Innovative technology firms are driving health insurance inclusion and impact at scale in Africa and providing solutions to the cash flow problems faced by healthcare providers on the continent
A partnership based on collaboration and trust between policy holders, insurance carriers and insurtechs have never been more important
The pandemic has shown local insurers that the role of insurtechs is not to take away business but to help them stay close to clients by facilitating access to new distribution channels
Incumbents are under pressure to grow their partnerships with insurtechs to scale at an acceptable loss ratio in order to recover their investment in a shorter timeframe than previously envisaged
The adoption of insurtech solutions in Hong Kong and Singapore is not without its challenges, but these are being addressed through proof of concept initiatives sanctioned by the regulator
Platforms hosting several insurtechs are helping to ease the pressures on the sector post-Covid – but ongoing investment is critical
These are testing times for both insurtechs and traditional insurers as they struggle to adjust to the impact of the pandemic on investor confidence and customer trust and behaviour
But a lack of standardisation is creating challenges for those looking to adopt the technology
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