The mechanism will help the (re)insurer to explore insurtech in the region
XL Catlin has joined new tech mechanism InsurTech Asia Association as a founding member, according to today’s announcements.
According to reports, members of the new Singapore-based association will benefit from “a single point of access to the insurtech ecosystem in Asia, including regulators, investors, customers, talents and partners, as well as a platform to address the key issues impeding insurtech innovation in the region”.
XL Catlin country manager for Singapore David Guest stated that “Asia will be a key player in the upcoming revolution of insurance” and added: “Regulators have been taking steps to create a conducive environment that supports innovation and allows the development and growth of local Insurtechs in the region. Singapore, for example, allows for sandboxed experimentation while providing regulatory support and advanced technological infrastructure.”
He continued: “At XL Catlin, we embrace the opportunity for change and to be more innovative, so that we remain relevant to our clients. Through the membership with InsurTech Asia we will be better able to connect, exchange ideas and explore collaborations with likeminded organisations, so as to make new concepts a reality and drive positive change in the insurance industry.”