Asia is ripe for growth when it comes to the insurtech market. Many countries within Asia have young populations that are readily embracing new, mobile technologies. Equally, the mobile penetration is extremely high – especially in countries like Indonesia, India, and Vietnam and the Philippines, where people have skipped the home computer step in technology terms, and moved straight on to mobile options. This makes the environment fertile ground for any digitally led company that has a solid, app-led service for its customers.
Many countries within Asia are also considered developing nations with a low insurance penetration and a large protection gap. This offers market newcomers the chance to launch new offerings and cater to the unique demands of local customers.
Incumbents in Asia stand to gain too
The Asia-Pacific region stands as a promising frontier for re/insurance companies seeking growth and expansion too. With a surge in economic development and an expanding middle class, countries such as India, China, and Singapore are witnessing remarkable opportunities within their insurance markets.
In India, insurance premiums are anticipated to experience a robust annual growth rate of 9 percent over the coming decade. This projection underscores the country’s rising awareness of the importance of insurance coverage and the increasing purchasing power of its population.
Similarly, China’s insurance market is expected to witness substantial growth, with a projected annual increase of 7.2% between 2021 and 2026. The country’s burgeoning middle class and a growing emphasis on risk management and financial security contribute to this positive forecast.
Meanwhile, Singapore has emerged as a thriving insurance hub within the region.
In 2022, the city-state experienced a remarkable growth rate of 15% in its insurance sector. Singapore’s strategic location, robust regulatory framework, and innovative ecosystem have attracted both domestic and international insurers, fostering a vibrant marketplace.
For re/insurance companies looking to expand their foothold in the Asia-Pacific region, these trends highlight the immense potential and lucrative prospects that await them. By capitalising on the growing demand for insurance products and leveraging the unique characteristics of each market, companies can position themselves for sustained growth and success in this dynamic region.
PolicyBaazar
Based in: India
CEO: Sarbvir Singh
Policybazaar, founded in 2008, aimed to bring transparency to the insurance industry. By simplifying plan information, tackling mis-selling, and preventing policy lapses, the founders sought to reimagine insurance. Today, Policybazaar stands as India’s largest and best online insurance marketplace, with over 9 million individuals purchasing top insurance plans from leading insurers.
Since its inception, Policybazaar has sold more than 19 million policies, with this number continuously growing. With a strong focus on transparency, Policybazaar has disrupted the insurance landscape, empowering customers and reshaping the way insurance is perceived and accessed in India. As the company moves forward, it remains committed to innovation and customer-centric solutions.
CarDekho
Based in: India
CEO: Amit Jain
CarDekho.com, India’s leading car search venture, is dedicated to helping users find their ideal cars. Through its website and app, it provides a wealth of automotive content, including expert reviews, detailed specifications, comparisons, and multimedia resources for all car brands and models in India. With collaborations with auto manufacturers, car dealers, and financial institutions, CarDekho.com facilitates seamless vehicle purchases.
Innovative features like the “Feel The Car” tool offer immersive experiences, while the platform also enables users to buy and sell used cars. CarDekho.com’s vision extends beyond car transactions, aiming to create a complete ecosystem that covers ownership experiences, accessories, insurance, and more. It has expanded to Southeast Asia and ventured into car insurance through InsuranceDekho.com, garnering investments from notable entities like Google Capital and Sequoia Capital.
Waterdrop Inc.
Based in: China
CEO: Shen Peng
Tencent-backed Waterdrop is a leading technology platform in China, and is dedicated to providing insurance and healthcare services with a positive social impact. Through its medical crowdfunding, insurance marketplace, and healthcare offerings, Waterdrop has created a robust social network that offers protection and support to individuals. Recognising the significant market opportunity, Waterdrop aims to address the RMB4.7 trillion gap in healthcare expenses not covered by social medical insurance or other sources.
With its trusted brand reputation and top rankings in brand awareness, Waterdrop is well-positioned to penetrate the healthcare market in China and provide access to quality healthcare services, supplementing the existing medical insurance system.
