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下一个保险技术独角兽为何会从亚洲产生?

国际资讯基于互联网平台的金融业务

下一个保险技术独角兽为何会从亚洲产生?

2018年被称为区块链元年,虽然分类帐仍是热门话题,但由于2017年保险技术的快速发展,这一领域目前已经成为了金融科技产业的又一个热点。由于中国的异军突起,亚洲可能成为保险科技的中流砥柱。。

到目前为止,还没有排他性的保险科技独角兽在中国以外的亚洲国家产生。

所有迹象都暗示着,不久的将来会出现一家独角兽企业。.

由于新兴经济市场的福利增加,亚洲人口的保险需求也在不断发展。

保险科技行业引人眼球的领域包括大数据展示、彻底改革承保流程、通过移动解决方案实现访问、增加客户与保险公司的联系、更个性化的保费以及可实现更高价值的定制保险解决方案。

由于保险系统无法满足不断增长的需求或者几乎不存在保险系统,亚洲市场为保险技术公司在各自文化中开创保险道路提供了心动的机遇。保险技术公司不用与现有系统展开激烈竞争,可以自由地选择方向、文化和相关技术,让更成熟的保险市场参与者措手不及。

就目前而言,在越来越精通移动端、越来越依赖移动端的亚洲,传统人工流程数字化大踏步发展。亚洲保险技术领域并不是蓝海,但对于那些有适合想法的人来说,仍然有大把的机会。

保险数字化

说到亚洲的保险科技公司,就不能不提到众安这家中国数字保险公司,这是一家由平安保险、腾讯和阿里巴巴共同创立的互联网保险公司。在众安的许多健康产品中,有一项完全在线运营的服务,被认为是特定保险科技领域的先驱,在线运营有助于拓展网络,同时降低运营和分销成本。

已有460人成为这家价值100亿美元的公司的客户,据说已售出了60亿美元的保单。公司可以在一秒钟内处理1.3万张保单。平安保险集团是中国地区的另一个开拓者,据称是全球市值最高的保险公司,其股价在一年内翻了一倍多。

众安保险科技专注于大数据分析和产品定制(远程信息处理、基于使用的保险等),是中国保险科技发展的第二个阶段。第一阶段开始于2001年,重点关注如何增加主要传统保险公司的在线分销,监管机构2011年发布管理在线中介保险活动的规则后,产业加速发展。

众安正在迅速实现服务多元化。最新进展是为企业客户提供包括智能保险、保单、快速理赔、健康干预和风险控制在内的一站式在线员工健康管理平台。

众安采用的保险科技策略也是在亚洲其他地区流行的策略之一,与马来西亚的PolicyStreet、新加坡的PolicyPal、印度的Digit Insurance类似,无需通过保险代理商,就可以在线购买保险。从长远来看,类似的保险科技可以降低消费者的保险成本,覆盖更多人口,同时能让消费者接触到更适合个人需求的但是不那么好理解的产品。

总的来说,这种趋势意味着会有很多人关注中国的保险科技态势发展。

然而,香港保险科技的发展也不容小觑,2017年新成立的香港保险业监督管理局(IA)推出沙箱,保险科技公司可以对他们的保险产品和服务进行测试。

有了沙箱,保险科技公司就可以在受控和安全的环境中测试新保险产品和服务,而无需完全符合IA的监管要求。公司可以在向公众发布产品前收集真实的市场数据和用户反馈。

现在,凭借强大的市场形势和有保证的市场细分,众安在8月份获得了一笔数量未知的资金,用于区域内拓展服务。将东南亚视为计划的一部分将会对公司发展大有裨益,因为:

东南亚潜力巨大

因为前文提到的保险科技解决方案空白,以及部分东南亚政府积极鼓励保险科技发展,东南亚蕴藏着巨大的潜力。新加坡的PolicyPal于2017年9月从新加坡金融管理局的监管沙箱毕业,Vouch保险集团已被添加到泰国的OIC保险监管沙箱,而马来西亚在Jirnexu制定计划设立销售保险的电子商务网站后,将Jirnexu添加到沙箱中。

新加坡保险科技据说正处于变更之中,人工智能是关注重点。新加坡三分之二的人口已经投保,投保比例相对较高,新加坡的保险巨头重点专注改善服务。新加坡人均寿命越来越长,医疗和护理费用上升,养老支持越来越少。因此,新加坡保险科技更专注网络和应用程序开发、数字专家和数据科学家,以应对数字化挑战。他们可以使用大量数据,还可以充分利用技术和物联网的进步。新加坡友邦保险(AIA)的Patrick Teow表示,未来保险公司能够收集和分析这些数据,用于监控个人健康和风险行为。使用这些数据,特定个人的保费会下降,保险公司也可以更好地管控业务。因为新加坡拥有的亚洲地区运营的保险科技公司数量最多,因此在某种程度上,新加坡也是一个保险科技中心。

