Top Insurance Innovators in Asia Honored
Some Asian nations are leading global hotbeds for insurance innovation and tech adoption. Ben Potts, the managing director UK and International at Novidea, says, “Nowhere is this truer than Southeast Asia, where the majority of insurance firms are committed to digital transformation in 2024 – more so than in the European Union, United States or United Kingdom.”
For example, in a survey of insurance firms by Novidea, 70% of respondents from Singapore emphasised the need for implementing technology that provides customer value, versus 41% globally.
Supporting a culture of creativity is the key to driving innovation and a defining trait among the 5-Star Insurance Innovators in Insurance Business Asia’s fourth annual report. David Lynch, group chief technology officer of bolttech, one of IB’s 2024 winners, says, “The expansion of Asia’s insurtech industry can be attributed to favourable demographic shifts, technological advancements and supportive regulatory initiatives that have encouraged greater collaboration between new entrants and incumbents alike.”
Industry expert David Leach, CEO of cloud-based insurtech JAVLN, also underlined the strong connection between innovation and culture. “You need an innovative culture, and that’s a culture where the team and employees can create and put new ideas on the table,” he says.
The 5-Star Insurance Innovators are key players in a rapidly growing insurtech across Asia, which has an estimated compound annual growth rate (CAGR) of 20.34%. Companies are adopting artificial intelligence, big data analytics and blockchain to streamline processes, improve customer experiences and tailor coverage.
Leach highlights that to be globally relevant, insurance innovators need to ensure software is highly configurable to meet diverse customer needs across different countries. They must also address challenges such as compliance and regulation through configuration, not customisation and development.
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Business analyst-type roles are worth their weight in gold because of their ability to talk to end users and translate what they need, then build that for them. To innovate at a faster pace, Leach suggests that insurance innovators should prioritise transitioning to cloud-based platforms and using serverless operations.
Kakaopay Insurance has made insurance easy and accessible by embedding an end-to-end insurance service in KakaoTalk, the messaging app used by over 90% of Koreans. With over two million overseas travel insurance subscribers on its flagship product since launch 16 months ago, Kakaopay is winning over customers in record numbers with its commitment to convenience and transparency.
The company’s collaborative approach to turning an idea into an innovation sets it apart as an industry leader, characterised by a mindset that brings together people from various roles, backgrounds and expertise.
Sedgwick, the global leader in claims management, has also harnessed its extensive experience and digital footprint to create a robust ecosystem of digital tools through the core components known as smart.ly and viaOne.
These tools address various aspects of claims management, including the availability of information and services, timeliness, accuracy, transparency and discretion of information shown to stakeholders. They offer a flexible, API-based platform that allows claimants to easily notify losses online using custom-built forms, which can also be used to manage insurance liability in a more efficient way.
