ASIA-PACIFIC INSURTECH MARKET- GROWTH, TRENDS, COVID-19 IMPACT AND FORECASTS (2021-2026)

The Asia-Pacific Insurtech Market can be segmented by business model (carrier, enabler, and distributor) and by country (China, India, Japan, Hong Kong, Singapore, Indonesia and Rest of Asia Pacific)

Market Snapshot

Asia-Pacific InsurTech Market
Study Period: 2017-2026
Base Year: 2020
CAGR: 7.5 %

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Market Overview

Asia-Pacific is one of the diverse markets for insurers. It is a newly emerging and attractive market for insurers as it is home to nearly one-third of the world population, few of the fastest-growing economies in the world such as China which is expecting to be the world's largest economy by 2030, and multiple countries with rapidly expanding middle-class population.

Asia-Pacific region is also experiencing massive technological advancement in the insurance industry. The extremely high expectations of consumers in the region for seamless and personalized digital experiences inspire a great deal of innovation. Firms in mainland China and other markets are experimenting widely — and delivering impressive results — with new products, new distribution models, and new technology. The top performers are both capitalizing on near-term opportunities and establishing a strong foundation for long-term success

Scope of the Report

Insurtech refers to the use of technological innovation to improve the efficiency of the current insurance business model. The growing digitization had led various participants of the insurance industry value chain to adopt technological innovation. This rapid technological advancement had led to the expansion of the Insurtech market. The Asia-Pacific Insurtech Market can be segmented by business model (carrier, enabler, and distributor) and by country (China, India, Japan, Hong Kong, Singapore, Indonesia and Rest of Asia Pacific). The report also offers a complete background analysis of the Asia-Pacific Insurtech market, including the analysis and forecast of market size, market segments, industry trends, and growth drivers.

By Business Model
Carrier
Enabler
Distributor
By Country
China
India
Singapore
Hong Kong
Japan
Indonesia
Rest of Asia-Pacific

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Key Market Trends

Non life insurance is increasing with higher rate than the life insurance in Asia-Pacific region.

Asia-Pacific region is showing a strong growth rate in premium and insurance premium. The performance is mainly driven by China but is also buoyed by the positive performance in South Korea. However, some mature market in the region such as Japan is struggling due to their rising population age and consumer expectation shift. The penetration rate in China increased from 1.4% in 2013 to 1.9% in 2018. Nonlife insurance is showing rapid growth compared to life insurance in the Asia-Pacific region. The Gross Written Premium (GWP) for life insurance increased by CAGR 4% whereas, the non-life insurance for the Asia-pacific region increased by 7.5% for the same period.

Life and Non Life Insurance in Asia-Pacific

Consumer preference for interaction with insurer is skewed strongly toward digital medium

The number of internet users in Asia-Pacific reached 2.3bn by the end-2019, although the internet penetration rate of 55% in the region is still lower than the global average of 60%. Most Asia-Pacific consumers (73%) feel that a mobile device is all they need to perform any financial task. Customer expectation for digital interaction and experience from the insurer is growing for the Asia-Pacific region. China leads the way; from mobile payment apps to digital media platforms, Chinese consumers are wholeheartedly embracing innovation at astonishing speed. Chinese insurers are creating new offers and experiences to engage them. The sheer size of China, its physical proximity to other countries in the region, and the ability to leapfrog on the most advanced technology drive both the inexorable rise in expectations and the push toward innovation across the region. In China, Thailand, and Australia, consumers prefer digital channels over traditional agencies by significant margins. In Singapore and Malaysia, however, consumers prefer agents.

Consumer preference for digital or physical  interaction with insurer

Competitive Landscape

More than 335 InsurTech companies are operating in the Asia-Pacific region. According to S &P Global Market Intelligence, China and India collectively have nearly half of the private Insurtech companies in the Asia-Pacific region and have attracted about 78% of Venture Capital investment in the region. With 66 insurtech companies, India has become the second-largest insurtech market in the region. The major player in the region includes ZhongAn Insurance, SIngLife, CXA Group, CoverFox Insurance, Policy Pal, Ins for Renascence, The CareVoice, Policy Street, PaserPolis and AppMan among the others.

Recent Developments

  • In November 2020, Singapore Life (Singlife) merged with Aviva Singapore in a deal valued at S$3.2 billion, which made it one of the largest in the Southeast Asian insurance sector and the largest in Singapore. It also launched the Singlife Account, a mobile-first insurances savings account, which rapidly gained popularity and now counts almost 80,000 customers.
  • In February 2021, INSURTECH firm CXA Group offloaded its brokerage business for a lower-than-expected price as it attempts to strengthen its financial position and double down on its Software as a Service (SaaS) business. CXA entered negotiations with global insurance adviser Pacific Prime to sell its brokerage business.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions And Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

      1. 4.1.1 Insights on Macroeconomic Aspects and Demographics of Asia-Pacific

      2. 4.1.2 A Brief Note on Insurtech Landscape in Asia-Pacific

    2. 4.2 Insights on Various Technologies Being Used by Insurtech Players in the region

    3. 4.3 Insights on Insurtech Regulatory Landscape in Asia-Pacific

    4. 4.4 Insights on Venture Capital Investment in Insurtech in Asia-Pacific

    5. 4.5 A Brief Snapshot on Consumer Needs and Behaviour Analysis - From Insurtech Prespective

    6. 4.6 Market Drivers

    7. 4.7 Market Restraints

    8. 4.8 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes

      5. 4.8.5 Intensity of Competitive Rivalry

    9. 4.9 Impact of Covid-19 on the Industry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Business Model

      1. 5.1.1 Carrier

      2. 5.1.2 Enabler

      3. 5.1.3 Distributor

    2. 5.2 By Country

      1. 5.2.1 China

      2. 5.2.2 India

      3. 5.2.3 Singapore

      4. 5.2.4 Hong Kong

      5. 5.2.5 Japan

      6. 5.2.6 Indonesia

      7. 5.2.7 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview (Major Players and M&A Deals)

    2. 6.2 Company Profiles

      1. 6.2.1 ZhongAn Insurance

      2. 6.2.2 Singapore Life

      3. 6.2.3 CXA Group

      4. 6.2.4 Coverfox Insurance

      5. 6.2.5 PolicyPal

      6. 6.2.6 PolicyBazaar

      7. 6.2.7 Acko General Insurance Ltd

      8. 6.2.8 WaterDrop

      9. 6.2.9 Digit Insurance

      10. 6.2.10 CompareAsiaGroup

      11. 6.2.11 GoBear

      12. 6.2.12 SmartHR

      13. 6.2.13 Prenetics

      14. 6.2.14 PasarPolis*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITY AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific InsurTech Market market is studied from 2017 - 2026.

The Asia-Pacific InsurTech Market is growing at a CAGR of 7.5% over the next 5 years.

ZhongAn Insurance, SIngLife, CXA Group, CoverFox Insurance, PolicyPal, The CareVoice, Policy Street are the major companies operating in Asia-Pacific InsurTech Market.

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