Reports from EY and McKinsey alike agree on one crucial thing about the future of insurance: all roads lead to APAC. The region, and China in particular, is expected to contribute to nearly 50 percent of all top-line gross written premium growth in the years to come thanks to a massive growing middle class, widespread availability of consumer data, and collaboration between top insurers and tech companies.

One of the many factors contributing to the rise of APAC in the global insurance marketplace is a large number of innovative and diverse startups. We’ve selected a few to highlight and will continue to do so as the industry keeps evolving.

Zhong An

Based in: Shanghai
Parent Company: Ping An
Partner: Alibaba, Tencent
Business: P&C

Known for its customer-centric approach to insurance, digital P&C insurer Zhong An is considered one of, if not the, most successful insurtechs in the world. Created by Chinese tech and insurance giants, Zhong An is the first and only holder of an internet insurance license in China and served over 150 million clients in its first year alone. 

Zhong An is known for its personal, immediate, and flexible offerings, which appeal to a target audience the insurance industry has been struggling to attract for years: millennials. The majority of the insurtech’s customers are under the age of thirty, a rarity in today’s insurance world. This is in part due to Zhong An’s focus on customer-centricity. The company clearly states its mission is to serve its customers, and is ready to constantly evolve in order to do so.

Bowtie

Based in: Hong Kong
Parent Company: NA
Partner: Sun Life Hong Kong
Business: Health

Bowtie is the first digital insurer in Hong Kong to receive a virtual insurance license from the Hong Kong Insurance Authority (IA). The company focuses on providing health-related insurance products to its customers throughout Hong Kong, stating that its primary goal is to ‘bring the good back [to insurance] through modern technology.’

Bowtie is backed by Sun Life Hong Kong, which contributed heavily to the startup’s Series A funding round. Per the virtual insurance license granted by the IA, Bowtie can’t maintain a physical presence for its customers. This allows the insurtech’s business model to be more flexible and agile, setting it up to provide unique offerings to its customers, like the BowtieCash Program, qualified doctor and nurse concierge services, and an end-to-end digital experience.

PasarPolis

Based in: Indonesia
Parent Company: NA
Partner: Go-Jek, Tokopedia, Traveloka
Business: Micro-Insurance

PasarPolis is an insurtech based in Indonesia that provides micro and modular insurance offerings through its partnerships. This includes everything from health and accident coverage for drivers, smartphone screen protection, insurance for missing and damaged items for e-commerce customers, and travel insurance for train travel, delayed flights, missing baggage, and more. 

CEO Cleosent Randing says his primary objective is to make these insurance products accessible, affordable, and flexible for Indonesians. This is incredibly important given that Indonesia, despite its massive population, has one of the lowest insurance adoption rates in Asia at just two percent. “The common misconception out there is that insurance is a luxury that can only be obtained by the upper-middle class. But in fact, we see that many people actually long for simple and affordable insurance facilities,” he said. 

PasarPolis is the only known insurtech that three of Indonesia’s tech unicorns (Go-Jek, Tokopedia, Traveloka) have invested in. According to Randing, the four companies share a mutual understanding and passion for providing services for Indonesians through digital platforms.

PolicyPal

Based in: Singapore
Parent Company: NA
Partner: Many
Business: Policy Management

Singapore-based insurtech PolicyPal provides an easy-to-use mobile platform where users can search for new policies and manage their existing ones all in one place. The app provides easy access and comparison tools for policies from its major partners, including AXA, Zurich, AIA, Allianz, Cigna, Generali, Prudential, and many more. Customers can shop for a whole range of insurance products, including travel, car, pet, endowment, business, and personal accident.

Customers love PolicyPal for its simple interface as well as its quick signup and claims process. In addition to hosting its partner’s policies on its platform, PolicyPal also leverages its partnerships to deliver unique solutions to customers. One example is EZCare, which uses PolicyPal’s front-end web and app technologies to deliver a completely digital group employee benefits plan offered by Liberty Insurance.

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