Official Announcement: InsurTech Asia Association partners with leading InsurTech Associations to form the Global InsurTech Alliance
Singapore, 23 January 2018 — InsurTech Asia Association is pleased to announce the formation of the Global InsurTech Alliance (GITA) co-founded with pioneering members, FinTechNZ, InsurTech Australia, InsTech London (UK) and InsurTech Asia Association.
Rapid development of the InsurTech ecosystem with these aligned partners reflects the digital transformation underway for global insurance industry. Recent years have seen exponential growth of InsurTech, driven by the combination of changing customer expectations, decrease in effectiveness of existing distribution channels and persistent pressure to increase profitability.
The fundamental purpose of GITA is to increase innovation velocity by reducing hurdles for impactful startups to scale between the regions and for insurer to quickly adopt best digital practices from around the world. GITA will boost collaboration across InsurTech ecosystems and align the activities of each individual country members to maximise the impact.
The Alliance partners universally agree that significant drivers for growth arise from a collaborative and immersive approached where innovation leads to business transformation and thus commercial advantage. GITA members share an interest and representation from a broad spectrum of companies and partners within the ecosystem. This includes regulators, corporate insurers, technology providers, funding partners, startups and more.
GITA aims to grow the Alliance with discussions underway across Europe, North America and beyond.