, Singapore

Asia still lags in insurtech amidst 169% growth in deal values

Deals in Asia-Pacific account for only 7% of the the global share.

The insurtech trend continues to penetrate the insurance industry in Asia-Pacific, with investment in insurtech in the region surging by 169% in deal values to $358m in 2017, according to data and analysis by Accenture. Still, the actual share of insurtechs coming from the region remain low, with just over 100 recognised insurtech startups in Asia-Pacific, accounting for around only 7% of the global share.

Accenture noted that despite the growth in the number of insurtech deals in Asia-Pacific at 27%, behind Europe’s 118% growth in insurtech deals in 2017, the region’s insurtech ecosystem remains relatively small compared to other regions, particularly in North America and Europe, given that majority of the industry’s activities continue to predominantly centre in the financial and commercial districts of Singapore, Hong Kong, and China.

Manulife Asia, for instance, has taken the step forward towards integrating technological innovation in their operations by collaborating with fintechs and insurtechs to apply blockchain technology and develop artificial intelligence in its technology hub in Singapore.

“The insurtech industry’s rapid growth reflects investors’ response to consumer appetite for change in an industry sitting on trapped value,” said Roy Jubraj, Accenture’s UK and Ireland insurance strategy and innovation lead.

Meanwhile, other emerging markets including Malaysia, Indonesia, Thailand, and Vietnam are trying to catch up—both in policy and industrial interest—with regulatory provisions already in place to allow for the development and growth of local insurtechs, according to a report by Willis Towers Watson.

Property and casualty remain the most popular insurance segment for insurtech investments globally in 2017, accounting for about 42% of global investments, whilst life, health, and microinsurance have the most impact from digital propositions and insurtech.

Analisa data, kunci kesuksesan AIA Indonesia dalam mengatasi penipuan

Prosedur operasional standar dan penyidik yang terlatih menjaga AIA Indonesia tetap terkendali.

CEO mengungkapkan bagaimana perusahaan-perusahaan Indonesia dapat fokus pada pertumbuhan di tengah regulasi baru

Sementara pasar menuju pertumbuhan, regulasi baru mempersempit keberadaan perusahaan asuransi.

Asei dan Seoul Guarantee teken MoU

Kerja sama ini bertujuan memperkuat jaminan dan asuransi kredit di Indonesia.

Fintech Indonesia melindungi 200.000 nasabah melalui kolaborasi Qoala & Sompo

JULO Protect Plus adalah perlindungan asuransi pertama yang embedded dalam solusi kartu kredit virtualnya.

bolttech, HAVA.id bermitra untuk perlindungan perangkat UKM

UKM  Indonesia juga dapat menikmati garansi perangkat tambahan selama 12 bulan.

Bagaimana Grandtag memberikan keamanan bagi orang terkaya di Asia

CEO regional Grandtag Financial mengungkap bagaimana 'asuransi jiwa jumbo' menarik UHNWI di Asia.

Asuransi Cina menganggap bijaksana untuk beralih ke investasi alternatif

Analisis melihat regulasi baru mendorong pergeseran konservatif saat asuransi mencari stabilitas di tengah pasar yang bergejolak.

Indonesia mempertimbangkan wajib asuransi TPL

Langkah ini didorong oleh meningkatnya jumlah kecelakaan di jalan raya.

Risiko reasuransi meningkat di Tokio Marine Indonesia

Sebagai perusahaan asuransi umum kecil di Indonesia, TMI memiliki pangsa pasar sebesar 2,1%.

Apakah ‘Londonisasi’ baik untuk pasar asuransi M&A Asia?

Para ahli industri membedah tingkat penggunaan yang rendah di wilayah ini untuk asuransi M&A meskipun semakin banyak pemain industri yang masuk ke arena ini.