APAC Insurtech Market Size
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Insurtech Market Analysis
The Asia-Pacific Insurtech Market has generated revenues of more than USD 4000 million in the current year and is poised to achieve a CAGR of more than 7% for the forecast period. Due to COVID-19, the insurance industry saw a rise in the adoption of technology such as digitalization and artificial intelligence. Asia-Pacific is one of the most diverse markets for insurers. It is a newly emerging and attractive market for insurers as it is home to nearly one-third of the world population, a few of the fastest-growing economies in the world, such as China, which is expected to be the world's largest economy by 2030, and multiple countries with a rapidly expanding middle-class population.
The Asia-Pacific region is also experiencing massive technological advancement in the insurance industry. The extremely high expectations of consumers in the region for seamless and personalized digital experiences inspire a great deal of innovation. Firms in mainland China and other markets are experimenting widely and delivering impressive results with new products, new distribution models, and new technology. The top performers are both capitalizing on near-term opportunities and establishing a strong foundation for long-term success.
APAC Insurtech Market Trends
Non Life Insurance is Increasing with Higher Rate than the Life Insurance in Asia-Pacific Region.
The non-life insurance market consists of the general insurance market, which is segmented into motor, property, liability, and other insurance. The Asia-Pacific region is showing a strong growth rate in premiums and insurance premiums. The performance is mainly driven by China but is also buoyed by the positive performance in South Korea. However, some mature markets in the region, such as Japan, are struggling due to their rising population age and shifting consumer expectations. Motor-related non-life insurance is expected to be the market's most lucrative sector. High levels of household disposable income, alongside lower consumer confidence, will boost sales for non-life insurance products; however, low-interest rates will keep profits low.
Consumer Preference for Interaction with Insurer is Skewed Strongly toward Digital Medium
Most Asia-Pacific consumers prefer their mobile devices to perform any financial task. Customer expectations for digital interaction and experience from the insurer are growing in the Asia-Pacific region. China leads the way: from mobile payment apps to digital media platforms, Chinese consumers are wholeheartedly embracing innovation at astonishing speed. Chinese insurers are creating new offers and experiences to engage them. The sheer size of China, its physical proximity to other countries in the region, and its ability to leapfrog on the most advanced technology drive both the inexorable rise in expectations and the push toward innovation across the region.
APAC Insurtech Industry Overview
More than 330 insurtech companies are operating in the Asia-Pacific region. According to S&P Global Market Intelligence, China and India collectively have nearly half of the private insurtech companies in the Asia-Pacific region and have attracted about 78% of venture capital investment in the region. With 66 insurance companies, India has become the second-largest insurance market in the region. The major players in the region include ZhongAn Insurance, SingLife, CXA Group, CoverFox Insurance, and PolicyPal.
APAC Insurtech Market Leaders
ZhongAn Insurance
SIngLife
CXA Group
CoverFox Insurance
PolicyPal
*Disclaimer: Major Players sorted in no particular order
APAC Insurtech Market News
- March 2023: Insurer Singlife enters a technology partnership with Citi and BlackRock. Integration with Citi and BlackRock Aladdin will provide clients with complete portfolio management capabilities that improve efficiencies, automate controls, and enable a seamless front-to-back experience.
- October 2022: PBPartners, the PoSP brand of Policybazaar.com, launches its mobile app to facilitate the ease of doing insurance business for its agent partners. PBPartners is one of India’s top B2B2C insurtech platforms, and the PBPartners app aims to further simplify the insurance business for partners by enabling them to monitor their performance effectively.
APAC Insurtech Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions And Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.1.1 Insights on Macroeconomic Aspects and Demographics of Asia-Pacific
4.1.2 A Brief Note on Insurtech Landscape in Asia-Pacific
4.2 Insights on Various Technologies Being Used by Insurtech Players in the region
4.3 Insights on Insurtech Regulatory Landscape in Asia-Pacific
4.4 Insights on Venture Capital Investment in Insurtech in Asia-Pacific
4.5 A Brief Snapshot on Consumer Needs and Behaviour Analysis - From Insurtech Prespective
4.6 Market Drivers
4.7 Market Restraints
4.8 Industry Attractiveness - Porter's Five Forces Analysis
4.8.1 Bargaining Power of Suppliers
4.8.2 Bargaining Power of Consumers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitutes
4.8.5 Intensity of Competitive Rivalry
4.9 Impact of COVID-19 on the Industry
5. MARKET SEGMENTATION
5.1 By Business Model
5.1.1 Carrier
5.1.2 Enabler
5.1.3 Distributor
5.2 By Country
5.2.1 China
5.2.2 India
5.2.3 Singapore
5.2.4 Hong Kong
5.2.5 Japan
5.2.6 Indonesia
5.2.7 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 ZhongAn Insurance
6.2.2 Singapore Life
6.2.3 CXA Group
6.2.4 Coverfox Insurance
6.2.5 PolicyPal
6.2.6 PolicyBazaar
6.2.7 Acko General Insurance Ltd.
6.2.8 WaterDrop
6.2.9 Digit Insurance
6.2.10 CompareAsiaGroup
6.2.11 GoBear
6.2.12 SmartHR
6.2.13 Prenetics
6.2.14 PasarPolis*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Insurtech Industry Segmentation
Insurtech is the use of new technology to improve the efficiency of the way insurance is sold right now. The growing digitization has led various participants in the insurance industry value chain to adopt technological innovation. This rapid technological advancement had led to the expansion of the Insurtech market. The Asia-Pacific Insurtech Market can be segmented by business model (carrier, enabler, and distributor) and by country (China, India, Japan, Hong Kong, Singapore, Indonesia, and the Rest of Asia Pacific). The report also offers a complete background analysis of the Asia-Pacific insurtech market, including the analysis and forecast of market size, market segments, industry trends, and growth drivers.
| By Business Model | |
| Carrier | |
| Enabler | |
| Distributor |
| By Country | |
| China | |
| India | |
| Singapore | |
| Hong Kong | |
| Japan | |
| Indonesia | |
| Rest of Asia-Pacific |
APAC Insurtech Market Research FAQs
What is the current Asia-Pacific InsurTech Market size?
The Asia-Pacific InsurTech Market is projected to register a CAGR of greater than 7% during the forecast period (2023-2028).
Who are the key players in Asia-Pacific InsurTech Market?
ZhongAn Insurance, SIngLife, CXA Group, CoverFox Insurance and PolicyPal are the major companies operating in the Asia-Pacific InsurTech Market.
APAC Insurtech Industry Report
Statistics for the 2023 APAC Insurtech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Insurtech analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
