRS) as well as in the EU (EU Commission / EFRAG) ‐ The TNFD, a private‐led initiative that brings together industry, NGOs, international organisations and public authorities, aiming to develop a nature‐related disclosure. As Mark Carney stressed yesterday, disclosure should be a priority and his goal for the Cop 26 is to make the TCFD framework mandatory.