In the fast-paced InsurTech realm, gaining insights from diverse markets is an invaluable opportunity; one not to be missed. Mike Scott, Sales Manager at Novidea, shares his insightful trip to the InsurTech Insights Asia conference in Hong Kong, shedding light on the challenges and opportunities within the Asia-Pacific insurance landscape.
Reflecting on the decision to attend, Scott describes the compelling allure of exploring the nuances of the Asia Pacific market, particularly for someone deeply rooted in the London and UK insurance sectors. The prospect of understanding whether strategies successful in the UK could be replicated in the diverse Asian market sparked his professional curiosity.
The InsurTech Insights Asia conference, held at the Kerry Hotel in Kowloon, offered an exciting experience across two meticulously organised floors. As a sponsor, Novidea seized the opportunity to introduce itself to a new audience, fostering meaningful interactions with delegates.
Despite the bustling foot traffic limiting session attendance, Scott gained valuable ‘real-life’ insights into the Asia Pacific market, aligning with Novidea’s goal to explore opportunities in the region. Drawing parallels between the Asia Pacific and UK insurance markets, he noted commonalities in legacy tech stacks, operational inefficiencies, and the push for cost-saving solutions.
Interestingly, Scott also observed a divergence in the willingness and ability to embrace transformation within the Asian market. While some insurance firms adopt a cautious approach, waiting for success stories before embracing innovation, Novidea sees the potential to make a significant impact with its strong track record and global client base.
Scott anticipated witnessing cutting-edge solutions in ‘Brand Asia’ but found a surprising scarcity of InsurTech service providers like Novidea. Instead, he found the Asia Pacific market holding onto legacy solutions, and thus lagging behind their UK contemporaries in that regard
To truly benefit from the increased operational efficiency and growth prospects that modern technology can offer you – Novidea is urging the space to to move away from legacy systems and embrace change.
The world of embedded insurance also seems to be gaining traction in the region. This highlights the evolving landscape where some vendors are effectively transitioning into brokers.
The evolving landscape represents a paradigm shift that presents both challenges and opportunities for the insurance industry. It will be intriguing to witness how this unfolds in the coming
Despite witnessing the evolving landscape of Hong Kong and other Southeast Asian countries in his last visit, Scott feels that the city still retains its essence as a symbol of growth and opportunity – a sight he is truly grateful to have experienced firsthand.
Anticipating the future, he is eagerly look forward to immersing myself in navigating the intricate realm of insurance technology in the Asia Pacific region, as Novidea looks to truly make a difference in this dynamic and promising market in 2024 and beyond.
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