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
Governments need to update regulations to enable the use of tech-driven insurance solutions
There remain huge opportunities for technology-based companies across the insurance ecosystem, but few are able or willing to pursue them in the present environment
To create a digital insurance business, companies must have a very clear idea about what they want to achieve
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