A report published by convergence payments solutions company Razorpay revealed that digital transactions in India witnessed 383% growth in the last financial year ending March 2019 and will continue to grow rapidly in the future.
Direct Asia aims to be the top online car insurance broker in Singapore and Thailand in two years and the leader in Asia by 2022.
According to a report by Bain & Co, in collaboration with Temasek and Google, digital financial services are expected to cross the $1tn mark by 2025.
InsurTech companies attracted 17% of total investments in FinTech ventures in Singapore in the first nine months of 2019, according to a report by global professional services firm Accenture.
The Saudi Arabian Monetary Agency (SAMA) has released a preliminary draft of regulations governing online insurance brokerage business, calling on the public and those interested to provide feedback on the proposed rules.
The licensing criteria for Internet insurance companies are not clear due to the lack of policies and regulations in this area, and there is a considerable gap between the supervision of insurance and technology companies, says the Insurance Working Group (IWG) of the European Union Chamber of Commerce in China.
Mr Patrick Peck, most recently Chief Distribution Officer at AXA Life Insurance Singapore, has joined insurtech firm PolicyPal as Advisor.
The Insurance Authority (IA) has granted its first authorisation of a non-life insurer owning and operating solely through digital distribution channels under Fast Track.
The Singapore Insurance Employees' Union (SIEU) has signed agreements with 23 unionised insurance companies to facilitate training for workers to prepare them for the future. The agreements were signed on 1 October 2019.
The rise of the direct sales channel is set to diminish the traditional dominance of the brokers and agents in the Indian general insurance business over the next three years, according to GlobalData, a leading data and analytics company.