Even in mature insurance markets, there is room for InsurTech growth. Digital insurers like Singapore Life and BowTie (in HongKong) allow the public have easier access to insurance.
To give the insurance industry a close-up look at what InsurTech can do to boost business including in process efficiency, customer engagement and new business acquisition, Asia Insurance Review and Lead Sponsor NMG and HealthTech Sponsor Dacadoo are organising the Asia InsurTech Summit 2019.
The three-day event will have 30 expert speakers, more than 10 InsurTech Apps on display, and a not-to-be missed Lab Crawl to some of the leading insurance innovation hubs in Singapore. It will be held on 3-5 April.
The Summit highlights that insurers can no longer afford to work merely with traditional partners in today’s digital economy; they must seek other avenues – such as e-commerce and the sharing economy – and adapt to the new reality. A prominent example of this is set by Southeast Asia's biggest ride hailing group, Grab, which is offering micro-insurance and other services.
In addition, insurers must find ways to embed themselves in the digital ecosystem or risk being left out, as more online insurers, with a wide reach, enter the market.
For example, in India, startup insurance tech aggregator platform InsureMile started operations earlier this month, partnering with 24 insurance companies and offering 200 plus products. Meanwhile, in Pakistan, Karachi-based financial comparison platform Smartchoice is working with 15 financial institutions in the country including insurers and banks to feature about 100 different products.
HealthTech is also a big wave in InsurTech developments with names like Ping An Good Doctor and CXA Group making their mark in the region.