SINGAPORE: Monetary Authority of Singapore (MAS) together with British Government (UKTI) and 15 insurance industry representatives, amongst them – Aviva, NTUC Income, AXA, AON, AIA, AXA, IAG, Allianz, Etiqa and InsurTechAsia – co-signed a Statement-of-Intent (SOI) earlier this month on February 10, committing to promote digital innovation in the insurance sector within the region.
The inaugural roundtable of industry stakeholders agreed to collectively boost technology in the insurance sector through four key initiatives. One of the initiatives will be to introduce the ASEAN InsurTech LaunchPad. Led by InsurTechAsia, the launchpad focuses on promoting growth in the local insurance industry through bringing in high-growth Insurance Technology (InsurTech) startups to Singapore and facilitating collaborations between locally-based insurance corporations and startups. This will encourage new business opportunities and implementation of innovative technological solutions in the insurance industry.
Startups will be able to run pilots and Proof-of-Concepts (POC) with Singapore-based insurers, leverage on their networks and create successful partnerships in the region.
The initiatives are also aligned to the latest released recommendations by the Committee on the Future Economy (CFE) – which charts out strategies to secure Singapore’s economic success over the long run.
ASEAN InsurTech Launchpad will be the first in the world and further advances Singapore to the forefront of digital revolution in insurance. We are confident that the launchpad will boost the local InsurTech ecosystem and accelerate digital innovation in the insurance sector.
Led by parent company Pivot Ventures, InsurTechAsia is a non-for-profit initiative which aims to build and grow the InsurTech ecosystem in the region. InsurTechAsia connects insurance practitioners, entrepreneurs and industry stakeholders across Asia through regular discussions, collaborations, events, and workshops.