The InsurTech landscape in APAC is witnessing several interesting trends, including a shift toward ecosystem thinking and changing attitudes towards insurance. Speaking with Asia Insurance Review, bolttech’s Mr Philip Weiner looks at how ecosystem thinking has opened the door for collaboration across industries, and insurance is now viewed as a product that offers wholistic protection.
Three major InsurTech-related trends observed in APAC over the past year were the growth of new ecosystem partners, increasing pace of digitalisation and a shift towards prevention, according to bolttech CEO APAC Philip Weiner, speaking with Asia Insurance Review.
An interesting shift
Calling the shift toward ecosystem thinking one of the more interesting developments, Mr Weiner said it was “a recognition that insurance does not have to stand alone but can be embedded seamlessly into broader customer journeys”.
He said, “This has opened the door for collaboration across industries, even among players who may be entering insurance for the first time.
Mr Weiner also noted a promising trend in this development, namely more players thinking long-term, as well as how they could co-create solutions that addressed the bigger picture, such as closing the growing protection gap.
Digital innovation
Touching on the accelerated pace of digital innovation, Mr Weiner highlighted that AI and machine learning are being used not just to improve underwriting and claims, but also to personalise the customer experience in real time and improve how risk is assessed now.
“The potential is enormous, but what we are seeing now is the realisation that it is not just about having the technology. It is about readiness, governance and the ability to scale it responsibly,” he said.
Changing attitudes towards insurance
The last trend Mr Weiner indicated was how attitude towards insurance is shifting from a financial transaction which helps in the event of misfortune, to a more wholistic view of protection.
He said, “Through this trend, we are seeing more effort in preventing the adversity from occurring and adding substantial value to customers’ lives beyond the traditional insurance contract.”
Leveraging these trends
When asked how his company has leveraged the trends mentioned above, Mr Weiner said, “We have been very intentional about building a platform and business model that responds directly to these shifts.
“Customers today expect more, not just in terms of digital convenience, but in transparency, choice and personalisation.”
Citing bolttech’s partnership with another company as an example, he said that by integrating their insurance exchange with the other’s financial comparison service, a seamless digital experience for customers shopping for car insurance was enabled.
In this scenario, he said consumers could easily compare options, understand coverage clearly and make decisions quickly, all on platform.
He said, “It is a great example of how embedded insurance, powered by ecosystem collaboration, meets rising consumer expectations.”
In Southeast Asia, where the expanding middle class is creating demand for more accessible and affordable protection, Mr Weiner has observed strong momentum, as well.
“Our platform model allows us to connect insurers, distributors and even non-financial partners to serve these markets in ways that are relevant and scalable,” he said.
In addition, his company has invested in helping consumers navigate what he called “the difficult and often dangerous online world” with a collection of preventative online safety tools which combine with insurance to provide a complete coverage.
Closing the protection gap
Moving off his belief that an opportunity lies in leveraging technology to close protection gaps, Mr Weiner noted his company is doing so in Thailand by working with partners to embed protection into everyday services, reaching underserved communities through trusted brands they already used.
“Our digital-first, modular platform makes it easy to offer low-cost products like device protection or payment protection insurance, which serve as simple entry points for people new to insurance,” he said.
When asked how impact could be measured, he noted that it was through the scale of partnerships and the number of customers reached, especially in emerging markets.
Challenges and opportunities
An opportunity in APAC Mr Weiner quickly identified for InsurTechs was the region’s “rapidly expanding, digitally savvy middle class”.
He also noted that the widespread adoption of digital financial services may create what he called “fertile ground for innovation” in the area.
Additionally, he pointed out that the low insurance penetration, particularly in emerging markets, signalled a huge protection gap that InsurTechs could help address by introducing new business models and embedded insurance solutions.
To leverage this opportunity, he cited his company’s focus on being an enabler for the industry, fostering collaboration across the value chain to bridge the protection gap as an example, noting that this has allowed them to stay agile, leverage local partnerships and continuously innovate to navigate the region’s complexity and address its potential for growth.
However, on the downside, he indicated the high customer acquisition costs, varying levels of digital maturity and insurance awareness across APAC, which may translate into tailored solutions for each market.
But the biggest challenge was of the diversity and complexity of regulatory environments across so many markets, saying, “Each country has its own requirements, so we invest heavily in local expertise and strong governance to ensure compliance and smooth market entry.”
Regulations in APAC
“In APAC, the regulatory landscape is highly diverse, with significant differences from market to market, where customer preferences, cultural norms and legal frameworks all vary widely,” said Mr Weiner.
“To navigate this, it is important that the industry engages in ongoing dialogue with regulators. Collaboration is crucial to ensuring that regulatory frameworks evolve in step with technological developments.”
In particular, he pointed out a “need for clearer guidance around the use of emerging technologies like AI, which are becoming more central to the way insurance is delivered”.
He said, “By working closely with regulators, we can help ensure they are well-informed and able to create policies that enable innovation while maintaining consumer protection and trust.”
Looking ahead
When asked what some InsurTech trends he anticipated in APAC over the coming year were, Mr Weiner first pointed to financial inclusion, which he described as a “major area”.
“Many people in emerging markets across APAC remain underinsured or completely unserved by traditional models. Mobile-first platforms and data-driven insights are helping change that,” he said.
“By embedding insurance into the platforms and services customers already know and trust, such as their banks, retailers, or healthcare providers, we can extend our reach even further and deliver protection in a way that feels familiar, seamless and relevant to their everyday lives.”
The second trend he expects to see is the continued rise of embedded insurance and ecosystem-based distribution.
Said Mr Weiner, “Insurance is increasingly being integrated into everyday digital platforms, offering customers more seamless and relevant protection at the point of need. With ecosystems bringing together insurers, distributors and tech partners, we can expect to see faster innovation and broader reach.”
Additionally, an increase in the use of AI and automation across the insurance value chain is also anticipated, he said.
“The industry is turning to AI not just for efficiency, but to hyper-personalise products and improve customer engagement,” he said.
As a result, he expects “more innovation, better customer experiences and broader access to insurance through technology-driven solutions” overall. A