Global insurer and reinsurer XL Catlin has been revealed as one of the founding members of the InsurTech Asia Association, an independent re/insurance industry initiative designed to advance insurance in Asia through the utilisation of insurance technology.
XL Catlin has joined as a founding member through the XL Group Ltd company Catlin Singapore Pte Ltd, and, as part of its membership will receive a single point of access to Asia’s InsurTech ecosystem, which includes regulators, investors, clients, and talents and partners.
The membership also provides XL Catlin with a platform to address key issues hindering InsurTech innovation across Asia.
President of the InsurTech Asia Association, George Kessleman, said: “I’m excited to have XL Catlin join our young and rapid-growing Association. There’s a lot of hard work ahead of us in 2018, and having a leading insurer and reinsurer such as XL Catlin among our founding members is truly invaluable. We look forward to working closely with their team across Asia to tangibly boost innovation in insurance.”
As technology continues to advance, ultimately threatening the traditional insurance and reinsurance business model as advancements seek to improve the efficiency, availability and affordability of insurance protection across the world, the desire throughout the risk transfer industry to adopt beneficial tech has intensified.
InsurTech investment continues to rise, and according to a recent report by UBS, advances in InsurTech could drive total cost savings of roughly US $300 billion a year for the Asian insurance industry by the year 2025.
Country Manager for XL Catlin’s insurance operation in Singapore, David Guest, said: “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. 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.
“At XL Catlin, we embrace the opportunity for change and to be more innovative, so that we remain relevant to our clients. 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.”