Mid-October is seeing some very interesting developments in the Asian InsurTech space. The product and services space is bursting with innovative offerings.
This week’s News RoundUp started with a discussion of CoverGenius’ $12M capital raise that in our view is a bridge round. We expect them to come back with bigger news soon. Next we discuss how Sompo Japan is launching a robot insurance product that covers accidents by mobile machines. It creates coverage in the event that an autonomous robot injures a person or causes damage.
Insurers are leveraging the global ecosystem with Dai-ichi Life Holdings joining Axell’s innovation hub to connect to Israeli technology. Staying with the Japan theme, Tokio Marine Indonesia is leveraging AI to combat auto insurance fraud. We next discuss how Jingdong (JD Health) invests into Chinese InsurTech and how it is strategically tied into becoming a full service play in the HealthTech space. Moving on to SaaS for brokers, China’s EasiTech begins work with AIA and Prudential agents in Hong Kong to bring a better sales experience to meet customers needs especially during COVID.
We wrapped up with a quick conversation about how payments startup Revolut is partnering with NTUC Income’s SNACK platform to embed micro-insurance offerings on Revolut’s mobile app. Revolut’s “Savings Vault” function is a sub-account in the app that helps customers save spare change by rounding up card transactions.
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