Business

Great Eastern chief stresses use of tech

Customers are likely to continue to prefer face-to-face advice on insurance, but offering a seamless process digitally will be a strong complement to that, said Great Eastern Holdings group chief executive Khor Hock Seng yesterday.

"The agency and bancassurance channels will still be the main driver of the business for the near future. What will change is you will see both channels will have to embrace more technology to assist them," he said.

"The digital space is something they cannot avoid, and customers will want more convenience - a 24/7 type of service - but still face-to-face advice. It will be how well agencies, for instance, embrace technology to assist them so they are seen to be providing a seamless service."

Mr Khor was speaking at the company's second-quarter results briefing.

Net profit soared 173 per cent to $279.5 million in the three months ended June 30 from a year earlier, mainly owing to higher non-operating profit.

That came on the back of favourable financial market conditions and higher profits from investments in the shareholders' fund, said the firm, which is the market leader as of March this year. - THE STRAITS TIMES

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