XL Catlin joins InsurTech Asia Association
Re/insurer XL Catlin, through 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 aims to promote the application of insurtech in Asia.
As part of the membership, XL Catlin will receive a single point of access to the insurtech ecosystem in Asia, including regulators, investors, customers, talents and partners, as well as a platform to address the key issues impeding insurtech innovation in the region.
According to the company, data from CB Insights reveals that global insurtech investment totalled $1.7 billion in 2016, with both the volume and value of deals roughly doubling since 2014. A recent report by UBS also noted that advances in insurtech could spur total cost savings of around $300 billion a year for the Asian insurance industry by 2025.
“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," said David Guest, country manager for XL Catlin’s insurance operation in Singapore. "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.
“Through the membership with InsurTech Asia we will be better able to connect, exchange ideas and explore collaborations with likeminded organisations, so as to make new concepts a reality and drive positive change in the insurance industry,” Guest added.
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