Global insurer and reinsurer XL Catlin, via its Catlin Singapore unit, is joining the InsurTech Asia Association as one of its founding members.
InsurTech Asia Association is an independent membership-based industry initiative that intends to advance insurance in Asia through the impactful application of insurance technology (InsurTech).
The membership, will allow XL Catlin to receive a single point access to the Insurtech ecosystem in Asia including regulators, investors, customers, talents and partners.
It also provides XL Catlin with a platform to address key issues hindering InsurTech innovation across Asia.
XL Catlin said data from CB Insights reveals that global insurtech investment totalled $1.7bn in 2016, with both the volume and value of deals nearly doubling since 2014.
A recent report by UBS revealed that advances in insurtech could spur total cost savings of about $300bn per year for the Asian insurance industry by 2025.
XL Catlin’s insurance operation Singapore country manager David Guest said: “Asia will be a key player in the upcoming revolution of insurance. Regulators have been taking steps to create a conducive environment that supports innovation and allows the development and growth of local Insurtechs in the region.
“Singapore, for example, allows for sandboxed experimentation while providing regulatory support and advanced technological infrastructure. Following this move by the Monetary Authority of Singapore, Malaysia has already elected to establish a similar mechanism.”
XL Catlin stated that by partnering with InsurTech Asia, the company can better be able to connect, exchange ideas and explore collaboration with likeminded organisations, in order to turn new concepts into reality and to drive a positive change in the insurance industry.
InsurTech Asia Association seeks to speed up digital transformation of the insurance industry in Asia by eliminating innovation hurdles and increasing collaboration between InsurTech startups and Insurance corporates.
XL Catlin insurance companies provide property, casualty, professional, financial lines and specialty insurance products globally.
Image: XL Catlin will address key issues that hinder insurance technology in Asia. Photo: Courtesy of IndypendenZ/FreeDigitalPhotos.net.