Old Mutual, one of the largest pan-African financial services groups, and CoverGo, the global no-code insurance SaaS platform for P&C, health, and life, have formed a strategic partnership through Old Mutual's investment in CoverGo's $15m Series A in 2022.
The Insurance Regulatory Unit (IRU) is working on a project to digitise compulsory motor third-party liability insurance policies for cars.
The insurance sector in the UAE is witnessing rapid changes in terms of digital transformation, benefiting from the high levels of corporate spending on technological solutions and the adoption of new technologies that have contributed to changing the features of the sector during the past two years, according to experts and officials in the sector.
Suncorp Group and Microsoft have announced a three-year agreement that will accelerate the financial services company's ability to build and deploy digital solutions for customers and foster collaborative hybrid working.
Companies in Indonesia such as IKEA, Gojek and Shopee are customising insurance policies to suit the products they sell. It is made possible through developments in technology that have allowed them to collaborate with InsurTechs and underwriters to create policies for their customers.
Auto manufacturing giant BYD could take over insolvent online insurer E An Property & Casualty Insurance, according to local media reports.
ZhongAn Online P&C Insurance, China's first online-only insurer, settled 428m claims lodged by 166m policyholders in 2022, with the total amount of claims paid for the year exceeding CNY11.9bn ($1.75bn).
Indian InsurTech platform Turtlefin has entered into a partnership with Compass Insurance Brokers, one of the biggest financial solution providers in the UAE, to create a unified and seamless platform to enhance their distribution capabilities in the UAE market.
Despite strong growth in health insurance premiums over the past decade, the health protection gap (HPG) in India is one of the highest in the world, says Swiss Re Institute (SRI) in its report, titled "India's insurance market: poised for rapid growth".
The life insurance sector in South Korea will seek deregulation for digital innovation in whole sectors of the insurance industry this year, according to Korea Life Insurance Association chairman Chung Hee-soo.