As of the third quarter of 2018, Asian insurers spent US$35.2 billion on technological advancements, according to a report by Capco Digital, and regulators are increasingly rolling back barriers to entry and encouraging innovation.
This year Hong Kong issued the city’s first virtual insurance license to Bowtie, while last year Malaysia became the latest market to establish a regulatory insurance sandbox, Thailand launched the Insurtech Centre of Thailand and the Philippines announced a plan to increase digitization of the insurance industry.
Zhangshang Tangyi, a mobile diabetes management app that allows patients to record their own health data and to receive medical advice, has received US $100 million from Ping An Insurance this year.
In Singapore, Axa has recently partnered with Caroussell, a South-East Asian online marketplace, to offer second-hand car and motorcycle insurance coverage through the Carousell app. Users receive instant quotes for a range of plans that they can buy through the app.
Allianz signed a joint venture with FPT, a leading Vietnamese technology group, on the sidelines of the World Economic Forum at Davos that will see it set up a new general insurer in the country.
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