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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.
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.
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