At the Singapore Fintech Festival, AIP founder Theresa Blissing recorded a panel episode analyzing how InsurTechs and traditional insurers can collaborate and co-exist. The panel is joined by Yannick Even, Head of Digital & Smart Analytics APAC at Swiss Re, Wei Zhu, Founder and CEO of Axinan and Laurens Koppelaar CEO Singapore and Head of International at Symbo.
The panel discusses the degree of disruption in the insurance industry in Asia. Are we expecting fierce competition or more of a partnership and co-creation model that enables insurers to offer better products and services at a faster speed to market? While startups are often stronger when it comes to tech capabilities and applying an agile methodology to developing and launching new products, incumbents have the expertise when it comes to navigating the regulatory environment. By leveraging each other’s strengths, we might soon see disruption in the industry.
The panel also touches on how to make partnerships between incumbents and InsurTechs work and how to overcome obstacles. The challenges depend on the type of InsurTech and what problems they are trying to solve as well as the tier of the incumbent.