Welcome to the Life and Health Digital Insurance Landscape in Asia report. We have compiled a view of the key players and innovations that we are seeing in the region in life and health insurance from Q4 2019 (an updated on an ongoing basis). The aim is to provide an at a glance overview of key innovations that covers at high level: the business model, the digital trends they are leveraging, why we like them, and what to look out for going forward.
In this edition we cover China (including Hong Kong SAR), India, Japan, Malaysia, Singapore and Thailand. The countries and regions are laid out alphabetically and to navigate scroll down or click on the relevant flags above.
In total 32 companies are covered. We make no claim to be comprehensive and our intention is to update and extend the landscape each quarter as things change, and to cover more countries and companies as we go forward.
The report has been designed as a reference guide so you can dip in and out according to your needs and interests.
We also plan to dive deeper on some of the companies in future editions. As always your suggestions and feedback will be warmly received and we would like this to become a ‘go to’ landscape report that is of ongoing use and value to the industry and to our members.
We have tried to provide a considered point of view. But remember we are human and also will never, despite best efforts, have the latest facts and figures that are in the public domain. Let us know if you have an alternative point of view or think we should include a company we have omitted. The points of view are The Digital Insurer’s alone and are not in any way endorsed by any of our sponsors or corporate members.
China
China at a glance
What can we say? We believe China is the crucible of innovation in digital insurance.
We have covered: AIA and WeDoctor, CareVoice, Good Doctor, Maimai, Ping An Agency, Shuidi, Taikang Life, WeSure and ZhongAn
AIA and WeDoctor partnership
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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AIA and WeDoctor selected image: AIA benefits from WeDoctor’s expanding capabilities, which started with its original appointment booking feature and now incorporate AI based diagnostics for minor ailments:
CareVoice
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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CareVoice selected image: The CareVoice proposition has been extended to include a full spectrum of features for life and health insurers:
Good Doctor
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Good Doctor selected image: The world’s largest healthcare system (data from 2017):
Maimai
Overview / Business Model | Digital Trends Leveraged |
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What’s Interesting | The Future |
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Maimai selected image: Motion detectors, bed sensors and medical devices are all synchronised across the Meimei service:
Ping An (Agency Distribution)
Overview / Business Model | Digital Trends Leveraged |
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What’s Interesting | The Future |
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Ping An selected image: Ping An’s agency transformation is ongoing and is leading the world in its use of digital to improve all processes:
Shuidi
Overview / Business Model | Digital Trends Leveraged |
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1.Shuidichou: Donation feature for healthcare cases (i.e child’s lukemia surgery) based on WeChat. 2. Shuidihuzu: Low price/low limit critical illness insurance using a P2P type model 3. Shuidibao: Life/health insurance broker that up-sells long term life/health insurance to Shuidihuzu members.
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What We Like | The Future |
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Shuidi selected image: WeChat based marketing includes a re-sharing feature that fuels user growth:
Taikang Online
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Taikang Online selected image: Taikang Online’s online claim feature calculates co-pay obligations and can settle medical claims inside hospitals:
WeSure
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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WeSure selected image: WeSure uses the power of social connections inside WeChat:
ZhongAn
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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ZhongAn selected image: ZhongAn’s technology underpins its ability to optimise conversion rates across the channels it sells through:
Hong Kong SAR
Hong Kong SAR (China) at a glance
This special administrative region in China is a small but sophisticated insurance market. Digital promises to increase price competition and we are starting to see the superior technology from mainland China being deployed here.
The companies covered in this edition are Aon and Dacadoo, Heals Health, HSBC Life
Aon and Dacadoo
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Aon and Dacadoo selected image: Aon and Dacadoo Health Score is based on who you are (body), how you feel (mind), and how you live (lifestyle):
Heals Health
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Heals Health selected image: Heals Health includes medical record storage, analytics, and appointment booking:
HSBC Life
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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HSBC Life selected image: HSBC ‘Cancer Term Protector’ requires no medical exam and a completely digital user journey:
India
India at a glance
India is rising and digital insurance activity is increasing rapidly. Large scale combined with government enabled payment systems make India an attractive market for digital insurance. India is on the move!
The companies covered in this edition are DocPrime, PayTM, Policy Bazaar, Reliance Health and Wellthy Therapeutics.
