Can Western insurers succeed in China?
Editorial by Hugh Terry
In this edition of China in Focus, in partnership with iptiQ by Swiss Re, we ask whether Western insurers can succeed in China.
Life for a foreign insurer in China has not been easy. Strong local competition, the need to localise business models, and a lack of training & development initiatives have constrained their growth. Until recently, there were also restrictions across ownership structures, geographic expansion, product approval, and investments which prevented foreign insurers from scaling up in China.
And although this market has been historically dominated by joint ventures (JVs), many local Chinese companies that invested in JVs have been equally disappointed with their investment as their foreign counterparts. Read the full article to learn how Manulife, Axa, and AIG have have overcome these challenges.
We also hear from Yamin Zhu, CEO of Axa Tianping, directly in our CEO interview, about how Axa is adapting to the rapidly changing Chinese market.
Additionally in this edition there are research decks and video analysis of innovative InsurTechs Causacloud, and Carevoice.
Yours digitally,
Hugh Terry
How can Western insurers succeed in China?
Life for a foreign insurer in China has not been easy. We look at how Manulife, Axa, and AIG have succeeded in the face of considerable challenges.
CEO interview: AXA in China, adapting, evolving
Yamin Zhu, CEO of AXA Tianping, Axa’s wholly owned P&C company in China, speaks to The Digital Insurer about how Axa is adapting to the rapidly changing Chinese market.
CausaCloud – InsurTech analysis research deck and video
Causacloud is a subsidiary of a state owned Chinese pharmaceutical, providing policies, drugs, and distribution designed for specific risks such as heart disease.
CareVoice – InsurTech analysis research deck and video
The CareVoice is a health InsurTech company that provides a mobile-based data driven SaaS platform.