back Back

4 Asian InsurTech companies making waves in the industry

By Leandra Monteiro

March 05, 2021

  • Acko
  • America
  • Europe

insurance, insurtech, FinTech, Asia, Acko, PolicyStreet, SingLife, ZhongAn Insurance, AI, life insurance

The InsurTech ecosystem in Asia is relatively smaller as compared to that in Europe and North America. However, the InsurTech industry in Asia has witnessed a significant boom in 2020. According to Venture Scanner, Asia’s largest InsurTech hub is Singapore, followed by Indian cities Mumbai and Gurgaon.

Another big InsurTech hub is China. According to a report by ZhongAn Technology, China’s InsurTech market is expected to hit 1.4 trillion yuan (US$211.66 billion) by 2021,

Business-friendly conditions in these Asian cities is the main factor for growth of the industry. Furthermore, what has played a major role in contributing towards the development of the industry in Asia is the use of advanced technology, IoT and big data. Going forward, here are some of the InsurTech companies that are disrupting Asia’s insurance industry-

Acko: Founded in 2016, Acko is an Indian fully digital general insurance company. It provides personalised pricing to customers through deep-data analytics and studies customers’ interaction patterns and behaviours and accordingly suggests insurance products.

The company is backed by Amazon, Accel, Catamaran Ventures, SAIF Partners, Swiss Re Transamerica Ventures among other seasoned investors. According to the company it insured over 40 million Indians, acquiring 8% of the car insurance policies bought online in India. It also introduced Ola Ride Insurance for lost baggage, laptops, missed flights, accidental medical expenses, and ambulance transportation cover.

PolicyStreet: Malaysia-based PolicyStreet is an InsurTech company that provides insurance and healthcare through tech. The company was set up to make insurance accessible and affordable for Malaysia, where 45% of the population do not have an insurance cover.

PolicyStreet aims to democratise the insurance industry by making insurance fun and appealing to the millennials.  The company offers business insurance, life insurance, medical insurance, motor insurance, pet insurance, and travel insurance. Its insurance is commission-free, and it gives rebates on the part of its popular plans.

SingLife: SingLife (Singapore Life), a life insurance company licensed by the Monetary Authority of Singapore to caters to the protection, savings, investment, retirement, and lifestyle needs of Singaporeans across all walks of life.

The InsurTech company offers affordable term life insurance, critical illness and cancer plans. Its protection solutions are available to the retail segment both digitally and through financial advisers. In addition, SingLife also offers universal life solutions to high-net-worth clients.

ZhongAn Insurance: China-based ZhongAn Insurance is an online-only InsurTech company that develops ecosystem-oriented insurance solutions covering multiple consumption situations. According to the company, as of June 30, 2017, it had sold more than 9.5 billion insurance policies.

ZhongAn operates its core insurance system on its cloud-based platform Wujieshan. The company has also developed improved AI capabilities to strengthen risk management, optimise product features quickly, and enhance customer experience.


ALSO READ: Cool FinTech Report

Previous Article

March 05, 2021

Suez Canal Bank selects Temenos to transform Digital Banking in Egypt

Read More
Next Article

March 05, 2021

KOHO makes waves in the FinTech space with the launch of KOHO Save

Read More

IBSi Daily News Analysis


February 23, 2024


Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

UNIPaaS unveils AI payment assistant solution for SaaS platforms

Read More

February 23, 2024

LTIMindtree & Eurolife FFH to setup Gen Al and Digital Hubs in Europe and India

Read More

February 22, 2024

Bud & Fintech Galaxy bring AI-led Open Banking solutions to MENA

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023