Insurtech in Asia: Changing the Rules of the Game

by Wenli Yuan, June 7, 2017
Industry Trends
Asia-Pacific

Abstract

Insurtech companies are challenging incumbent insurers all across Asia.

NEW YORK -- Celent has released a new report titled Insurtech in Asia: Changing the Rules of the Game. The report was written by Wenli Yuan, a Senior Analyst with Celent’s Asian Financial Services practice.

Fintech startups are changing the nature of the financial industry. Insurtech companies are challenging incumbent insurers all across Asia, in Singapore, China, Hong Kong, India, Malaysia, Thailand, the Philippines, and Indonesia.

Many countries have established regulatory “sandboxes,” relaxing some regulations to allow fintech firms to experiment with new business models and products. Insurtechs are disrupting the insurance industry in areas including customer acquisition and communications, products, claims management, and data intelligence, as well as creating new ecosystems. This report profiles over 30 noteworthy startups in the region.

“Consumers want interesting and consumer-centric products, and as of yet traditional insurers have not delivered,” commented Yuan.

“Celent suggests that insurers view insurtech as an opportunity rather than a threat, explore the possibility of new partner models, and follow the market for insight and idea creation,” she added.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Background: Fintech Regulatory Environment

2

 

Insurtech Companies in the Report

3

LOB 1: Health Insurance and Healthcare

7

 

CXA Group (Singapore)

7

 

DaTeBao (China)

8

 

Fitsense (Singapore)

8

 

MediPay Asia (Indonesia)

9

 

Mobile Health Solutions (India)

9

 

MyDoc (Singapore)

9

 

Stash (Philippines)

11

 

Touchkin (India)

11

LOB 2: Auto Insurance

12

 

CarBengkel (Malaysia)

12

 

Claim Di (Thailand)

12

 

RenRenBao (China)

13

New Business Model 1: On-Demand Insurance

14

 

Trov (Australia)

14

New Business Model 2: Peer-to-Peer Insurance and Crowdfunding

15

 

Huddle (Australia)

15

 

Insbee (Singapore)

15

 

Intercare (Taiwan)

16

 

P2P Protect (TongJuBao) (China)

16

 

PeerCover (New Zealand)

16

Distribution 1: Online Aggregator / Online Comparison Sites

18

 

Singapore

18

 

Hong Kong

18

 

India

19

 

Malaysia

20

 

China

20

Distribution 2: Digital Customer Acquisition

22

 

BIMA

22

 

Instony (China)

24

 

PolicyPal (Singapore)

24

 

UEX (Singapore)

25

 

XpressApply from Jimexu (Malaysia)

25

Communication

26

 

AI Cloud (China)

26

 

Frame.ai (New York and Singapore)

26

 

Niki.ai (Singapore)

27

 

Wavecell (Singapore)

27

Blockchain and Smart Contracts

29

 

BitPark (Japan)

29

 

Bluzelle (Singapore)

30

Conclusion

31

Leveraging Celent’s Expertise

32

 

Support for Financial Institutions

32

 

Support for Vendors

32

Related Celent Research

33

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