Revolution or evolution? The path ahead for Asia’s insurtech firms

IN FOCUS

In today’s newsletter, we look at:

• Why Asia’s insurtech players are being co-opted by incumbents
• Why startups that focus on fintech and AI will likely attract more investment

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Hello,

A few years ago, I purchased a couple of insurance plans from Aviva and AXA. Over the next few years, I was notified that these plans had been transferred to Singlife and HSBC Life, respectively.

The Aviva to Singlife switch is described by my colleague Budi in this week’s featured story.

In his piece, Budi explains why the lines between traditional insurance companies and insurtech players have become increasingly blurred.

Singlife, for example, grew by acquiring the Singapore operations of old-school carriers Zurich Life and Aviva. In turn, it has now become a wholly owned subsidiary of Japanese major Sumitomo Life.

Bolttech, too, isn’t exactly a typical startup. Its founder spent years in the insurance industry, and its investors include traditional insurance companies like Tokio Marine and MetLife.

Meanwhile, in this week’s Hot Take, I look at why fintech startups that are riding on the AI wave are likely to attract investor attention, even as investment in the fintech sector as a whole is at multi-year lows.

— Simon

THE BIG STORY

Are Asia’s insurtech players pouring new wine into old wineskins?

Image credit: Timmy Loen

Singlife and other insurtech players have made acquisitions in recent years to expand, putting them closer to becoming industry incumbents.

THE HOT TAKE

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