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From June 6 to 10, the Australian Trade and Investment Commission partnered with Insurtech Australia to showcase the capabilities and offerings of Australian insurtech providers at the Singapore Immersion Week. This included information exchange sessions with local industry leaders, regulators, and partners.
“We have about 90 insurtech companies abroad, of which eight are in the program, and there are about 45 corporate partners [around the world] at the moment,” said Simone Dossetor, CEO of Insurtech Australia.
A portion of these insurtech companies are aiming to assist Southeast Asian insurers to improve customer value, pricing, underwriting, general administration, loss prevention, and remediation processes.
Driving innovation in insurtech
There are three major developments that are being driven by the insurtech sector. The first is the race for distribution, which involves integrating with institutions such as banks and e-commerce platforms to tap into their customer bases.
The second relates to the utilization of data to solve problems and create new value for insurance services, including for pricing based on risk selection, marketing cadence automation, and other functions that are labor-intensive.
Speaking at InsureTech Connect Asia, Ayla founder George Wang said that customers may be fazed by the complexity of insurance specifications and opt in to coverage that doesn’t match their needs. Solutions like Ayla’s app use data from partnering institutions and providers to devise better ways for customers to compare, purchase, and pay for insurance policies.
The third development is to offer tailored offerings to match not only Southeast Asia’s markets, but also individuals. Evari founder and CEO Daniel Fogarty raised the examples of a plumber and an electrician. Both are exposed to occupational risks, but they require different forms of coverage. Insurtech companies like Evari use data in ways that benefit both the insurance provider and the client to create individualized policies that lead to maximum customer satisfaction.
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Source: Australian insurtech companies make headway in Southeast Asia | KrASIA
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Image and article originally from australianfintech.com.au. Read the original article here.