2019 has undeniably been a busy year in terms of InsurTech in Asia. It has been the year InsurTech accelerated across Southeast Asia. Michael, Theresa, and Rahul discussed which companies, in their opinion, had a major impact in 2019.
Ride-hailing service and super app GRAB has made big waves by entering the insurance space with powerful partners. In January they announced their JV with Zhong An Technology and in August launched their first micro-insurance product for critical illness in partnership with Singaporean insurer Income. Grab has also formed a JV with Ping An Good Doctor and launched the first O2O healthcare solution in Indonesia.
PingAn is probably the insurance incumbent that is most active in the InsurTech space in Asia. Through their investment arm Ping An Voyager Fund the company is invested in several InsurTechs across Asia and the EU including German InsurTech Joonko. Rahul has analyzed the PingAn strategy in one of his blog posts.
Other companies that have impressed the AIP news team include Axinan with their Labuan insurance license and their rapid expansion within Southeast Asia, Acko with their continuous growth and their latest funding round towards the end of 2019 as well as SingLife which is transforming from InsurTech to FinTech.