Evolution of Insurtech: Next Steps in the Journey

 

The panel discussion featuring bolttech covers the current state and future of InsurTech, particularly focusing on Southeast Asia.

Key highlights

Open Architecture and Embedded Finance

  • Emphasis on open architecture allowing diverse customer and channel choices.
  • Discussion on the prevalence of General Insurance (GI) products and the potential for growth in the life and health insurance sectors.

Customer Journey and Regional Differences

  • View on insurance as a journey starting with simple products like cell phone protection, expanding to complex needs like health insurance.
  • Importance of letting customers choose their journey based on their individual needs across different countries and regions.

Key Learnings for InsurTechs

  • Stick to initial mission, vision, and values while adapting to market conditions.
  • Value of cooperation and ecosystem partnerships for long-term success.
  • Recognising and facilitating regional differences in customer needs and market conditions.

Acquisitions and Exits

  • Rob Schimek of bolttech shares insights on what they look for in acquisitions: alignment with solving customer problems, matching technology, and distribution partner relationships.
  • Advice for young InsurTech founders: focus on being the best in tech or distribution, and excellence in execution is critical for success and acquisition.


Conclusion:
For insurtech start-ups, particularly those aiming for future trade sales or acquisitions, the focus should be on being exceptional in their specific domain—whether it is technology or distribution. Building strong partnerships, maintaining a cooperative ecosystem mindset, and understanding the distinct needs of various markets and customers are emphasised.

 

Watch Full Session

 

Speaker:

  • Rob Schimek, Founder & Group Chief Executive Officer, bolttech
 
 
Moderator:
  • Varun Mittal, Founder, Fintech Nation & Head of Innovation & Ecosystem, Singlife

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