21 December, 2019
Asia’s biggest InsurTech gathering took place over two days on 27 and 28 November 2019, attracting over 200 speakers and over 2,000 leaders in the insurance, InsurTech and financing/VC sector, connecting senior executives, entrepreneurs, investors and advisers.
There were two main stages with concurrent presentations, many in panel format. Many of Asia’s largest incumbent insurers were represented, along with investors, partnership arms of incumbent insurers and InsurTech businesses of varying sizes.
Some of key learnings and takeaways from the event were that:
- Incumbent insurers are on varying pathways or degree of maturity on their digitalisation journey, with some well in advance having started some 5 to 10 years ago, while others have only recently focused on this. Nearly all have said that the journey will throw up challenges, but the need to start simple and build is key.
- InsurTech is re-defining the insurance sector and this continues to growth exponentially in Asia. However, finding the right level and nature of investment/partnership, ability to scale, shared appetite for innovation and long term alignment of shared goals, culture and KPIs remain paramount.
- Data and data-lead strategies are seen as central to the transformation of the insurance sector, allowing greater efficiencies, more tailored and personal products and services and a greater number of ‘touch points’ with the customers. It will also transform distribution and the nature and use of agents and intermediaries.
- The insurance sector and the use and nature of InsurTech in Asia are varied and need careful attention to local conditions and local markets. What may work well in one jurisdiction in Asia may not work as well in another, particularly in an online or digital world, and especially without tailoring and bespoke adjustment. The rise of super apps and platforms and partnering in Asia is an increasingly important and growth area for insurers and InsurTechs alike.
