Southeast Asia: A Growing Market for Digital Insurance

Insurance CIO Outlook | Tuesday, March 19, 2019

Digitalization offers the chance to keep continuous interaction with the customer. This constant interaction is the heart of the insurance sector. A report of Digital Transformation in Insurance Survey 2018 shows that almost 69 percent of insurers use some digital platforms. The companies that provide digital insurance have to dig more in this area to find out more innovative aspects to ensure the growth of the business.

ZhongAn Online P&C Insurance Company of China has announced a partnership with Grab group in order to spread digital insurance in Southeast Asia. This joint venture will enable customers to access insurance products through the Grab app. This collaboration will open up a new horizon to get partnered with global giants to address the needs of Asian users adequately.

Grab is a Singapore-based company offering ride sharing, food delivery service, and logistics services. Today, Grab has spread its business among eight countries successfully. Grab is able to hold 97 percent market share in the third-party taxi-hailing market. It has a 72 percent market share in private vehicles hailing market. Through the announcement of Grab venture, it has spread its wings in the field of food delivery and payments.

ZhongAn is an online Chinese insurance company. It enlists almost 460 million users. ZhongAn made a partnership with Boston-based biotechnology company, Orig3n. The purpose of this partnership was to offer health technology solution in China. ZhongAn is willing to spread its market to Japan, and to do this, it makes a partnership with Sompo Japan Nipponka, a Japanese insurance company, to spread cloud-based insurance service.

This partnership between the two companies will enable Grab to launch digital insurance in Singapore. ZhongAn and Grab will use SoftBank as the shareholder. This digital insurance plan will allow automated payment methods, and GrabPay will deduct premium or other payments. This collaboration is ushering in the new horizon and is facilitating innovative technological advancements in the Asian market.

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