Asian Insurtech: The New Golden Child in Town?

This Original aims to showcase the leading Insurtech companies in the three insurance markets with the highest growth potential in Asia - China, India, and Southeast Asia.

Insurtech companies can be broadly divided into three categories - full-stack Inustech, Insurtech marketplace, and Insurtech enablers. As such, the Original also presents the Insurtech companies based on these categories by showing their company overview, how they leverage tech to do things differently, their product offerings, and financial information (capital raise and valuation in case of no financial information).

The Insurtech companies presented are:

• Full-stack Insurtech: ZhongAn Online (China), Acko (India), SingLife (Singapore)
• Insurtech marketplace: Waterdrop (China), Huize (China), Policybazaar (India), Coverfox (India), Turtlemint (India), PasarPolis (Indonesia), PolicyStreet (Malaysia)
• Insurtech enablers: eBaoTech (China), Turtlemint (India), CXA Group (Singapore)

By analyzing the key Insurtech companies and their development in these countries/regions, we have further identified the following key trends/themes in the sector:

• In the near future, Insurtech is unlikely a threat to traditional (re)insurers who have also been actively investing in Insurtech themselves.
• Insurtech marketplace is expanding offline and will likely embrace a hybrid model, especially in less developed insurance markets.
• L&H full-stack Insurtech companies are yet to be common in less developed insurance markets.
• Insurtech is going to promote differentiated growth in insurance markets of different maturity.
• “ReInsurtech” is currently still a blind spot.

What is Original?

A deep dive into 12 (mostly private) leading Insurtech companies, under each Insurtech category from China, India, and Southeast Asia, is presented in this Original. Key investment thesis and risks are also developed for each company.

Based on the company analysis and the broader insurance and Insurtech development in these countries/regions, five key Insurtech trends and themes are further identified.