Insurtech firms had a high-profile 2020.
From Singlife’s merger with Aviva and CXA Group’s successful fundraise to PolicyPal’s acquisition by AMTD and GoBear’s demise, Singapore startups in the space had their fair share of time in thespotlight.
But save for some cosmetics changes, the insurtech sector – which encompasses everything from sutomer onboarding and claims processing to distribution and new products – has seen little innovation in the past decade, several industry players observe.
Innovating has been hard to do in an insurance sector that is capital-intensive, highly competitive, and strictly governed. In a small market like Singapore, scaling – and achieving profitability – poses an added challenge for startups that often lack the right partners or are unable to find critical mass.