Top InsurTech Companies in Asia
The world is fast changing, so do consumer preferences, especially in digital assets in the insurance sector. There are approximately around 1500 insurance technology start-ups across the globe currently, but the number is relatively low in a region where there is an increase in the middle-class population. With low insurance base, the region thus has seen a growing demand for InsurTechs creating a massive opportunity.
InsurTech is a segment of Fintech that entails the adoption of cutting edge technologies and digital innovations to enhance efficiency and squeeze out savings from the present insurance model. InsurTechs are transforming the underwriting processes and customized insurance solutions by offering them directly through a mobile device. With technological advancement, the industry has managed to keep up with changing customer needs while making the claim process easier. Here are some of the InsurTech start-ups in Asia that are already changing the insurance industry.
PolicyPal was founded in 2016 by Val Jihsuan Yap in Singapore to help users with a way of organizing and managing their insurance policies from a single point. Users can upload digital versions of their insurance policies for consolidated management. It is an insurance hub that brings on board some of the big names in the insurance industry, such as HSBC, AIG, and Singapore Life. It gives consumers the ease of buying cover for travel, personal injury, life insurance, and motor as well as enabling them to pay for their premiums using debit and credit cards. You can also sell and buy or exchange endowment policies through PolicyPal. It is the first InsurTech to be approved by the Monetary Authority of Singapore.
Connexions Asia Group
Rosaline Chow Koo founded CXA Group in 2013 as an employee-focused benefits platform. CXA has been recognized for its innovations in insurance, healthcare, and human resource for its efforts of changing wellness to prevention form treatment. The start-up was bootstrapped with $5 million by Rosaline, and up to date t has raised funding of $33 million in series A and B funding. CXA is expanding its operations to India, Japan, Indonesia, China, Malaysia, South Korea, Hong Kong, and Thailand.
ZhongAn Insurance was started as a joint venture between Alibaba, Tencent, and Ping and it is led by Wayne Xu Wei as the COO. It was the first insurance company in China to start offering its insurance products through the net. In 2017 the company was listed in the HKSE, and it is currently focused on developing its products lines as well as enhancing its profitability. The InsurTech has underwritten close to 630 million insurance policies as well as serviced over 150 million clients.
Currently, the company’s main business driver is the selling of shipping return insurance for Chinese giant Alibaba, but it is considering motor insurance as the most important segment that can drive the company’s future growth. In 2015 ZhongAn launched Baobao Car insurance business that has seen tremendous growth in premiums in the last few years. It is already working with car dealer companies such as Didi Chauffeur, Yixin Group and car makers BYD and Changan Automobile.
PolicyStreet is based in Malaysia and was founded in 2017 by Wilson Beh, Yen-Ming Lee and Winnie Chua. It was established to democratize the insurance industry that is known for complexity, thus ensuring that insurance is affordable and accessible to Malaysians, where 45% of the people do not have insurance cover. Since its formation, the start-up has raised around $535,000 in Grant and Seed funding. It covers life, property, travel, and medical insurance through simple contract options that are easily understood by clients. The insurance offered at PolicyStreet is commission free and also gives rebates on the part of its popular plans.
Last year in an innovate to move the company provided an employee protection plan at DOJO in the capital Malaysia Kuala Lumpur, which shows its commitment to offering affordable insurance for millennials and SMEs.
Singapore Life was established by Walter de Oude, who is also the CEO of the fully licensed life insurer. It is the first local insurance company to be licensed since 1970, and it offers life insurance products to HNWi’s. In three years, the company raised around $83 million, which is a remarkable milestone for a relatively small start-up.
PasarPolis was founded in 2015 by Cleosent Randing, who is also the CEO of the Indonesia based start-up. The InsurTech start-up offers custom insurance solutions through the D2D and B2B distribution channels. In 2018 has a series A funding that was backed by Indonesia’s three unicorns Tokopedia, Go-jek and Traveloka. The goal of PasarPolis is to employ technology to overcome barriers, thus making insurance affordable. The start-up is collaborating with the government-owned insurer to offer insurance to Go-Jek’s partner drivers.
Appman was founded in 2011 in Thailand by Amrit Franssen to minimize the cumbersome paperwork that one has to deal with in the insurance industry. The move is expected to transform Thailand’s insurance industry, especially in the provision of life insurance. The company has around 70 developers, analysts, and designers, and the company’s app has been evolving through customer feedback to offer a platform that is easy to use. Some of its partners include Thai Samsung, Siam Commercial bank, and Alliance Ayudhya.
The InsurTech industry is fast growing, and it is full of potential, and the aim is to use technology to ensure that insurance is accessible and affordable to millions of people who are not insured or in regions where individuals are underinsured. Most of these start-ups are providing knowledge to the masses about insurance as well as making sure that the insurance processes are simplified so that a large number of people can access insurance through mobile devices. The InsurTech industry has not had any disruptions yet, but it is likely that going forward these companies will have to enhance their strategies to remain competitive by cutting down costs.