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