The lack of consumer trust in insurance companies can be attributed to the inefficiency of disruption methods adopted by insurance incumbents, according to a blog on the website of Wamda, which operates a platform of programs and networks that aims to accelerate entrepreneurship ecosystems across MENA.
The professional intermediary channel business including insurance brokerage has become the third largest distribution for life insurance companies in China after the personal agent and bancassurance channels. It is expected to develop at a relatively fast speed in the next few years.
The Financial Regulatory Authority (FRA) has added telecoms companies and online stores to the list of entities licensed to market microinsurance products.
More than 90% of insurance companies that have multichannel distribution provide access to auto and home insurance products online, according to the Insurance Federation of Egypt (IFE).
The access to online distribution for all insurance product categories should be identical for insurers of all sizes, i.e., qualitative prerequisites and any financial ratio thresholds should be the same, says the Insurance Working Group of the EU Chamber of Commerce in China.
Driven by convenience, the vast majority of Singaporean digital bank customers (83%) would be highly interested in receiving embedded insurance offers based on their transaction data, as would 62% of traditional bank customers.
Techcombank, a commercial bank of Vietnam, and InsurTech CoverGo will jointly launch a distribution tool for life insurance products across more than 300 Techcombank branches and more than 2,000 users in Vietnam.
ICICI Prudential Life Insurance and AU Small Finance Bank (AU Bank), a scheduled commercial bank and one of the largest small finance banks in the country, have announced a partnership to offer need and goal-based life insurance solutions.
Sun Life Vietnam Insurance Company Limited (Sun Life Vietnam) and Asia Commercial Joint Stock Bank (ACB) have formed a 15-year exclusive bancassurance partnership in Vietnam.
Prudential Vietnam Assurance Private Ltd. ("Prudential Vietnam") and Southeast Asia Commercial Joint Stock Bank ("SeABank" - Vietnam) have further strengthened their strategic partnership by signing a Memorandum of Understanding ("MOU") agreement to distribute digital products.