Sep 17, 2020

COVID-19 could be slowing down China’s insurance industry

China
Insurance
covid-19
Global Data
William Girling
2 min
According to new information from Global Data, the Chinese insurance market is set to grow 3.8% in 2020, a year-on-year reduction of 1.9%
According to new information from Global Data, the Chinese insurance market is set to grow 3.8% in 2020, a year-on-year reduction of 1.9...

According to new information from Global Data, the Chinese insurance market is set to grow 3.8% in 2020, a year-on-year reduction of 1.9%.

More significantly, the same data estimated that CAGR between 2019 and 2023 will shrink from the figure of 8.6% predicted earlier in the year to 5.2%. The assessment levels the blame on COVID-19 related market anxieties causing scaled down business activity.

Vehicle insurance sales have reportedly dropped by 16.9%, while property insurance, typically a robust mainstay of the sector, fell by 5.4% across Q1 and Q2 of 2020.

“Despite signs of recovery, the Chinese economy continues to grapple with sluggish business activity as new cases of infection are being reported,” said Sangharsan Biswas, Insurance Analyst. “The recent floods will further dampen economic growth, resulting in lower premium growth for general insurers.”

Revelations of the Chinese market’s frailty may surprise some who have noted comparatively strong performance in its insurtech sector, particularly Waterdrop raising nearly half a billion dollars in a single month.

However, as Deloitte has noted, the majority of funds (66%) appear to be coalescing among specific companies while others struggle to gain a market share.

A lack of growth may also indicate that Chinese incumbents are not sufficiently meeting the changing needs of their customers, which insurtechs, by nature of their innovative, tech-focused solutions, may be serving more adequately.

Other insurers in the APAC market have found that taking an aggressively digital approach is essential to business continuity. Cleosent Randing, CEO of Indonesian firm PasarPolis, commented:

“Some big insurance companies are more than a hundred years old and there hasn’t been a lot of innovation in the industry.

“As Amazon is building innovation against the likes of Macy’s, we want to ultimately make insurance a delightful experience where you don’t need to make claims but they will be made automatically.”

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Jun 18, 2021

The Ultimate FinTech & InsurTech LIVE Event

Insurtech
Fintech
live
event
3 min
We release three new speaker names for the FinTech and InsurTech virtual conference that can’t be missed, streaming live from London

From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future. 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.

The event will include:

 

  • Keynote addresses from respected industry leaders
  • Dynamic live roundtables (inc. Q&A)
  • Fireside discussions
  • Inspirational Speakers & Presentations
  • Extensive networking opportunities

 

 

Meet the Speakers

Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees. 

Our second batch consists of:

 

Scott Abraham

Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.” 

Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.

In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.

 

Alistair Fraser-Hawkins

Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.

Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:

"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."

 

Mike Massaro

Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.

An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.

His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.

 

This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.

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