For the last News Roundup of 2020, Theresa Blissing, Michael Waitze, and Shefali Sonpar reflected on what 2020 meant for InsurTech and digital transformation and what 2021 might look like.
2020 was the year that insurers all over the world were forced to accelerate digital transformation and embrace digital distribution. InsurTechs have played a crucial role on many levels. InsurTechs like Uncharted, Ignatica, and Coherent have helped insurance incumbents to digitise their backend and frontend. Singlife and Galileo have even ventured into adopting blockchain technology as a core system.
In terms of digital distribution, platforms have expanded their footprint in insurance. Grab has been offering micro and bite-sized insurance to drivers and users, Amazon has teamed up with Acko and WhatsApp is piloting insurance sales in India. Bolttech has secured partnerships across Asia and Igloo is expanding rapidly in Southeast Asia.
Despite a challenging year, InsurTech is still booming. At the same time, it has grown up. Like you do when facing a major crisis. InsurTech isn’t just the hobby of C-level executives but a necessity to digitise the industry, develop new products and services, and identify new markets and distribution channels. InsurTech is what helps insurance incumbents accelerate their digitisation journey and what pushed insurance as a whole into the future.
2020 has truly been an exceptional year globally. While traveling has become challenging at best and mostly impossible, the global InsurTech community has stayed connected and has flourished. The Asia InsurTech Podcast invited three of our friends to share their views on 2020 and what they think 2021 will look like as well.
From the Americas: Bryan Falchuk, Insurance Evolution Partners
From Europe: Erika Krizsan, Insurance Factory
From Africa: Dr. Tunde Salako, Africa InsurTech Rising