Asia is outpacing the rest of the world in terms of insurtech adoption, according to Stephen O’Hearn, global insurance leader at PwC. A lack of legacy infrastructure in the region is allowing insurance firms to adopt new technologies more easily, according to a recent PwC report. “Insurance companies are looking for ways to improve their ability to manage risk and reduce costs,” said O’Hearn in an interview.
Asia is outpacing the rest of the world in terms of insurtech adoption, according to Stephen O’Hearn, global insurance leader at PwC. A lack of legacy infrastructure in the region is allowing insurance firms to adopt new technologies more easily, according to a recent PwC report. Asian consumers are also more comfortable using mobile applications than the rest of the world, noted O'Hearn, with platforms like WeChat, which enables a host of transactions, commonly used.