Leading InsurTech Companies Asia Pacific 2020
Applying its triple “u” framework – ubiquity, utility, and usability – IDC Financial Insights Asia/Pacific determined the list of the Asia/Pacific* 'InsurTech Fast 50' companies. Six Australian companies made the cut - check out what these companies offer.
The Fast 50 research refers to promising insurtech players specialising in the insurance sector from China, India, Indonesia, Singapore, Hong Kong, Thailand, Malaysia, Philippines, Vietnam, Taiwan, South Korea, and Australia.
Two important value propositions are offered by the insurtechs to insurers:
- Keeping customers in charge ~ by redesigning sections of the value chain processes, differentiated outcomes can be delivered. Insurers may prefer to "buy" viable options from insurtechs with 'plug-n-play' capabilities that are flexible, modular and easy to configuration/integrate than build their own solutions; and
- Providing the service without assuming the risk exposure ~ insurtechs transfer the risk to their insurance partners, parent insurance companies or underwriters.
By enabling businesses to leverage digital technologies for better flexibility in product design and higher scalability in distribution channels, insurtechs act as a conduit between the incumbent insurers and the end-user customers. They provide Insurers with first-mover advantage, reduced overheads and operational costs, and access to diversified customer groups.
The maturity between the insurtech-insurer partnership has gradually deepened to one of business-to-business-to-customer (B2B2C) solutions platforms. These improve the ‘direct-to-customer’ experience by driving more sophistication into on-demand and real-time quote generation services; user data validation and authentication; custom bespoke products and servicing communications platforms.
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