Top 10: Insurtech Leaders in Asia, Africa & the Middle East
Today, the insurance landscape across Asia, Africa, and the Middle East is changing at pace. With rising middle classes and increasing smartphone usage, these regions are ripe for innovation, allowing insurtech start-ups to serve people that may not have been protected with insurance before.
As these companies leverage technology to enhance accessibility and streamline business, they are poised to increase insurance penetration rates in developing economies. This shift not only promises economic growth but also fosters financial inclusion for millions who remain under-served.
Here, we spotlight the top 10 insurtech leaders making waves in these regions, showcasing how they are reshaping the industry and paving the way for a more inclusive financial future.
10. Tomas Holub
Company: CoverGo
Based in: Hong Kong
Established: 2016
Position: CEO
Tomas Holub is the Founder and CEO of CoverGo, a leading global insurtech company established in 2017. Based in Hong Kong, CoverGo has expanded to offices in Silicon Valley, New York, Dubai, and Singapore.
Under Holub's leadership, the company has developed a ground-breaking no-code core insurance platform that serves clients worldwide. CoverGo's innovative drag-and-drop product builder has earned a patent, reflecting Holub's commitment to empowering insurance companies with digital solutions. With over 20 reputable insurance clients globally, Holub has positioned CoverGo as a transformative force in the insurtech industry.
9. Kazy Hata
Company: justInCase
Based in: Tokyo, Japan
Established: 2016
Position: CEO
Kazy Hata brings over 15 years of insurance industry expertise to his role as founder and CEO of justInCase. His career began at Milliman, a prominent American actuarial consulting firm, before transitioning to global investment banks like JPMorgan and Nomura.
At these institutions, Hata specialised in providing insurers with risk management and product development services, focusing on derivatives, reinsurance, product innovation and M&A advisory for Japanese insurance companies.
Leveraging this extensive experience, Hata established justInCase in 2016, aiming to revolutionise the insurance sector through technology-driven solutions.
8. Young Ho Jung
Company: Carrot General Insurance
Based in: Seoul, South Korea
Established: 2012
Position: CEO
Young Ho Jung, the CEO of Carrot General Insurance, has been instrumental in leading the company's rapid growth since its founding in 2019. Under Jung's leadership, Carrot has become a prominent digital non-life insurance provider in South Korea, offering a range of products including car insurance, smart on insurance and individual and family coverage.
Jung's strategic vision culminated in a significant milestone in July 2022, when the company secured more than US$220m in venture funding, valuing Carrot at an impressive US$734m.
This substantial investment, facilitated by Jung's management, has enabled Carrot to enhance its IT infrastructure and strengthen its financial position, positioning the company for continued innovation and growth in the competitive insurtech sector.
7. Sarbvir Singh
Company: PolicyBazaar
Based in: Gurgaon, India
Established: 2008
Position: CEO
Sarbvir Singh, the CEO of PolicyBazaar, is a seasoned leader with over 20 years of experience in corporate roles, venture capital, and financial services. Under his guidance, PolicyBazaar has become India's largest online insurance marketplace, serving over 9 million customers.
Singh's strategic vision has driven the company's growth, focusing on transparency and customer-centric solutions. His background in technology and finance, coupled with his entrepreneurial spirit, has positioned PolicyBazaar as a disruptive force in the insurtech sector.
Singh's leadership has been instrumental in simplifying insurance processes, tackling mis-selling, and empowering customers to make informed decisions.
6. Jiang Xing
Company: ZhongAn
Based in: Shanghai, China
Established: 2008
Position: CEO
Jiang Xing, CEO of ZhongAn Insurance, is a visionary leader in China's insurtech sector. Appointed in July 2019, Jiang has been instrumental in driving ZhongAn's rapid growth and digital transformation. Under his guidance, ZhongAn has become one of China's top ten property and casualty insurers, serving over 520 million customers and generating US$369m in premiums.
He says: "ZhongAn Insurance was the first online insurance company in China. Over the past eight years, we have been focusing on the in-depth integration of technology into our insurance businesses to comprehensively serve the entire insurance value chain."
