ZA Tech has collaborated with the team at Boston Consulting Group (BCG) and BCG Digital Ventures to launch a publication on how to unlock $10B opportunity in insurance by building successful digital partnerships. Together, ZA Tech interviewed many leading digital players in the region and conducted in-depth research into success factors
Here’s the Executive Summary of the publication titled “Digital Partnerships – Unlocking the $10 Billion Opportunity in Insurance”.
The rapid growth of Southeast Asia’s digital economy is unlocking new opportunities in insurance distribution. Partnerships between major digital companies and experienced insurance companies are driving a market transformation, opening up new revenue opportunities that could unlock USD10 billion value for insurance distribution.
CREATING THE RIGHT FRAMEWORK
Creating the right framework for success is critical for an effective collaboration. Insurance companies must transition their traditional risk-based approach and cautious product development cycles towards the customer-centric strategies of digital companies, with careful consideration of structure, commercial agreements, key performance indicators (KPIs), and operational role sharing.
BUILDING AN EFFECTIVE PARTNERSHIP
While the model of collaboration continues to evolve, an effective digital partnership for insurance distribution can unlock mutual benefits for digital companies and insurance companies. Digital companies benefit from the industry experience and capital balance of insurance companies, while insurance companies themselves benefit from the agile development, cross-border footprints, and significant customer bases of large digital companies. Product innovation and personalized customer journey are key to overcoming the challenges in realizing the value of these partnerships.
