Welcome to 2023! The AIP News Roundup team is excited about the new year and new InsurTech developments. Will we see a new wave of M&A in a changed investment climate? A stronger focus on product innovation and less hype around record-breaking funding rounds?
Well, despite the predictions of an InsurTech winter, we are starting the year with funding news from Thai InsurTech Eazy Digital. The startup helps Southeast Asia’s small insurers digitize their operations. We had founder and serial entrepreneur Harprem Doowa on the show a couple of times. Listen to the episodes here.
Raising funding is not the only way to get new cash. Chinese Cheche Technology has been listed on the Nasdaq through a merger with a special purpose acquisition company. In Singapore, AIA’s Amplify Health acquired machine learning firm Aida. Is this only the start of a new M&A wave of InsurTechs?
In Indonesia, startup Aigis has pivoted its focus to provide project management solutions after the company saw unsatisfactory growth in the InsurTech industry. On the other hand, PasarPolis has become Indonesia’s first official full-stack InsurTech ecosystem.
In the Philippines, Igloo is planning to bring the first blockchain-based Weather Index Insurance to the market. The Igloo brand was once known for smartphone protection but has expanded into new areas. We certainly see fierce competition in the device protection space. Bolttech has just secured a new partnership with Thai telco AIS after having worked with Thai DTAC for quite some time.