Happy New Year everyone! We are looking forward to another exciting year in InsurTech in Asia!
Kicking off the year with a major acquisition story. UOB is looking to acquire Citibank’s operations in Malaysia, Thailand, Indonesia, and Vietnam by 2024. In Hong Kong, eCommerce startup Bloom has announced a collaboration with AIA. This continues AIA’s foray into small-ticket eCommerce protection products.
In Malaysia, the regulator, Bank Negara Malaysia (BNM), aims to explore licensing new digital insurance and takaful players in 2023. This might ignite more InsurTech activities similar to what we have seen in Hong Kong.
In Korea, InsurTech Carrot announced that it has sold over 400k policies. The startup appears to be looking for new investment and suggests an expansion into Southeast Asia.
In the Philippines, Swiss Re settled a parametric insurance claim within days after recent typhoon Rai struck the country. This is a great example of how parametric insurance can be used quickly and efficiently to settle claims, especially after a catastrophic event.