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That approach has been copied by Grab, Go-Jek's arch-rival, which is rolling out its Grab Pay service across Southeast Asia's biggest six countries with plans to enter areas like loans, remittance and insurance with partners such as Chinese digital insurer ZhongAn.
Bowtie, a Hong Kong-based digital insurer, just announced a double milestone today: the company has become the first online-only operator to earn a license in the country while it has also revealed it has raised a HK$234 million ($30 million) Series A funding round.
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Its portfolio of companies includes the AI critical care diagnostic company Corti, SafetyWing, the digital travel insurer, and Cobalt.io, which makes penetration testing software.
Fresh from Singapore Life — a digital-only insurer — raising $33 million across two recently closed rounds, so Credit Culture, a digital loan specialist — has banked SG$40 million ($29.5 million) ahead of its imminent launch.
As more states prepare to allow the digital cards, insurers are adding identification cards to their existing smartphone apps, which allow consumers to conduct various insurance-related tasks.
In a digital world, insurers can know of available homes right away and recommend a new home insurance policy, plus auto and life insurance coverage.
Business is instead moving to digital-native insurers, many of which are offering low premiums to those willing to collect and share their data.
The emergence of digital-first insurers has created a new business model on delivering value to consumers.
A flurry of digital-first insurers are betting they can surpass industry incumbents with a little help from technology and a lot of help from venture capitalists.
However, only 15% of customers say they are satisfied with their insurer's digital experience.
Just 15% of customers say they are satisfied with their insurer's digital experience.
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