Page 9 - WTW Asia Insurance Market Report
P. 9

InsurTech                                  MetLife launched <<Collab>>, an        Investment into
                                           InsurTech accelerator to support       Chinese FinTech
InsurTech, the insurance arm of            start-ups that tackle real business    companies increased
FinTech, has been gaining importance       needs.
in the industry. InsurTech players                                                67%
are reshaping the market landscape         Singapore-based insurance
by designing new products that             provider NTUC Income created an        1bto
meet changing customer needs               accelerator called Income Future
and are establishing greater levels        Starter that aims to hone and          USD
of transparency and underwriting           invest in InsurTech start-ups
accuracy. Clients are increasingly                                                in Q3 2016
adapting to this change as traditional   InsurTech players are emerging
relationships between the broker         in countries across Asia, from
and client begin to be disrupted by      China to the Philippines. There is
technology and aggregators.              a big opportunity to form strategic
                                         partnerships with InsurTech firms
  Allianz announced the launch           to gain access to some of these
  of its Digital Arena innovation        new capabilities.
  platform to encourage start-ups
  and entrepreneurs to reinvent
  the insurance experience for
  consumers in Asia.

Terrorism                                  The Philippines raised its terror      biological agents, to name a few.
                                           alert to the highest level after the   The insurance market has grown
The rise of extremist groups in the        discovery of a plot by Islamic State-  substantially and adjusted to these
Middle East and the proliferation of       linked militants to attack a park.     new risks. There has been an
preachers who advocate intolerance                                                increase in the number of enquiries
and violence in certain countries have     Terror cell in Batam, Indonesia that   about the types of terrorism coverage
created conditions favourable for the      was planning a rocket attack on        available. Following recent events
expansion of terrorism in Asia.            Marina Bay Sands, Singapore            in Asia, C-suite executives and risk
                                                                                  managers have begun to take the
  2016 Jakarta attacks - linked to ISIS  The number of terrorist attacks on       threat of terrorism more seriously
                                         developed countries has shown            and question their exposures. The
  A number of foiled ISIS-inspired       a significant increase in recent         existence of a cover has always been
  attacks in Malaysia                    years. Modes of attacks have             known, but given the frequency and
                                         been evolving - remote detonation        unpredictability of these events, there
                                         devices, ‘lone wolf’ gunmen, cyber       has been movement up the corporate
                                         network penetration and weaponized       chain in terms of understanding
                                                                                  terrorism products.

                                                                                              9Asia Insurance Market Report 2016
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