泰国保险业规模在亚洲排名第八,每名泰国人每年保费约为334美元。然而,这主要得益于其庞大的人寿保险业,也就是说其他类型的保险,比如不断发展的汽车保险,还存在市场空间。上述Vouch保险集团就属于汽车保险行业,另一家Roojai保险公司,几周前收到了700万美元的A轮投资。

尽管投保人数比较少,菲律宾、柬埔寨、老挝、越南和缅甸等地区仍在期待本国保险科技大变革。在组建保险科技生态系统方面,菲律宾面临着不少麻烦事,但是这个国家保险科技会从内部产生还是通过准入产生,值得关注。

亚洲其他地区的动向

总体来看,印度保险科技行业还是前途无量的,尽管可能不像中国那样出名。 PolicyBazaar在上一轮融资,即很少见的F轮融资中获得了2亿美元。Faytm Life Insurance在2017年5月的最后一轮融资中获得了令人咂舌的14亿美元,其服务起初是作为电子钱包产品而推向市场,后来多元化发展,发展成为保险。

印度通过小额保险为数量较低的保险人数提供服务。印度人口中有许多人都是第一次购买保险,所以保险产品比较网站蓬勃发展,如Policy Bazaar、My Insurance Club、Compare Policy 和Policy Bachat等。印度地区特有的重要性险种是作物保险。

与此同时,在日本, Dai-ichi Life集团和SOMPO这样的企业不得不采取措施进入保险科技领域,尽管一般公司仍在进行调研,而不会贸然进入新领域。 Daioichi Life Group在1月份宣布一项信息科技战略,以促进开放式业务发展。这一进展引人关注,因为人们往往认为保险业很难改变、缺乏灵活性,而老牌保险公司也感受到了创新方面的压力,唯恐输给新兴创业公司。

虽然看起来大公司似乎得到的关注最多,但在许多地区,却是创业公司的举措为行业发展铺平了道路,让大公司不得不动起来,开展创新。虽然亚洲地区保险科技的进展似乎相对缓慢,但是蓬勃发展的时机已经成熟,繁荣景象如果不在现在出现,也一定会在未来5年内出现。

We thought 2018 was going to become the year of the blockchain, and while the ledger is still a hot-button topic, the relatively older insurtech scene has risen to the top of the fintech pile thanks to a 2017 boost. It has not stopped since, and in fact,  it has been said that Asia could actually be a strong insurtech pillar, in large parts thanks to China.

This is particularly interesting, Asia hasn’t produced an exclusively insurtech unicorn outside of China yet.

Despite this, it is clear that insurance appetite amongst Asian populations is rising, thanks to increasing welfare across emerging economic markets.

Some areas of interest in insurtech include big data plays, revolutionising underwriting processes, accessibility through mobile solutions, increased customer connection to insurance companies, more personalised premiums, and customised insurance solutions for better value.

With insurance systems that are either inadequate to cater to rising demands or virtually nonexistent, Asian markets provide an interesting opportunity for insurtechs to pave the insurance way in their respective cultures.

Rather than battle it out with incumbent systems, insurtechs are free to shape the direction, culture, and surrounding tech which could, in turn, disrupt players in more established insurance markets.

For now, good old digitisation of a traditionally manual process is making its way across an Asia that is increasingly more mobile-savvy, and mobile-dependent. Insurtech in Asia isn’t quite exactly a blue ocean, but there are still tonnes of opportunities to be had for those with the right ideas.

Digitisation of Insurance

You can’t discuss insurtech in Asia without bringing up the name ZhongAn, a digital insurer in China formed through collaborations between Ping An Insurance, Tencent, and Alibaba. Often considered something of a pioneer in the specific insurtech field, among many of ZhongAn’s health-related offerings is a service that is run fully online, which helps them widen their net while also lowering operating and distribution costs.

The $10 billion-valued company is said to have sold six billion policies to 460 people. It is also able to process 13,000 policies in a second. Ping An Insurance Group, another trailblazer in China, is said to be the world’s largest insurer by market capitalisation, with shares that have more than doubled in a year.

ZhongAn’s version of insurtech, focused on big data analytics and product customisation (telematics, usage-based insurance, etc) is the second stage for China. The first one began in 2001, which focused on increasing online distribution for major traditional insurers, and was said to accelerate in 2011 when regulators published rules governing the insurance activities of online intermediaries.

