Southeast Asia has witnessed unprecedented changes in the insurance industry in 2019. The tremendous growth of digitization of insurance distribution has resonated in this region as ride-hailing app Grab and Chinese insurance giant Zhong An announced their joint venture to create the insurance marketplace of Southeast Asia. This signifies mammoth changes coming to the insurance industry in the near future.
Insurers in digital ecosystems
The exponential rising of technologies, such as robotics or the Internet of Things, and artificial intelligence, is opening up new opportunities for insurance distribution through digital platforms in innovate ways. Digital ecosystems are successfully gaining market share across Southeast Asia.
It is said that by 2025, the Southeast Asian Internet market is going to hit $260 billion, from just $72 billion in 2018. Digital technologies are today a way of live. The biggest platforms are ecosystems and Google, Facebook, Apple, Amazon, and Alibaba are at the forefront of a pattern shift from product-centric to more effective customer-centric distribution models.
In China, We Sure, the famous insurance arm of the Chinese multipurpose messaging, has partnered with over 20 insurers and they are said to have reached 20 million users on its first anniversary. Didi Chuxing is also rolling out its own insurance services.
The rise of digital ecosystems
The biggest power in digital platforms is customer centricity. Their digital nature allows them accessibility to customers in spite of time and location. Agile technology and repetitive feedback loops allow for speedy and seamless adaptation to the latest trends By leveraging customer data, they are able to successfully tailor their offerings to their customers’ exact requirements.
Once a customer buys from one platform provider it reduces friction and makes it easy to make a next purchase on the same platform. This creates trust and it becomes convenient to buy related services from the same platform. It is important for insurers to be part of this ecosystem in order to benefit from this consumer trend. However current processes and policies do not allow integrations fast.
Partnerships critical for insurers
The insurance industry has already seen many partnerships between established insurers and insurtech startups. As ecosystems rise in popularity across Southeast Asia, insurers must pursue fruitful alliances to keep up.
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It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the mobile phone insurance ecosystem market include Aviva, Allianz Insurance, Verizon Communications, Vodafone, Simplesurance, Asurion, Microsoft Corporation, Telefonica Insurance, Avast Software, Assurant, and AmTrust International Underwriters.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Mobile Phone Insurance Ecosystem Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/mobile-phone-insurance-ecosystem-market/download-sampleMarket DynamicsInsurance has become a crucial and often necessary cost in modern life, and mobile phones are no exception.
Mobile insurance is taking off rapidly in emerging markets with various product innovations and distribution partnerships.
Many policies now integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
Meanwhile, the complexities related with the terms & conditions make it hard for purchasers to opt for appropriate claim, thwarting the market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
Mobile Phone Insurance Ecosystem Market report added by Value Market Research, offering growth, trends, and forecast for each segment along with regional and country analysis.
Further, this report also highlights the regional and country-level market analysis.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the mobile phone insurance ecosystem market include Aviva, Allianz Insurance, Verizon Communications, Vodafone, Simplesurance, Asurion, Microsoft Corporation, Telefonica Insurance, Avast Software, Assurant, and AmTrust International Underwriters.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Mobile Phone Insurance Ecosystem Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/mobile-phone-insurance-ecosystem-market/download-sampleMarket DynamicsInsurance has become a crucial and often necessary cost in modern life, and mobile phones are no exception.
Mobile insurance is taking off rapidly in emerging markets with various product innovations and distribution partnerships.
Many policies now integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
