The Saudi Central Bank (SAMA) has said that it is mandatory for all insurance companies to upload vehicle insurance policies of all types (Corporate/individuals), to their computer system, so that the uploading process is synchronised with the completion of the policyholder's purchase of the policy.
InsurTech has seen significant growth and development over recent years. InsurTechs have introduced various new technologies which have streamlined the insurance process, from underwriting and claims handling to customer service and product offerings. While some experts believe that the industry has peaked and may not have much more room for growth, others argue that the market is still expanding with opportunities for innovation. eBaoTech Corporation founding CEO Woody Mo shared his thoughts with us.
ZhongAn Online P&C Insurance, China's first Internet-based insurance company, fell back into red ink in 2022, reporting a net loss attributable to owners of the parent company of CNY1.36bn ($199m).
New York-listed Waterdrop, one of China's largest listed insurance intermediaries with a technology platform dedicated to insurance and healthcare services, swung its financial performance to black ink in 2022 through heavy cost cutting.
FinTech start-up, OnePay, has developed self-service digital terminals, focused on insurance services in Morocco and Africa.
Less than 5% of Indian employers provide comprehensive insurance and benefits - including group medical cover, personal accident cover, term life and telehealth - to employees, according to a study by Plum, an employee health insurance platform.
Shift Technology, a provider of AI-driven decision automation and optimisation solutions for the global insurance industry, has announced that The General Insurance Association of Singapore (GIA) will extend its use of Shift Claims Fraud Detection on behalf of its member insurers.
The country's insurance sector is undertaking a digital transformation, with the Insurance Development and Regulatory Authority (IDRA) planning to bring all private companies under one umbrella through automation or InsurTech.
The Insurance and Social Welfare Supervisory Authority (ACAPS) has set up a unit whose objectives are to promote innovation and develop the Insurtech ecosystem with a view to improving the experience customer and promote insurance inclusion.
The CBIRC has given the green light for the establishment of a new insurer, named Ruizhong Life Insurance, which will take over the operations of life insurer, Hua Insurance (also known by its pinyin-ised name of Huaxia).