InsurTech has been FinTech’s important jargon and has been deliberate in picking up the pace in terms of business nascent. But the latest trends show that Insurtech is quickly evolving with the rising numbers in deal counts and huge markets in the Oriental region. The Asian market has become sweet spot for investors and disruptors alike.
It is estimated that Asia Pacific will have 42% of global insurance premiums. Of the Asian countries, China will be holding the lion’s share of the market that total to 20% of the total by mid-2030. Singapore is regarded as the Insurtech nucleus of South East Asia. Singapore is the Insurtech power house that supports almost 80 start-ups.
The major player in the Singapore Insurtech market include Singapore Life (Singlife) that supplied digital life insurance services, GoBear a site that compares insurance plans, Inzsure offering on-demand coporate insurance solutions and Symbo a digital insurance platform for all lines insurance business.
In the Asia Pacific region, China has been pioneering the insurance innovation field.
China has colossal platforms and far-reaching ecosystem alongside giant techies in the FinTech market like Alibaba and Tencent, who have contentedly made a huge impact in the Asian market.