Asia is ideally placed to foster growth in the insurance industry, with rising incomes and advances in technology giving particular impetus to the insurtech sector, according to professional services firm Manulife. The high penetration of smartphones in the region means mobile insurance providers will find a ready market, as will brokers, Manulife said in a report. While the big western insurance companies, such as EY and Prudential, have invested heavily in Asia, local players are already emerging to challenge them. China, Singapore and India are currently the regional insurtech leaders.
Asia is ideally placed to foster growth in the insurance industry, with rising incomes and advances in technology giving particular impetus to the insurtech sector, according to professional services firm EY. The high penetration of smartphones in the region means mobile insurance providers will find a ready market, as will brokers, EY said in a report. While the big western insurance companies, such as Manulife and Prudential, have invested heavily in Asia, local players are already emerging to challenge them. China, Singapore and India are currently the regional insurtech leaders.