InsurTech Asia Association, has announced that XL Catlin will be joining as one of its founding members.
The association is an independent membership-based industry initiative that aims to advance insurance in Asia through the impactful application of Insurance Technology (Insurtech). 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.
George Kessleman, President of InsurTech Asia Association, 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.”
Data from CB Insights reveals that global Insurtech investment totalled US$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 US$300 billion a year for the Asian insurance industry by 2025.
David Guest, Country Manager for XL Catlin’s insurance operation in Singapore, commented: “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.”