We are kicking off the second half of the year with more incredible news on InsurTech. Global investment in InsurTech is at an all-time high, a trend we have been following in Asia all year. The good news is that investment in established players is increasing and the number of early-stage deals. We are looking forward to seeing several new entries in the market.
But InsurTech is not only about startups anymore. Many insurance incumbents have recognized the potential and have identified InsurTech startups as a way to digitize and gain access to new market segments and AIA is an excellent example. The largest life insurer in Asia is looking to expand in even more segments and takes a minority stake in Malaysian TNG Digital, the owner of popular Touch ‘n Go eWallet, acquires a 25% stake in China Post Life Insurance, and announces Vietnam’s first comprehensive exclusive insurance and digital platform partnership with leading e-commerce platform Tiki. And this was only July. We are looking forward to hearing more from AIA in this space.
Another impressive player when it comes to InsurTech is Pacific Century Group’s Bolttech. The InsurTech startup achieved unicorn status following a $180 million series A funding round. With the new funding in its pocket, bolttech continues its aggressive expansion globally and acquires i-surance to help accelerate expansion across Europe. i-surance has been following a similar strategy as bolttech and partners with telecommunications providers, retailers, and other B2C partners to distribute insurance products.
In other news, PolicyBazaar is still working on its planned IPO. YAS has launched small-ticket insurance BUS RYDE in a partnership with Generali and AXA has partnered with the Chinese health insurance platform QingSong.