ZhongAn is quickly diversifying its services. Its most recent development is a one-stop online employee health management platform for its corporate customers, which encapsulates smart insurance, policy management, quick claims settlement, health intervention, and risk control.

ZhongAn’s insurtech strategy is one that is popular in other Asian regions too, with the likes of Malaysia’s PolicyStreet, Singapore’s PolicyPal, India’s Digit Insurance, among many others offering the ability to buy insurance online without having to go through insurance agents. In the long run, similar types of insurtech could help reduce the costs of insurance for consumers, reach a wider population, while increasing their access to more obscure products that better suit their individual needs.

This trend, overall, means that many eyes are on China to observe the insurtech scene.

However, one cannot discount Hong Kong insurtech scene, with a sandbox launched by a newly minted Hong Kong Insurance Authority which allows insurtech firms to test their insurance products and services in 2017.

The sandbox allows insurtech firms to test their new insurance products and services in a controlled and safe environment without having to achieve full compliance with the IA’s regulatory requirements. Firms can gather real market data and user feedback before the products are released to the general public.

Now with a strong niche and market segment secured, ZhongAn has also received an undisclosed amount of funding to expand its services regionally just last August. And it would do well to consider Southeast Asia as part of those plans because:

Southeast Asia’s High Potential

Southeast Asia holds potential thanks to the aforementioned blank canvas to paint insurtech solutions into, and in certain countries, thanks to encouraging governments. Singapore’s PolicyPal passed the Monetary Authority of Singapore’s regulatory sandbox by September 2017, Vouch Insurance Group was added to Thailand’s OIC Insurance Regulatory Sandbox, while Malaysia added Jirnexu to its sandbox after the company made plans to build an e-commerce site selling insurance.

Singapore’s insurtech, which is said to be in the midst of a revolution, has a focus artificial intelligence. With a relatively high 2/3 population already insured, Singapore’s existing bigwigs are instead focused on improving on services. Singaporeans are living longer, and this leads to rising healthcare and caregiving costs and dwindling old-age support.

Therefore, Singapore’s insurtech is more focused on web and app development, digital specialists and data scientists to step up to a digital challenge. They have a huge amount of data at their disposal, and can take advantage of the rise of technology and the Internet of Things. According to Patrick Teow of AIA Singapore, the future iicould see insurers being able to collect and analyse this data to enable monitoring of health and risk-taking behavious in individuals. The data could lead to lower premiums for select individuals, while issuers can have more control over their business.

Singapore is also said to be something of an insurtech hub, because it has the highest number of insurtech companies operating in the Asia region.

Thailand’s insurance sector was already nominated as the 8th largest in Asia, with Thais spending approximately $334 on insurance annually. However, this is primarily thanks to its large life insurance sector, which means that other types of insurance, like its ever-growing auto-insurance, is very much still fair game. The aforementioned Vouch Insurance Group falls into this auto-insurace sector, and another, Roojai, received a US$7 million Series A investment just a few weeks ago.

Unfortunately, regions like the Philippines, Cambodia, Laos, Vietnam, and Myanmar are still awaiting their insurtech revolution, despite low insured populations. Philippines already has the pinpricks of an insurtech ecosystem forming, but it will be interesting to observe if their insurtech presence will come from in-house, or through market entries.

Movement in other Asian Regions

India’s sector is generally promising for insurtech, though they may not appear in the international consciousness as much as countries like China do. PolicyBazaar, during their last funding round, collected $200 million in a rarely seen Series F. Paytm Life Insurance earned a staggering $1.4 billion in May last year as of their last funding round, thought they began as a wallet that diversified into insurance.

India’s game to fame is microinsurance, to service the low insured numbers in the country. With a nation of people, many of whom are buying insurance for the first time, comparison sites have flourished, such as Policy Bazaar, My Insurance Club, Compare Policy and Policy Bachat, among others. One important segment of insurance that is uniquely important to the region is also crop insurance.

Meanwhile in Japan, incumbents like The Dai-ichi Life group and SOMPO have been forced to make their moves into insurtech, though the general sccene is still doing its usual round of research before jumping into new territories. Dai0ichi Life Group announced in January that it has an Instech strategy which it states, should promote open business development. This is an interesting development, since insurance has always been seen as one of the more entrenched and inflexible industries but now they feel forced to innovate in fear of losing out to up-and-coming startups.

Even though it may seem like big companies are taking up the brunt of attention, in many of these regions it is the movement of startups that paved the way and made the big corporations nervous enough to innovate into insurtech. While movements can seem relatively slow in the Asian region, we think that the board has already been set for the Asian insurtech games that will be coming if not soon, then within the next 5 years.

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