Free From Legacy Baggage, Asian Insurtech Firms Are Reimagining The Insurance Industry

Insurance is one of the oldest modern industries. Most policies sold today are still based on concepts of coverage and pricing invented centuries ago, by early insurance companies in England and continental Europe. Now the industry is being re-invented--and much of the action can be found among new insurtech companies in China and Southeast Asia. Insurtech is the use of digital technology to cut costs and enhance processes for both new and existing types of insurance. A recent Forbes Tech Council report summed up its potential: "Imagine getting a policy that is custom-tailored to your exact needs, lets you start and stop coverage on demand, makes you pay only for the coverage you use, and can be underwritten within seconds on your smartphone." That vision is fast becoming reality.