Future-proofing Insurance: Asia's Insurers Gearing up for Digitization

Recent fundamental demographic and market shifts in Asia signal the need for insurers to look at the products, processes, and enabling technology required to stay relevant in the new era. Success in the region will require more than the insurers’ own digital enablement. Effective application of emerging insurtech innovations specific to these markets will be critical to earn the right to play and win in the region. In this paper, we examine the economic and regulatory factors that are unique to Asia, as well as the diverse and evolving needs of regional consumers. An understanding of these factors and how they are inevitably linked to one another will help distill the nuances of what insurtech means to insurance companies and how it can help them gain competitive edge. This study looks at insurtech innovations and their use-cases that provide opportunities for insurers to shape their digital agenda and achieve growth in Asia. We also delve into five key insurtech trends in the region: 1. Open APIs as an accelerator 2. Positive behavioral reinforcement via IoT 3. Cloud and blockchain enabling personalization 4. AI, machine learning, and IoT leading to automation 5. Blockchain as the fraud police