Asia InsurTech Podcast

In this episode of the Asia InsurTech Podcast, we explore how embedded insurance is transforming the insurance industry with Nigel Fellowes-Freeman, the CEO of Kanopi. Embedded insurance simplifies the buying process by offering tailored coverage directly within products or services consumers already use, eliminating the confusion of traditional insurance purchases. Nigel highlights how businesses can benefit from embedding insurance by boosting customer engagement, generating new revenue streams, and offering personalized, relevant coverage in real time. Though the technical challenges are significant, the convenience and value this model offers to both consumers and companies are undeniable. Nigel also delves into the future of the insurance landscape, where embedded insurance could help close the growing global protection gap. As more services adopt embedded insurance, more consumers will gain access to coverage, especially in underserved markets. While brokers won’t be replaced, their role will evolve from selling transactional policies to providing expert advice on complex insurance needs. With embedded insurance, the shift toward more integrated, data-driven solutions is reshaping how insurance is delivered, opening up new opportunities for both businesses and consumers alike.

In this episode of the Asia InsurTech Podcast, we dive deep into the entrepreneurial journey of Tetiana George （梅玉瑛） George, co-founder and CEO of Curium. Tetiana opens up about the challenges of fundraising and why she chose to walk away from investors who offered terms she found restrictive. Instead of being held back by “handcuffs” that limited her vision, Tetiana pivoted Curium by listening to its target market and focusing on compliance automation, a key area that industry players were eager for but hadn’t fully articulated. This decisive move enabled Curium to stay nimble, build a solution that small insurers and brokers could easily adopt, and ultimately secure a more strategic partnership that aligns with Curium’s long-term goals. Tetiana’s approach to leadership is equally bold—she’s built a fast-moving, lean team where everyone, regardless of title, contributes to the company’s growth. By fostering a culture of autonomy and deep listening to both customers and employees, Curium has become a compliance powerhouse, with plans to expand globally. In this episode, Tetiana shares hard-earned lessons on staying true to your vision, avoiding bad investor deals, and the critical importance of adapting quickly to market signals.

In this episode, we dive into the challenges and opportunities facing the insurance industry with Julien Condamines, co-Founder and Chief Strategy Officer at Novo AI. Julien believes there is an urgent need for change, and he highlights the growing gap between claims payments and premiums, driven by inefficiencies and many other factors. He also believes that outdated technology, particularly in claims processing, is creating operational bottlenecks and holding insurers back from achieving higher productivity and profitability. Julien explains how AI, specifically generative AI, can help redefine the claims value chain and improve operational efficiency. Rather than replacing jobs, AI has the potential to enhance the workforce by automating repetitive tasks, allowing teams to focus on higher-value work. He stresses the importance of shifting the focus from digital distribution to operational optimization, helping insurers streamline processes, increase accuracy, and tackle fraud. The key takeaway is that by embracing AI-driven solutions, the insurance industry can improve both customer experiences and internal operations. https://lnkd.in/eeD75-VB

In this episode of the Asia InsurTech Podcast, Ronak Shah, CEO of QBE Singapore, shares his 20+ years of experience in the insurance industry, shedding light on its significant impact on people’s lives. He emphasizes how insurance provides a critical safety net, protecting individuals and families during life’s most challenging moments. Ronak’s personal story of stumbling into the industry and staying because of its far-reaching effects highlights how essential and often under appreciated insurance is. He also discusses the importance of SMEs in Southeast Asia, which make up 99% of businesses in Singapore, and how they are often underserved and underinsured. This presents both a challenge and a significant opportunity for the insurance industry. Ronak also delves into the evolving role of technology, particularly artificial intelligence, in insurance. While AI can streamline processes and enhance productivity, especially in areas like underwriting and claims, Ronak stresses that it is meant to augment rather than replace human roles. He also emphasizes the need for empathy and human connection in the industry, especially when dealing with claims and customer service. Finally, he discusses the Singaporean government’s critical role in fostering innovation and long-term planning, making Singapore a global hub for insurance and financial services.

In this episode of the Asia InsurTech Podcast, Jeff Heine, Chief Revenue Officer of Novidea, shared insights from his extensive career in the insurance industry. Heine emphasized the importance of firsthand experience in claims, which gave him a deeper understanding of the industry’s core mission to support customers during difficult times. He highlighted the unique challenges and opportunities in Asia, noting the region’s advanced state of digital transformation and strong focus on customer engagement. Heine underscored the necessity of proactive customer interactions and the potential of using data to improve service delivery and risk management. Heine also discussed the significant benefits of operational efficiencies and data connectivity within insurance companies, which can enhance internal relationships and customer service. He pointed to the transformative role of artificial intelligence (AI) in handling mundane tasks and providing real-time insights. Additionally, Heine envisioned a future where insurance ecosystems integrate with various platforms, such as e-commerce and ride-hailing services, to offer personalized solutions based on customers’ life events. This interconnected approach aims to improve the overall customer experience and ensure that the industry fulfills its promise of protection and support.

