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75% of recurring risks in the Southeast Asia region remain uninsured. We are here to change that.
Lexasure’s senior management team collectively has over 150 years of experience leading growth companies in reinsurance, insurance tech, and direct insurance in Southeast Asia. Our client base includes 70% of the regional primary insurers actively underwriting policies.
Southeast Asia remains dramatically underinsured compared to developed countries, with only 3% of GDP covered by insurance, compared to 9% for OECD countries, according to the Asian Development Bank. According to a survey among Southeast Asian consumers in February 2022, nearly half (43%) owned no insurance.
Consumers in Southeast Asia have been rapid adopters of digital payment and banking services in recent years, and digital insurance products are the next logical evolution towards convenience, self-service, and transparency for insurance products.
Market penetration of insurance products in Southeast Asia has been impeded by inflexibility and lack of customization to local needs. Regional small and medium insurers are often best positioned to meet the needs of local businesses and individuals. But they have lacked the capital backing, risk management knowledge, and scalable technology to grow and thrive.
Lexasure’s mission is to provide our customers with digital insurance solutions that enable them to
Giant insurers and reinsurers in developed markets have invested in complex software systems to manage underwriting and rating decisions, streamline reporting to regulators, and leverage analytics to assess price risks. But these tools are too expensive and complex to implement for small and medium-sized Asian insurers.
Lexasure’s strategy is to deliver Reinsurance-as-a-Service (RaaS) with a series of web-based solutions integrated into a single platform, LexasureCloud.
Our commitment to insurtech is premised on our conviction that the insurance industry is ripe for innovation. “Insurtech”encompasses insurance technology innovations and digital insurance solutions designed to reveal cost savings. Lexasure’s IaaS takes insurtech to the next level by delivering it as a cloud-based service platform that primary insurers can plug into and customize to the needs of their served regions, market segments, products, and customer preferences.
Reinsurance and insurtech companies can unleash significant efficiency from the current insurance industry model by embracing insurance technology. Insurtech provides reinsurance and insurance companies access to data streams from internet of things devices. It assists helping insurance companies in moving beyond non-scalable, labor-intensive administrative processes. And it enables them to introduce dynamically-priced insurance policies, small business insurance, and social insurance options. We plan to continuously update LexasureCloud with additional functionality to introduce greater machine intelligence and real-time analysis of big data sets into the platform.
As s reported by Insurance Business ASIA, there is heightened optimism for reinsurance and insurance companies, particularly those focusing on digital insurance and insurance technology. According to Elysia Chan, managing director and insurance practice lead at Accenture, “Greater China, India, and Southeast Asia would be considered ‘rising stars’ with their high insurance growth rates and relatively low insurance penetration rates.”
Core systems improvements in Telematics, IoT, Machine Learning, and APIs innovations and technology trends are poised to transform the very nature of how consumers receive“the insurance quote.” Real-time data sets can give insurers unprecedented visibility. Claims processing after natural catastrophes will be automated, infinitely scalable, and lightning fast.
In the future, insurers will be able to mine customer datato design integrated coverage for autos, homes, health, microbusinesses, appliances, travel, identities, and major new purchases.
They will offer insurance products through digital “frontdoor” platforms, including payment, banking, ride-hailing, corporate, and social apps.
Insurance will be delivered as a brand experience rather than a series of discrete products, enabling businesses and consumers to tune their risk management profiles and solutions in real time.
Rest assured: These scenarios aren’t science fiction.