The first quarter of 2021 ends with more major InsurTech news. Zhong An Online, China’s first online insurer and InsurTech unicorn, has announced its results for 2020. The insurer ranked 9th for P&C insurers in China and passed breakeven with a reported USD 85MM in profit.
FWD has launched an InsurTech and Takafultech accelerator programme in Malaysia and is welcoming 25 startups for the first round. Another insurance incumbent with an appetite for InsurTechs is Italian insurer Generali. In Hong Kong, Generali is partnering with YAS Digital on Hong Kong’s first passenger microinsurance solution. Find our episode with YAS co-founder Andy Ann here.
In India, B2B2C InsurTech Riskcovry’s $5 million Series A funding and PolicyBazaar joins Paytm and Ola in a consortium to establish a new umbrella entity (NUEs). Following the success of the unified payment interface (UPI) and other digital payments systems in India launched by the National Payments Corporation of India (NPCI), the Reserve Bank of India (RBI) has decided to allow NUE bids in August 20201. Other companies in the race include Amazon, Facebook, and Google.
In Singapore, the General Insurance Association Singapore (GIA Singapore), the Life Insurance Association, Singapore (LIA Singapore), and Integrated Health Information Systems (IhiS) have announced a Call-for-Proposal (CFP) to develop end-to-end health insurance claims platform2.