In this episode AIP founder Theresa Blissing and host Michael Waitze discuss InsurTech trends and the differences between the US and Asia with US based insurance Thought Leader Rob Galbraith. Rob is the author of the new Amazon bestseller “The End Of Insurance As We Know It” and the Director of Innovation at AF-Group.
Rob and Theresa compare the state of InsurTech and innovation in the US and (emerging) Asia. While the US is a very mature and saturated market, developing Asia demonstrates a completely different landscape. Insurance penetration is low as is awareness of financial/insurance products. While the US has already mostly passed the wave of insurance aggregators, emerging Asia still sees a low percentage of online sales and currently experiences a rise of aggregators and comparison platforms.
What unites the two markets is the trend for partnerships. Consumer’s trust in insurance companies is throughout low on a global level and collaborations with super apps and InsurTech startups seem a promising way to reach consumers and achieve higher engagements. Rob and Theresa see a slight trend of developing countries leapfrogging certain developments. We have seen this in other industries like telecommunication before. The question is, will countries like Myanmar do their research in insurance and build the next generation of insurers?
Correction: The company mentioned for digitized sales in Cambodia is not Metlife but Manulife.
Companies mentioned in this episode: