The Asia-Pacific region is home to a diversity of countries and cultures which I am commencing to explore deeper. Back in my university days I was amazed (and still are) by the Japanese approach to quality, with methods like Kaizen and Kanban, along with the pride for work and long-term vision. Fast forwarding in time, the economic boom of many countries in the region along with high levels of digitization.
According to The Konrad-Adenauer-Stiftung foundation, “…The digitalization process of the economy and society is more advanced in Asia than in probably any other part of the world. The Asia-Pacific region has prepared itself for the impact of the digital transformation and is adapting to the new realities. Asian countries are leading the way in future technologies and trends such as artificial intelligence, autonomous driving, FinTech or e-health. The digitalization landscape in the region is diverse, with national and regional differences in readiness, capitalization, and regulatory capacities of digital transformation, among others…”
In insurance, countries like Singapore have established a regulatory sandbox to nurture innovation in financial services and we’ve witnessed the proliferation of digital propositions, including supper apps and digital wallets. Major tech giants in China, including leading cases of insurtech startups (morphed into incumbents now).
Our own Model Insurer Program has been witness to a flurry of submissions and winners from Asia-Pacific. In the last 6 years, submissions from the APAC region have accounted for almost 1/3 of the total submissions, and in our 2022 edition, six of the (17) winners came from that region. This tally almost matches the one from North America.
On that same note, I’ve been attending for many years Insuretech Connect (ITC) conference in North America, home to many of the novelties in terms of insurtech. We covered the 2019 and 2021 editions and published a couple of reports covering the hottest topics. These reports are available for Celent subscription customers (2019 report and 2021 report). I’m intrigued and looking forward to seeing how much of these topics overlap at ITC Asia (Singapore). Celent will be hosting a pre-conference session(“Designing a Robust Business and Digital Strategy: A Global Perspective for the Future of Insurance”) on June 7 at 4 pm and hope to see you there if you are planning to attend.
Celent customers and friends get 20% discount – use CELENT20. If you are a C-Level executive from an insurance company, we might still have a courtesy ticket; please reach out to me if interested (these are first come first serve basis).
In the lead up to ITC Asia, Celent will also be hosting a series of webinars which are free to attend. First one will happen in May 11 at 4.00 pm (Singapore).
In the words of my colleague Max Ang, who leads the insurtech research in the APAC region: “We are increasingly seeing a focus on growth and innovation for Asia’ insurance. The region seeks to develop new business models and transform how customers experience insurance and strive to provide better customer engagement”
If the APAC region is of your interest, lets connect. At Celent we can support you in your quest to navigating the maze of technology options, providing tailored, independent, and timely advice.