In this episode of the Asia InsurTech Podcast, we sat down with Yamini Bhat, co-founder and CEO of Vymo, to discuss the intricacies of global expansion and the strategic insights she has gained from growing Vymo. Yamini highlighted the critical importance of localizing business strategies to fit different markets, from Japan’s preference for small, highly compliant behavioral changes to the U.S.’s flexible approach that offers a variety of options for sellers. She shared how Vymo leverages data to coach and enable salespeople, tailoring the platform to meet the diverse regulatory and cultural needs of markets across Southeast Asia, Japan, and the U.S. Yamini also discussed the operational strategies that have propelled Vymo’s growth, emphasizing the balance between maintaining a global brand and adapting to local markets. By building a global yet local team, Vymo ensures responsiveness to customer needs while leveraging centralized expertise. She underscored the importance of adapting to macroeconomic trends and integrating AI technologies to enhance the platform’s capabilities. Yamini’s insights provide a valuable blueprint for any company looking to scale internationally, highlighting the necessity of being globally ambitious and locally adept.

We were joined by Katherine Clayton during which she shared her extensive experience in transforming legacy industries and the unique challenges she has navigated in launching her latest venture in the insurance sector. Coming from a background in organizational and business transformation across various traditional industries such as oil, gas, and mining, Katherine has leveraged her expertise to innovate within the insurance space. She emphasized the importance of keeping businesses relevant in the face of rapidly evolving technology and consumer preferences, drawing examples from successful transformations like Netflix, and failures like Blockbuster. Katherine also discussed the strategic approach behind Peachii Insurance’s product design and market engagement. Recognizing the gap in traditional insurance offerings for younger consumers, Peachii innovates by providing insurance for individual high-value items directly at the point of sale, simplifying the insurance process and making it more accessible. This model not only appeals to a demographic with evolving asset ownership patterns but also embeds insurance into everyday shopping experiences through partnerships with trusted retailers. These efforts are underpinned by a commitment to build consumer trust and educate new markets about the value of insurance.

“Asia, of course, is a construct of many, many geographies. And each geography is very different…I see a real opportunity to leapfrog and not go through all the stages… Here in Asia, you can make markets, you can create markets.” – Bernhard Kotanko In this second episode of the Asia InsurTech Podcast featuring Bernhard Kotanko, a Senior Partner at McKinsey & Company, we do a deep dive into the future of Property and Casualty (P&C) Insurance in Asia. Amidst a backdrop of rapid technological advancements and evolving societal needs, Bernhard explores the untapped potential within the region’s P&C insurance sector, examining the challenges and opportunities that lie ahead. As emerging markets in Asia show significantly lower insurance penetration compared to their GDP growth, Bernhard sheds light on the need for innovative solutions to bridge this gap. From the rise of digital and embedded insurance to the integration of AI for better risk management, this episode navigates the complex landscape of insurance in Asia, discussing how technology continues to reshape the industry. Bernhard addresses distribution, insurance literacy, and the impact of new risks like cyber threats and climate change on the sector. This conversation balances the technical with the transformative and explores how the P&C Insurance market in Asia is poised for a leap into the future, driven by innovation and a deeper understanding of customer needs. 

Amidst a backdrop of slowed growth rates in Life Insurance, both developed and developing markets in Asia are facing critical junctures. In an insightful episode of the Asia InsurTech Podcast, Bernhard Kotanko, a Senior Partner and Asia-Pacific Insurance Practice leader at McKinsey & Company delves into the transformative shifts within Asia’s Life Insurance sector. Bernhard emphasizes the importance of adopting customer-centric strategies to bridge the gap between consumer expectations and insurance offerings. Despite the rise in digitalization efforts, the penetration of purely digital insurance sales remains minimal, indicating significant room for improvement and innovation. A crucial part of navigating these shifts involves making bold decisions in the realms of talent and technology. Bernhard suggests that the future of the industry depends on attracting diverse skill sets and leveraging technologies such as generative AI to enhance customer interactions and operational efficiencies. Moreover, he advocates for a reinvigoration of the insurance sector’s purpose, highlighting its unique position as a “triple win” industry that aligns the interests of customers, shareholders, and employees alike.

The Asia InsurTech Podcast was joined by Gourab Mukherjee, CEO and co-founder of Aktivo Labs, to discuss the transformative power of technology in the health and insurance sectors. Gourab highlighted the significant advancements in health monitoring and management through the integration of real-time data, personalization, and digital health ecosystems. Utilizing smartphone data, wearables, and sophisticated algorithms, Aktivo Labs aims to empower individuals with actionable insights for healthier living. The conversation also touched on the accuracy and evolving capabilities of health-related technologies, underscoring their potential to revolutionize personal health and wellness practices. Gourab shared insights into Aktivo Labs’ global expansion strategy, emphasizing the importance of understanding and adapting to local markets, as demonstrated by their ventures into the United States and Japan. Through strategic partnerships and a keen awareness of macroeconomic tailwinds, Aktivo Labs tailors its approach to meet the unique needs of diverse demographics, from aging populations in Japan to younger ones in Africa. Looking ahead, he envisions a future where health and technology are seamlessly integrated, enabling individuals to make informed decisions about their health and lifestyle. This future promises a more engaged, healthier global population, driven by innovations that bridge the gap between health, technology, and everyday life.