The marine insurance sector, traditionally known for being conservative, has undergone rapid innovation driven by recent geopolitical events, the COVID-19 pandemic and supply chain disruptions. This has created opportunities for InsurTechs to address long-standing industry limitations with modern technological solutions, according to OTONOMI CEO and co-founder Yann Barbarroux.
The human touch is essential to help generate confidence in insurers among customers, especially during the claims process when policyholders are at their most vulnerable, according to Duck Creek Technologies (Duck Creek) managing director, APAC Christian Erickson.
The Securities and Exchange Commission of Pakistan (SECP) has approved the country's first-ever digital-only non-life insurance license to InsurTech Digi Insurance. This is being described as a significant milestone in the evolution of Pakistan's insurance sector.
While the potential for transformation with AI technology remains vast for the insurance companies, the current implementation is far from robust. It is a $450bn opportunity on the horizon, however, only 10% of insurance organisations have partially or fully deployed AI agents, and a further 20% are merely dipping their toes into pilot projects according to a new report by Capgemini Research Institute.
Mobile wallet company Zain Cash has signed a strategic agreement with Solidarity- First Insurance to provide insurance policy issuance services to all Zain Cash users, whether individuals or companies.
Singapore-headquartered InsurTech EFGH (Embed Financial Group Holdings) has made significant strides in expanding its presence in Africa over the past two months, establishing legal entities in the Democratic Republic of the Congo (DRC), Zambia, and Ghana.
Cathay Century Insurance has plans to transform policyholder experience, including building a smart platform where backend agents will gain real-time insights on clients, enabling quick responses.
The Insurers Federation of Egypt (IFE) has recommended supporting the digitalisation of fire insurance policies to facilitate access to insurance coverage, especially in remote areas.
InsurTech Plum, plans to invest INR200cr ($25m) for expansion of its healthcare vertical to deliver accessible, preventive, and personalised healthcare at scale.
Yallacompare, the UAE-based leading online insurance comparison platform company, has joined COMIN Insurance to form the largest InsurTech group in the region.