Insurtech

Are insurers incompatible with digital ecosystems across Asia?

Business-to-consumer ecosystems could turbo-charge the growth of insurance in Asia. Trouble is, partnerships often fizzle out due to insurers’ old-fashioned wiring and inflexible cultures. Time for a reboot.

Century-old insurance companies and digital startups are teaming up across Asia the results can sometimes be awkward.

Insurance companies want to sell policies over burgeoning ecosystem platforms. These, in turn, want to add another product to embed themselves deeper into the lives of consumers.

Tie-ups are proliferating across Asia. China’s Tencent said its insurance platform Wesure has partnered with over 20 insurance companies. Ride-hailing app Grab has teamed up with Chubb Insurance and NTUC Income Insurance Co-operative. Meanwhile, its Jakarta-based rival Gojek works with Allianz, Gigacover and PasarPolis.

“Partnering with someone who is in our customers’ lives every day is the way...

¬ Haymarket Media Limited. All rights reserved.

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