DocPrime
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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DocPrime selected image: DocPrime by numbers. Off to a good start with high growth targets:
PayTM
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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PayTM selected image: PayTM has launched a feature to automate the premium payments for millions of Indians:
Policy Bazaar
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Policy Bazaar selected image: Policy Bazaar has prioritised mobile optimised user journeys and connecting its front end aggregator to its back-end hospital network enabled through its subsidiary – DocPrime:
Reliance Health
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Reliance Health selected image: Reliance Health has partnered with Purple Health – a healthcare portal that includes hospital booking:
Wellthy Therapeutics
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Wellthy Therapeutics selected image: Personalised digital first therapeutics with stakeholder engagement built in – designed to maximise the likelihood of behavioural changes in people with chronic diseases:
Indonesia
Indonesia at a glance
Opportunities for scale but more challenging geographical and political landscape. Payments are picking up along with ecommerce, and opportunities for innovation are increasing.
The companies covered in this edition are Halodoc, Bukalapak, Gojek, HaelthTech and PasarPolis
Halodoc
Halodoc is Indonesia’s leading remote healthcare service. Although Halodoc’s positioning resembles Dacadoo, Ping An Good Doctor and WeDoctor, its ability to collate doctors from public hospitals in an early-stage market is impressive. As a result, Halodoc is benefiting from several partnerships with multi-national insurers such as its recent work with Prudential, which will bring Halodoc’s telemedicine services to Prudential’s customer base. It will also form part of Prudential’s digital platform that will soon launch in Indonesia. Prudential’s strategy will be worth observing as the intention appears to be integrating Halodoc into its Pulse app, which itself aims to be a disruptor among insurers by offering a variety of health and wellness services.
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Halodoc selected image: Halodoc is one of many healthcare apps that is bringing access to doctors and e-pharmacy that is reminiscent of the Ping An Good Doctor model in China.
Bukalapak
Bukalapak is an ecommerce portal that has become an important player in Indonesia’s burgeoning digital insurance industry. Bukalapak is working with Allianz and PasarPolis to bring simple shipping return, health, and property insurance to its users, in a similar way to Zhong An’s activities on Alibaba and Ctrip in China.
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Bukalapak selected image: Bukalapak has partnered with Allianz to launch Buka Proteksi Diri, which offers low price and short-term health insurance to Bukalapak users.
Gojek
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Gojek selected image: Gosure is their insurance brand. First offering is travel insurance:
HaelthTech
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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HaelthTech selected image: Modern tech stack for insurers delivering healthcare and employee benefits for companies and individuals:
PasarPolis
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What We Like | The Future |
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PasarPolis selected image: PasarPolis has been embedded inside Traveloka – Indonesia’s most popular travel app:
Japan
Japan at a glance
Wealthy and mature economy – aging rapidly. InsurTech is starting to take off.
The companies covered in this edition are Line and Neurotrack.
Line
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Line selected image: The ability to gift insurance to friends has become a popular use case on messaging apps:
Neurotrack (Dai-ichi Life)
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Neurotrack selected image: Neurotrack provides memory exercises and assessments in order to identify the early onset of Alzheimer’s, a disease which afflicts 1 in 5 Japanese seniors:
Malaysia
Malaysia at a glance
Middle income country with InsurTech at early stages.
The companies covered in this edition are Fi Life and Prudential Pulse.
Fi Life
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Fi Life selected image: Fi Life user journey involves a simple question set and policy illustrations:
Prudential Pulse
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Prudential Pulse selected image: Digital healthcare services:
Singapore
Singapore at a glance
Wealthy and mature economy. Lacks scale but highly supportive government policy makes it a good regional hub for innovation.
The companies covered in this edition are CXA, DBS, Grab, MyDoc and Singlife.
CXA (Connexions Asia)
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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CXA selected image: White label app that combines health/wellness content, with appointment booking features and claims processing:
DBS
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What We Like | The Future |
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DBS selected image: Pioneering online life insurance:
Grab
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Grab selected image: Grab drivers are now able to access to loss of income insurance, per-ride schemes, personal accident policies and motor insurance:
MyDoc
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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MyDoc selected image: MyDoc is an interesting example of a digital outpatient managed care provider that provides end to end services for healthcare consumers:
Singlife
Overview / Business Model | Digital Trends Leveraged |
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What We Like | The Future |
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Singlife image: Taking on the banks with the first ‘insurer backed’ saving account with debit card attached:
Thailand
Thailand at a Glance
Growing economy with InsurTech at early stages.
The companies covered in this edition are Muang Thai and Sunday.
AXA & Vymo
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What We Like | The Future |
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Muang Thai
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Muang Thai Life Convenient tele-consultation solutions embedded into customer service app:
Sunday
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Sunday has combined its access to online channels in Thailand with tailored personal accident and travel insurance: