On January 18, 2024, Faculty of Finance at City University of Macau hosted the financial seminar series [13] at the Ho Yin Convention Center on Taipa Campus. The guest speaker for this seminar was Mr. Chen Yong, Vice General Manager of Tahoe Life Insurance Company (Macau) Limited, who shared valuable insights on the "Digital Transformation in the Insurance Industry." Guests attending this seminar include Dean Adrian Cheung and Associate Dean Eva Khong of the Faculty of Finance, City University of Macau.

Mr. Chen Yong is a Financial Risk Manager (FRM), Senior Professional in Human Resources (SPHR), Project Management Professional (PMP), and Certified Anti-Money Laundering Specialist (CAMS) with over 20 years of work experience. He has served in Fortune 500 financial and insurance groups such as Bank of China, Allianz Insurance, and MetLife. His work area covers corporate governance, business strategy, human resources management, risk management, legal compliance, and more.

During the seminar, Mr. Chen emphasized the importance and applications of digital transformation in the insurance industry. He explained that digital transformation is driven by rapidly changing business needs, diversified channels and products, and the demand for optimizing user experiences. Mr. Chen further elaborated the application of digitalization in the insurance industry by presenting successful cases such as "Li Bao Tong" (立保通), fast claims settlement "Miao Pei" (秒赔), and intelligent customer service (Xiao Hui). These cases demonstrated how digital technology can improve efficiency, reduce costs, and enhance customer experiences.

In addition, Mr. Chen also discussed the future prospects of digitalization in the insurance industry. He pointed out that the future of the insurance industry will innovate based on big data technology, achieving more precise and efficient operations in product design, marketing services, underwriting, and claims. The application of big data will enable insurance companies to better assess risks, conduct targeted marketing, improve underwriting efficiency, and effectively combat fraud. Finally, Mr. Chen emphasized the future value of insurance technology, stating that its development is quietly transforming the entire industry, leading the industry's transformation through innovation by more insurance enterprises and insurtech companies with an internet mindset, aiming to achieve the goals of "inclusiveness," "touchpoints," and "connections".

This finance seminar provided students with the opportunity to acquire an in-depth understanding of the digital transformation in the insurance industry. Students actively participated, sparking discussions on the future development of insurance technology. They reaped great benefits at the seminar and looked forward to the next finance seminar. The Faculty of Finance of the City University of Macau will continue to hold similar events to promote communication and cooperation between academia and industry, as well as to promote the development of the finance sector in Macau.