5. Marnus van Heerden
Company: Pineapple
Based in: Johannesburg, South Africa
Established: 2017
Position: Co-founder & CEO
Marnus van Heerden is the CEO and Co-Founder of Pineapple, a pioneering insurtech company based in South Africa. Under van Heerden's leadership, Pineapple is shaking up the insurance industry with its innovative peer-to-peer model and AI-driven technology. The company's user-friendly app allows customers to insure items simply by taking a photo, with AI identifying the object and providing instant coverage options.
Van Heerden's vision has positioned Pineapple as a disruptive force in the insurance sector, focusing on transparency, fairness and customer-centricity. His entrepreneurial spirit and commitment to simplifying insurance processes have driven Pineapple's growth and its mission to make insurance more accessible and valuable to consumers.
4. Hadi Radwan
Company: Aqeed
Based in: Dubai, UAE
Established: 2016
Position: CEO
Hadi Radwan is the Chief Product Officer and co-founder of Aqeed, a Dubai-based insurtech startup revolutionising the digital insurance market in the Middle East. With a background in M&A activities for a conglomerate holding company, Radwan identified a significant gap in the region's insurance sector regarding technology and innovation.
Under his leadership, Aqeed has developed end-to-end solutions for both customers and insurance companies, focusing on simplifying the insurance process. Radwan's vision has led to the creation of an AI-driven cloud-based HR software, Aqeed People, demonstrating his commitment to leveraging technology to solve industry pain points and improve efficiency for small and medium-sized businesses.
3. Talal Bayaa
Company: Bayzat
Based in: Dubai, UAE
Established: 2012
Position: CEO
Talal Bayaa, the visionary CEO and co-founder of Bayzat, has emerged as a transformative force in the Middle Eastern insurtech and HR solutions landscape. With a background in bioengineering from UCLA and experience in private equity and investment banking, Bayaa identified a critical gap in the market for localized HR and insurance solutions. In 2013, he co-founded Bayzat, which has since grown into a comprehensive platform managing nearly US$1bn in payroll annually.
Under Bayaa's leadership, Bayzat has revolutionised employee management for SMEs in the UAE and beyond. The company's innovative approach includes an AI-powered knowledge hub and features covering the entire employee lifecycle, from shift scheduling to telemedicine services. Bayaa's commitment to hyper-localisation and customer-centric solutions has positioned Bayzat as a game-changer in the region's HR tech sector.
2. Harshet Lunani
Company: Qoala
Based in: South Jakarta, Indonesia
Established: 2019
Position: CEO
Harshet Lunani is the co-founder and CEO of Qoala, a rapidly growing insurtech company in Southeast Asia. With a strong background in finance and technology, Lunani has led Qoala to become a leading multiline insurance distribution platform in Indonesia, Thailand, Malaysia and Vietnam. Under his leadership, Qoala has experienced remarkable growth, reaching 9 million customers and processing over 115,000 claims in 2023 alone.
Lunani's vision for simplifying insurance and improving accessibility has driven Qoala's success, resulting in a 2.5x growth in gross written premiums since their Series B fundraise in 2022. His strategic approach to partnerships and technology integration has positioned Qoala as a transformative force in Southeast Asia's insurance landscape.
1. Rob Schimek
Company: bolttech
Based in: Singapore
Established: 2019
Position: CEO
Rob Schimek is the Group CEO and Founder of bolttech, a rapidly growing global insurtech company based in Singapore. With over 30 years of experience in the insurance industry, including executive roles at AIG, Schimek has leveraged his expertise to drive bolttech's impressive growth.
Under his leadership, bolttech has expanded to operate in 35+ markets across North America, Asia, Europe and Africa, facilitating seamless connections among insurers, distributors, and customers. Schimek's vision has positioned bolttech as a leader in embedded insurance, with the company quoting approximately US$50bn in premiums annually.
His strategic approach to partnerships and technology integration has resulted in bolttech achieving unicorn status with a valuation of US$1.6bn.
**************
Make sure you check out the latest edition of InsurTech Digital and also sign up to our global conference series for our sister site – FinTech LIVE 2024.
**************
InsurTech Digital is a BizClik brand.
