The InsurTech industry in Asia is relatively small than in Europe or North America. However, with financial development and increasing internet penetration, it is likely that Asia could incubate the InsurTech industry.
Here are the top 7 InsurTech companies in Asia to watch out for in 2021 in no specific order.
Headquartered in Singapore, CXA is Asia’s leading InsurTech provider that offers award-winning benefits to more than 400,000 users across 20 countries. CXA uses artificial intelligence to address employees’ mental, physical, and financial health risks. The platform gives employees access to personalized lifestyle and health offerings. The company was founded in 2013 by Rosaline Koo and is backed by a group of astute investors including Sumitomo Corporation Equity Asia and MDI Ventures. CXA continues to grow its market share backed by generous funding with the most recent one coming from Humanica and HSBC in May 2020.
India’s largest insurance marketplace allows users to view and compare online various insurance policies based on their preferences. The users can buy insurance policies online across products such as term life, medical, travel, or motor insurance, low prices ULIPS, and other investment products. Policy Bazaar offers an end-to-end solution for claim assistance and tracking policies. The company boasts of nearly 1,000,000 sales transactions per month and hosts more than 100 million visitors every year. Policy Bazaar was founded in 2008 by Alok Bansal, Tarun Mathur, Avaneesh Nijar, and Yashish Dahiya. The company is supported by an array of investors like Temasek, SoftBank InfoEdge, Tiger Global Management, Premji Invest, and True North. The latest funding was raised in July 2020 from a secondary market round.
This online-only insurance company in China develops ecosystem-oriented insurance solutions in various consumption scenarios. It operates its core insurance system Wujieshan, its cloud-based platform. ZhongAn has developed advanced artificial intelligence capabilities to strengthen risk management, enhance customer experience, and optimize product features quickly. The company was founded in 2013 and offers e-commerce, mobile payment, and financial guarantee for internet businesses and users. ZhongAn is funded by four investors including SoftBank Vision Fund and CDH Investments with the last funding raised in 2018 from a Post-IPO Equity round.
Backed by Indonesia’s three unicorns- Traveloka, Gojek, and Tokopedia, PasarPolis is one of the leading InsurTech companies in Southeast Asia. The Indonesia-based startup offers custom insurance solutions through D2D and B2B distribution channels. Now, during the pandemic, the company is offering COVID-19 insurance product besides existing health, car, property, and personal insurance policies. The company was founded in 2015 by Cleosent Randing and is funded by many investors. The company has recently raised funding of US$ 5 million in February 2021 from International Finance Corporation and plans to use this amount to boost the delivery of micro and affordable insurance to the country’s most vulnerable segment, especially the informal workers.
Tune Protect, the insurance wing of the Tune Group claims to make insurance easy for millions of their customers across 35 countries. The company offers a digital platform that underwrites and reinsures non-life insurance products such as personal accident, dental, and car to sports insurance all through its easy-to-use platform. The subsidiary of Tune Group was founded in 2012 is funded by three investors CIMB, East Pacific Capital Private Limited, and the Tune Group. The Tune Group owns various companies including Tune Talk, Air Asia, and Tune Hotels.
Founded in 2013, one of India’s biggest insurtech platforms provides hassle-free online insurance broking services on a range of products including- health, car, bike, travel, investments, and home insurance. Coverfox also provides end-to-end support for claims and has partnered with more than 35 insurance providers to offer the best policies and plans to consumers. Amidst the pandemic, the company received a fresh infusion worth Rs 30 crore last year from its parent company Glitterbug Technologies. The company is backed by various investors including SAIF Partners and Accel India.
Singapore-based Singapore Life caters to the protection, investment, savings, retirement, and lifestyle needs of citizens from all walks of life. The company offers affordable critical illness insurance, term life insurance, and cancer plans. Its protection solutions are available both digitally and through financial advisors to the retail segment and also provide universal life solutions to high-net-worth consumers. The company is offering a claim payout within 24 hours. Singapore Life founded in 2014 is backed by an array of investors including Sumitomo Life Insurance Company, Japan, IPGL, London, and Aflac, United States.
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