ZhongAn
Based in: China
CEO: Jeffrey Chen
ZhongAn, China’s first online-only insurer founded in 2013 by entrepreneurs from Alibaba, Ping An, and Tencent, has made waves in the insurance industry. Its successful IPO raised USD 1.5 billion in 2017, and it now boasts an impressive user base of over 500 million individuals.
ZhongAn’s innovative digital platform has disrupted traditional insurance models, providing seamless coverage tailored to the diverse needs of its customers. With visionary leadership and the collective expertise of its founders, the insurtech continues to shape the future of China’s insurance sector, solidifying its position as a trailblazer in the rapidly evolving landscape.
Bolttech
Based in: Singapore
CEO: Rob Schimek
bolttech is a global insurtech company dedicated to creating a technologically advanced ecosystem for insurance and protection services. Based in Singapore, the insurtech operates in 30 markets spanning North America, Asia, and Europe. Leveraging its extensive range of digital tools and data-driven capabilities, bolttech facilitates seamless connections among insurers, distributors, and customers, simplifying and enhancing the process of purchasing and selling insurance and protection products.
By harnessing technology, bolttech aims to make insurance transactions more accessible, efficient, and customer-centric. The company recently secured an impressive $196 million in funding, further solidifying its position in the industry. With operations expanding globally from its Singapore headquarters, bolttech now boasts a valuation of $1.6 billion.
Digit Insurance
Based in: India
CEO: Jasleen Kohli
Digit Insurance, an Indian insurtech start-up led by former Allianz CEO Kamesh Goyal, is revolutionising the insurance experience for customers. Since its inception in 2016, the company has achieved remarkable success, serving over two million customers and boasting a 94% claims settlement rate within just 16 months.
Digit Insurance offers coverage for travel, mobile phones, bikes, cars, and homes, with plans to expand into health insurance. Through strategic partnerships with companies like Amazon and Flipkart, Digit integrates insurance offerings with their products, providing a seamless customer experience. With a focus on simplicity and speed, the insurtech is disrupting the insurance industry in India.
SingLife
Based in: Singapore
CEO: Pearlyn Phau
Singlife, also referred to as Singapore Life, operates as a licensed digital life insurance provider under the oversight of the Monetary Authority of Singapore. Catering to high-net-worth individuals, Singlife offers universal life products tailored to those who choose Singapore as their preferred destination for wealth management and protection. With a focus on meeting the needs of its discerning clientele, Singlife leverages the regulatory environment of Singapore to provide comprehensive and secure life insurance solutions. By combining digital innovation with robust financial services, Singlife strives to offer a seamless and reliable insurance experience to its customers.
The Singlife Account, offered by Singlife Singapore, is an insurance savings plan designed to provide individuals with the opportunity to earn daily interest on their savings. This account boasts flexibility, as it has no lock-in period or fees, allowing customers to make top-ups and withdrawals at their convenience.
Acko
Based in: India
CEO: Varun Dua
Acko General Insurance is a digitally-driven insurance company that revolutionizes the insurance industry with its streamlined approach to buying insurance and settling claims. Backed by major global investors, Acko boasts an impressive 95% claim settlement ratio for the fiscal year 2019-2020.
Whether it’s insurance purchase, claims, or coverages, Acko Insurance is recognised as a reliable choice. Their car insurance services offer affordable rates and comprehensive coverage options, backed by a straightforward and hassle-free claim settlement process. With a focus on customer satisfaction and discounts for various groups, Acko strives to provide drivers with the best car insurance experience.
SmartHR
Based in: Japan
CEO: Shoji Miyata
SmartHR is a renowned HR cloud software that specializes in labor management solutions. It prioritizes not only employee management and administration but also growth and productivity. The software enables customers to streamline manual HR processes, such as year-end tax adjustments, employment contracts, new employee registrations, payslips, and employee data management, through digital transformation.
Additionally, SmartHR offers talent management functionalities that contribute to increased employee productivity and engagement. Recognised as a leading progressive cloud-based HR solution, SmartHR plays a crucial role in driving the growth of companies in Japan. Its comprehensive features empower businesses to effectively manage their workforce while embracing technological advancements in the HR domain.
