- The Asia-Pacific InsurTech market offers unique challenges and opportunities.
- The market in Asia-Pacific is still holding onto legacy solutions, lagging behind the UK.
- Novidea urges the space to move away from legacy systems and embrace change.
- The world of embedded insurance is gaining traction in the region, presenting challenges and opportunities for the industry.
In the InsurTech industry, gaining insights from diverse markets is crucial, and one recent conference in Hong Kong highlighted the opportunities and challenges in the Asia-Pacific market. Novidea’s Sales Manager, Mike Scott, attended the InsurTech Insights Asia conference and found that while there were similarities between the Asia-Pacific and UK insurance markets in areas such as legacy tech stacks and operational inefficiencies, there was a divergence in the willingness to embrace innovation. Scott also noted that the Asia-Pacific market was still holding onto legacy solutions, while the UK had moved ahead in this regard. Scott urged the industry to move away from legacy systems and embrace change in order to benefit from increased operational efficiency and growth prospects. The emerging field of embedded insurance was also discussed, highlighting the evolving landscape and the challenges and opportunities it presents. Despite the challenges, Scott sees the Asia-Pacific market as a symbol of growth and opportunity, and Novidea is eager to make a difference in this dynamic and promising market in the coming years.