The insurance industry in Asia continues to lead with the adoption of new technologies and innovative strategies, with companies in the region introducing tools and services that are reshaping the market.
Now, the 5-Star Insurance Innovators report by Insurance Business Asia has identified 13 standout organisations that have significantly advanced the sector over the past year.
Now in its fourth year, the report called for nominations from insurers, brokers, and service providers across Asia.
Entrants were asked to showcase recent innovations, including advancements in technology, product offerings, and distribution methods.
Submissions were evaluated based on originality, measurable outcomes, and industry impact.
This year’s honourees include bolttech, KakaoPay Insurance, and Sedgwick Singapore – each recognised for their contributions to transforming the insurance landscape.
Headquartered in Singapore, bolttech has rapidly grown into a key player in the global insurtech space.
Operating in over 35 countries, the company connects insurers, distribution networks, and customers via a single, integrated platform.
Since its inception in 2020, bolttech has focused on incorporating artificial intelligence and machine learning to enhance operational efficiency, improve customer engagement, and enable data-driven decision-making.
In South Korea, KakaoPay Insurance leverages the popularity of KakaoTalk, the country’s leading messaging app, to deliver digital-only insurance solutions.
The company offers features such as customisable coverage, image recognition for fast claims processing, and an “Accident-Free Refund” program.
By focusing on convenience and affordability, KakaoPay has attracted over three million customers since launching its first product in 2021.
Sedgwick Singapore, a division of the global risk management and claims solutions company Sedgwick, delivers specialised claims management and loss-adjusting services.
With operations spanning 80 countries and a workforce of 33,000, Sedgwick provides comprehensive support for insurers, corporations, and public entities.
In Asia, the company focuses on helping clients navigate complex claims scenarios and recover from major incidents. Its services are designed to improve efficiency and address the specific needs of businesses and individuals during challenging times.
See the full list of this year’s insurance innovators in the region by reading the Insurance Business Asia 5-Star Insurance Innovators 2024 special report.
