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Insurtech Report: The future of insurance in Asia-Pacific (www.osborneclarke.com)

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.

Insurtech influences

  • 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.

What do you think?

Posted by Christophe Langlois

Based in London for almost a decade, Christophe is an entertaining fintech marketing keynote speaker and a trusted advisor to the global financial services industry on the topics of digital marketing, innovation and B2B social media.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is advising a number of fintech startups on marketing and growth hacking and he is the Chief Marketing Officer of The Fintech Power 50, an exclusive annual programme helping fintech scale-ups to accelerate their growth globally.

Christophe's views on VisibleBanking.com are his own.

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