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Startups

Insurtech Startups: Blurring the Lines with Traditional Insurers

Nicole Kristine Jovero
Last updated: June 24, 2024 3:01 am
Nicole Kristine Jovero
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2 Min Read
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  • Insurtech startups are blurring lines with traditional insurers.
  • Singlife and FWD Group exemplify this trend.
  • The true race may be between traditional insurers.

Contents
Acquisition tango and collaboration cha-chaThe insurance marathon

In the highly regulated and capital-intensive insurance industry, insurtech startups often find themselves acquiring existing players to obtain licenses and scale.

Singlife, a Singapore-based insurtech firm, exemplifies this trend, becoming a fully owned subsidiary of Japanese insurer Sumitomo Life in March 2023 after acquiring Zurich Life’s Singapore operations in 2018 and Aviva Singapore in 2020.

Acquisition tango and collaboration cha-cha

Insurtech startups’ hunger for acquisitions is driven by the need to scale faster inorganically in the heavily regulated insurance industry.

Hong Kong-based FWD Group and Bolttech are prime examples of this strategy, with both companies making significant acquisitions across Asia.

Collaborations between insurtech startups and traditional insurers, such as Bolttech’s partnership with Tokio Marine, further blur the lines between the two.

The insurance marathon

While insurtech startups aim to bring innovation and improved customer experiences to the insurance sector, the increasing integration with traditional insurers raises questions about their ability to disrupt the industry truly.

Struggling insurtech players may find themselves acquired by larger companies as funding becomes scarce, leading to a consolidation of the market.

Ultimately, the true race may be between traditional insurers who embrace technology and those who do not.

To read the original article: https://www.techinasia.com/lines-blur-insurtech-firms-incumbents

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