Like every other industry, the APAC insurance industry is undergoing digital transformation (and disruption) with technology and InsurTechs being an enabler for insuring for the future.
- underwriting & risk
- claims management
- data management
- new insurance service offerings
- customer experience
- marketing & distribution, platforms and partnerships
Rise of digital ecosystems and platforms
The giant platforms, such as Alibaba and Tencent, are at the forefront of the dynamic paradigm shift from product-centric to customer-centric distribution models. Some of these platforms are already influencing the insurance and InsurTech world in Asia. Examples include:
- Tencent’s InsurTech subsidiary WeSure in China, which makes it possible for users to buy insurance products without ever leaving the WeChat ecosystem.
- WeSure partners with over 20 insurers and claims to have reached 20 million active monthly users on its first anniversary.
- Alibaba’s provision of a Xiang Hu Bao “mutual-aid platform” operated via the Ant Financial-owned payments and lifestyle platform, through the Alipay mobile app.