Market Trends of Asia-Pacific InsurTech Industry
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.
