The InsurTech industry in Asia is still relatively smaller as compared to the western world of Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in the last two years.
According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon. China is also another big InsurTech hub in Asia.
Business-friendly conditions in cities in Asia are the main factor for the growth of the insurance technology industry. Furthermore, what has played a major role in contributing to the development of the industry in Asia is the use of advanced technology, IoT, and big data.
Here are some of the InsurTech companies that are disrupting Asia’s insurance industry:
bolttech is an international InsurTech with a mission to build a technology-enabled ecosystem for protection and insurance. Headquartered in Singapore, bolttech serves customers in 30 markets across North America, Asia and Europe.
With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.
SingLife (Singapore Life), a life insurance company licensed by the Monetary Authority of Singapore to caters to the protection, savings, investment, retirement, and lifestyle needs of Singaporeans across all walks of life.
The InsurTech company offers affordable term life insurance, critical illness and cancer plans. Its protection solutions are available to the retail segment both digitally and through financial advisers. In addition, SingLife also offers universal life solutions to high-net-worth clients.
China-based ZhongAn Insurance is an online-only InsurTech company that develops ecosystem-oriented insurance solutions covering multiple consumption situations. According to the company, as of June 30, 2017, it had sold more than 9.5 billion insurance policies.
ZhongAn operates its core insurance system on its cloud-based platform Wujieshan. The company has also developed improved AI capabilities to strengthen risk management, optimise product features quickly, and enhance customer experience.