But, more than this, the digital consumer also demands choice and personalisation, transacts with a swipe of their fingers at any time of the day 24/7, and judges products based on peer reviews. Digital consumers are set to grow in significance, especially in Asia. In China, the online insurance market doubled in 2014 to $ billion, representing over 4% of total insurance premiums.1 The Boston Consulting Group estimates that the online insurance market in India will grow by more than 20 times to hit $ billion by 2020.2 Second, data analytics. Advancements in technology have allowed insurers to unlock new data and greatly improve their ability to assess and price risks. Motor insurance is a case-inpoint. In the past, insurers have traditionally relied on historical accidents and claims data to establish premiums and policy conditions. Today, telematics3 technology has allowed insurers to use real-time data to differentiate between drivers’ behaviours and better price risks. However, even as we shift from using historical data to using real-time data today,  1  China: Regulator says online insurance mart lacks variety, Asia Insurance Review eDaily (2015). 2  Insurance @ Digital-20x by 2020, The Boston Consulting Group (2014). 3  Telematics is the technology integrated with computers and mobile communications technology in automotive navigation systems, which allows efficient real-time transmission of information over networks. BIS central bankers’ speeches  1  driverless vehicles are already under trial in Singapore4 and elsewhere, with the help of environmental sensors and navigation systems.
I understand LumenLab already has an existing relationship with NUS, and aims to seek more partnerships across industry sectors such as data analytics, market research, pharmaceutical, and technology, to explore new business opportunities. LumenLab is a prime example of how a large enterprise can create an environment like this within its  4  The LTA and A*STAR has been working on the Singapore Autonomous Vehicle Initiative (SAVI) since August 2014, and has successfully rolled out Autonomous Vehicle (AV) trials in One-North in March 2015. 5  Telemedicine is the use of telecommunications and IT to provide remote clinical healthcare. 6  Oscar Health is a New York-based start-up that provides policy holders with telemedicine tools, enables drug and doctor searches, price comparison for healthcare services, and rewards policy holders for hitting activity goals. Obamacare start-up Oscar Health hits a $ billion valuation, Forbes (2015). 2  BIS central bankers’ speeches  structure, to foster a culture of innovation and entrepreneurship, and partner with organisations across industry sectors and academia in Singapore to identify opportunities for innovation and growth. Singapore as a smart financial centre Singapore, too, needs to position ourselves for this new future.