As such, an important priority is the development of a centralised data exchange platform by the industry in collaboration with key stakeholders in the medical ecosystem. Such a platform will not only facilitate the standardisation of medical claims data, but enable the industry to transmit and analyse data in a more systematic, efficient way over the longer term. On a broader scale, we are committed to developing the building blocks necessary for an open data ecosystem in the next five years. The first step we are currently taking together with the industry is to identify high-impact use cases. Given the diversity of innovators in the room today, I welcome interest by the fintech and insurtech sector to approach us directly or via your industry associations to propose impactful use cases that will act as a springboard for the development of common data sharing standards. Redrawing the frontiers for greater efficiency The second critical area is on how innovation has the potential of redrawing the efficiency frontier. Sean Gerety, a user experience or UX expert, shared this insight on innovation: "The technology you use impresses no one. The experience you create with it is everything". The protection journey moving forward goes beyond just 'quote to claim'. It must anticipate and fulfil multiple needs of consumers in a more efficient way. While we do see efforts made by existing players to transform manual claims processes with technology, there is room for improvement in Malaysia. The process of buying and claiming insurance remains cumbersome for many.
Events that we once thought to be implausible or highly unlikely, have become the “new normal”. 1/5  BIS central bankers' speeches  In many parts of the world, health care costs continue to rise, and many face uncertain futures as public sector safety nets and government finances come under increasing strain. Against this backdrop, financial inclusion for the underserved segments remains an elusive goal. For the insurance industry, this raises important issues. Two issues come to my mind. First is on the industry’s role in addressing a few of the challenges facing our economies and society. And second, the manner in which regulation and supervision can adapt to support broader economic and social development. In addressing these issues, I shall attempt to advocate the idea that a rethinking in approach is an imperative. New paradigms are needed to anchor business and public policy to the realities of the future. I will touch on three of them: competitive, stability and ethical paradigms. A new competitive paradigm In an increasingly interconnected world, traditional models of competition deserve a re-think. Network effects will become more important, both in increasing the value of insurance products and services, and to better manage risks. Rather than see the competitive landscape through a zero-sum lens, co-operative competition or “co-opetition” can result in synergistic benefits. The example of Hewlett- Packard (HP) clearly illustrates this idea.