October ends with the theme of conglomerates entering insurance. Chinese tech conglomerate Tencent is applying for a re-insurance license which seems to be part of their overall strategy all along. In 2017, Tencent has already launched its insurance platform WeSure and has invested in a number of InsurTechs including Zhong An, Waterdrop, Policy Bazaar and Blue.
Another conglomerate making waves in insurance is Pacific Century Group (PCG), the parent company of FWD. PCG’s new InsurTech venture bolttech has partnered in South Korea with telco carrier LG to offer smartphone protection. In Thailand, FWD is venturing into general insurance after the acquisition of Siam City Insurance and is offering the same smartphone coverage developed by bolttech.
What is interesting about their smartphone insurance is that they are not only covering costs but are also providing repair and replacement services. Find our latest podcast episode with Melissa, Group Chief Digital Officer at bolttech, here and our episode with FWD General Insurance CEO Bob Wouters here.
Another tech company on its journey to become a regional conglomerate is ride-hailing company Grab which is now classified as a FinTech. Grab Financial Group has just launched a new insurance product in Indonesia. Hospital Cash Cover is a micro-insurance protection that users can buy via the Grab app using their OVO wallet.
In other InsurTech news, Doctor Anywhere started offering online mental health video consultation service in Singapore. An important topic especially in times of a global pandemic and high uncertainty. Cover Genius partners with QuickBooks to offer API-based parametric insurance covering earthquakes. Find our episode with Chris Bayley, the Co-Founder and Chief Innovation Officer of Cover Genius, here.
The biggest news of this month, however, is the launch of BimaPe, founded by AIP Ambassador Rahul Mathur. We are certainly biased so we won’t tell you how awesome this new startup is. Go and check it out yourself here.
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