Hyphen Group
Based in: Hong Kong
CEO: Derek Fong and Kenneth Chan
Founded in 2013, Hyphen Group is an online financial comparison platform that specializes in banking and insurance products across the Asian Pacific region. With a focus on connecting consumers and financial products, Hyphen Group serves as a comprehensive resource for individuals seeking information and comparisons on insurance, credit cards, personal loans, and other financial offerings.
As a one-stop solution for price comparison needs in Asia, the platform empowers individuals to make informed decisions, save money, and optimise their personal finance strategies. In early 2021, Hyphen Group underwent a rebranding process, transitioning from CompareAsiaGroup and solidifying its position as a leading platform in the industry, following remarkable growth and the acquisition of Seedly in 2020.
BankBazaar.com
Based in: India
CEO: Adhil Shetty
BankBazaar.com is a renowned independent online marketplace based in Chennai. The platform provides users with immediate access to personalized quotes for insurance products, loans, and mutual funds. Customers can effortlessly search, compare, and apply for these financial products and services using any mobile device.
For added convenience, users can easily download the BankBazaar app from either the Android Play Store or the iOS App Store. With its user-friendly interface and comprehensive offerings, BankBazaar.com empowers individuals to make informed decisions about their financial needs.
Turtlemint
Based in: India
CEO: Dhirendra Mahyavanshi
Headquartered in Mumbai, Turtlemint is an innovative online insurance platform dedicated to simplifying the process of purchasing and managing insurance policies. With a mission to “demystify” insurance, the company focuses on explaining complex terms in a straightforward manner and equipping users with intelligent tools to make informed decisions.
Turtlemint offers a wide range of insurance products, including auto, bike, health, and term life insurance. By leveraging technology and providing user-friendly solutions, Turtlemint aims to empower individuals to navigate the insurance landscape with ease and confidence.
Sunday Insurance
Based in: Thailand
CEO: Cindy Kua
Bangkok-headquartered Sunday is a full-stack insurtech company that adopts data models and artificial intelligence to offer customers multiple insurance products and services. Through the Jolly super app, users can personalize their insurance journey, managing health policies, accessing recommended hospitals, and consulting with doctors online. The platform offers seamless integration for partners, streamlining product launches and enhancing business growth.
With convenient features like tele-surveys for car accident claims, telemedicine services, and cashless transactions at network hospitals and garages, Sunday Insurance ensures a smooth and hassle-free experience. By focusing on personalisation, ease of use, and innovative solutions, Sunday Insurance sets itself apart in the insurance industry.
OneDegree
Based in: Hong Kong
CEO: Alvin Kwock
OneDegree, the pioneering digital insurer in Hong Kong, revolutionizes the insurance industry by offering a fully digitized platform for consumers to easily purchase and manage their policies. By leveraging advanced analytics and automation, the insurtech company transforms traditionally manual processes such as claims processing, policy management, and customer service into streamlined and efficient operations.
With its cutting-edge back-end system, OneDegree ensures a seamless and tech-driven experience for its customers, delivering enhanced convenience and personalised insurance solutions. As the first of its kind in Hong Kong, OneDegree sets a new standard for digital insurance, empowering individuals to navigate the insurance landscape with ease.
Bowtie
Based in: Hong Kong
CEO: Fred Ngan
Bowtie, Hong Kong’s pioneering virtual insurer, revolutionises the insurance landscape with its zero commission and hassle-free approach. Unlike traditional insurers, Bowtie eliminates the need for intermediaries and offers commission-free products directly online. Customers have the freedom to choose their desired protection at their own pace, saving on commission fees.
Additionally, Bowtie ensures transparency by providing instant quotes without requiring personal data such as name, ID, or phone number. By simplifying the application process and prioritising customer privacy, Bowtie offers a seamless and user-friendly experience, setting a new standard in the insurance industry.
Article by Joanna England
Joanna England is an award-winning journalist and the Editor-in-Chief for Insurtech Insights. She has worked for 25 years in both the consumer and business space, and also spent 15 years in the Middle East, on national newspapers as well as leading events and lifestyle publications. Prior to Insurtech Insights, Joanna was the Editor-in-Chief for Fintech Magazine and Insurtech Digital. She was also listed by MPVR as one of the Top 30 journalist in Fintech and Insurtech in 2023.
