2020 has definitely been a life-changing year for all of us on planet earth, with over a million lives lost in the pandemic, causing an economic downturn affecting countless businesses and job loss worldwide. At the same time, we saw unprecedented technology advancements that resulted in vaccinations being rolled out at record speed.
With social distancing measures implemented to clamp down on the spread of Covid-19, our way of life is significantly different. Amid fears and insecurities, humanity has chosen to embrace change even though change is never easy. Technology adoption took flight to manage remote working and virtual meeting needs, communities have taken their events online and e-commerce shopping has soared. With technology now playing a bigger role in our lives than ever before, our expectations has evolved to a point that tech ought to be a basic part of every service.
Technology, without a doubt, is here to stay. The insurance industry, for one, has been lagging in technological adoption. However, in recent years, we see insurance companies spending billions of dollars on digital transformation. As much as that has been a good thing, the advisory segment of the business was only just about getting started. As with all change, change is fastest when a situation puts us in a place where there was no way around but to reinvent ourselves. That was exactly what happened during the pandemic where face-to-face meetings were no longer possible and advisors had to think of other ways to add value to their prospects and clients with the use of technology.
2020 has been a very fulfilling year for us where we managed to take our platform to the next level with AI-powered data analytics features accompanied by a fresh UI and user experience. The greatest satisfaction came from sharing the Insuree solution to insurance agencies not only in Singapore but in Malaysia as well as in Indonesia. We are glad to see more and more insurance agencies embracing change not only in technology but in their overall view of consumer behavior and how they should engage with their clients and prospects moving forward. We are truly thankful for all the validation by agencies and advisors who appreciate the value that we bring to them to personalize their approach to serve their prospects and clients better.
We are looking forward to 2021 to further develop our solution and to make a positive impact in the insurance industry in Southeast Asia.