The Asia InsurTech Podcast had the pleasure of speaking with Theresa Blissing, the Founder of AIP and the best-selling author of the book “The Future of Insurance Volume IV, Asia Rising”.
Theresa grew up in a household with parents who owned an insurance agency, she was constantly surrounded by conversations about the challenges and developments in the industry.
While discussing her book and her journey in the insurance industry, Theresa shared several key insights about insurance innovation in Asia.
1. The Challenges and Opportunities of the Asian Insurance Market
When Theresa moved to Generali’s Asia regional headquarters in Hong Kong in 2009, she realized the unique challenges and opportunities in the Asian insurance market, especially in emerging markets such as Indonesia, Thailand, and India. She found it exciting to witness the differences in the industry compared to her experience in Germany. This understanding of the local market dynamics and consumer needs is crucial for insurance companies looking to expand their operations in Asia.
2. The Progressive Attitude of Asian Regulators
Theresa discussed how Asian regulators, in many cases, are very open to innovation and change. She cited examples of regulators in Hong Kong and Thailand being receptive to new ideas and collaborating with startups and InsurTech companies. This open-mindedness allows for experimentation and innovation within the insurance industry in Asia.
3. The Power of Partnerships and Ecosystems
Theresa highlighted the success of companies like Ping An and bolttech in leveraging partnerships and ecosystems to drive innovation. She praised Ping An for its ecosystem strategy, treating each venture as a separate entity with its own KPIs. Similarly, bolttech’s approach to solving partners’ problems and creating value for customers through insurance-enabled solutions demonstrates the power of collaboration in driving industry transformation.
4. The Changing Perception of Insurance
Theresa acknowledged that insurance often has a negative reputation and is perceived as unexciting by many people. However, she emphasized the noble purpose of the insurance industry, with professionals dedicated to helping individuals and businesses during times of vulnerability. Changing the perception of insurance requires highlighting the positive impact it can have on people’s lives and showcasing the industry’s commitment to customer service and protection.
You can find Theresa Blissing’s best-selling book, “The Future of Insurance Volume IV, Asia Rising” here and in other locations where Amazon sells books.