Singapore, Asia – 12 March, 2018 – InsurTech Asia Association, an independent membership-based industry initiative that aims to advance insurance in Asia through the impacful application of Insurance Technology (Insurtech), has announced that XL Catlin (through the XL Group Ltd company Catlin Singapore Pte Ltd) will be joining as one of its founding members.
As part of the membership, XL Catlin will receive a single point of access to the Insurtech ecosystem in Asia, including regulators, investors, customers, talents and partners, as well as a platform to address the key issues impeding Insurtech innovation in the region.
George Kessleman, President of InsurTech Asia Association, said: “I’m excited to have XL Catlin join our young and rapid-growing Association. There’s a lot of hard work ahead of us in 2018, and having a leading insurer and reinsurer such as XL Catlin among our founding members is truly invaluable. We look forward to working closely with their team across Asia to tangibly boost innovation in insurance.”
Data from CB Insights reveals that global Insurtech investment totalled US$1.7 billion in 2016, with both the volume and value of deals rougly doubling since 2014. A recent report by UBS also noted that advances in Insurtech could spur total cost savings of around US$300 billion a year for the Asian insurance industry by 2025.
David Guest, Country Manager for XL Catlin’s insurance operation in Singapore, commented: “Asia will be a key player in the upcoming revolution of insurance. Regulators have been taking steps to create a conducive environment that supports innovation and allows the development and growth of local Insurtechs in the region. Singapore, for example, allows for sandboxed experimentation while providing regulatory support and advanced technological infrastructure. Following this move by the Monetary Authority of Singapore, Malaysia has already elected to establish a similar mechanism.”
“At XL Catlin, we embrace the opportunity for change and to be more innovative, so that we remain relevant to our clients. Through the membership with InsurTech Asia we will be better able to connect, exchange ideas and explore collaborations with likeminded organisations, so as to make new concepts a reality and drive positive change in the insurance industry.”
About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
About InsurTech Asia Association
InsurTech Asia Association is an independent membership-based industry initiative that aims to advance insurance in Asia through the impactful application of Insurance Technology (InsurTech). InsurTech Asia Association’s mission is to accelerate digital transformation of the insurance industry in Asia by removing innovation hurdles and increasing collaboration between InsurTech startups and Insurance corporates. Association seeks to address some of the key issues affecting the growth of the sector, from attracting impactful international startups to helping shape the development of effective regulation insurtechasia.org/.