Fintech and Insurtech Industry Bodies Unite

The Singapore FinTech Association (SFA) and the Life Insurance Association Singapore (LIA) have signed a Memorandum of Understanding (MOU) to jointly develop the two related sectors.

SFA and LIA will collaborate on the development of the life insurance and insurtech talent pool and expertise through mentorship, reverse mentorship programs and workshops, according to the MOU signed on the sidelines of the Singapore FinTech Festival 2020.

Both associations will also collaborate on establishing industry-specific reports, market research and whitepaper publications focussed on life insurance and insurtech, the announcement said.

«We are dedicated to building a thriving ecosystem for InsurTechs and we are excited to be at the forefront of this movement to further enhance the industry at large,» Chia Hock Lai, SFA president, said.

Roadmap for Insurers

To support their plans, SFA launched a whitepaper and roadmap for insurers and insurtechs. The whitepaper, jointly developed by global management consulting firm Oliver Wyman and SFA, focuses on emerging trends in insurance and envisions the future of insurance over the next 10 years and the implications for tnsurtechs.

According to the report, despite its social and economic importance, the insurance industry has grown slower than the global economy over the last decade and needs to transform itself to stay relevant. It, however, noted the many opportunities for Asian insurers and insurtechs to capitalize on customer experience and centricity, product innovation, partnerships, and digital and technology capabilities.

«The strong economic growth potential in Asia, demographic changes, explosion of data and technology provide significant opportunities for insurers and insurtechs to collaborate and better serve customer needs,» Angat Sandhu, head of insurance for Asia Pacific, Oliver Wyman.