The State of the Insurance Industry in Asia
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The State of the Insurance Industry in Asia

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There is no denying that one of the most important investments anyone can make is by purchasing an insurance plan — whether it be for their health, their home, or even their automobiles. Seeing as it’s a crucial form of financial protection, it’s understandable that people only want to trust reputable companies that can make many of these huge investments for them.

One can find a plethora of insurance providers worldwide, and with that being said, their policies will be different from our own. In particular, countries in Asia are leading the world on many dimensions in terms of insurance, while other countries lag. And frankly, we have a lot to learn from them.

As insurance providers, we must provide the best services and policies to our clients. One of the most important tasks is ensuring that we utilise the right insurance software to support our customer base, document management, and more. However, that’s only half the battle — there’s more we need to consider.

In this article, we’ll take a look at how Asian insurance providers carry out their services. Hopefully, this will help us improve the way we provide our services to clients, giving them the policies and security they deserve. Let’s get to it!

What Are the Things the West Can Learn from Asian Insurance Providers?

Growth Mindset

Asian executives have a similar culture and belief — they have a laser-sharp focus on growth, which is a vast contrast to the West where we’re conversation-centered.

With that being said, Asian insurers are aggressive towards growth through traditional ways of expansion, such as agency and bancassurance. Additionally, they also focus on product innovation and new business building, all of which rely on insurance for security.

Although the market growth rates are different in the West, it’s still a recommended approach to push carriers to be more assertive and have a growth mindset. If you’re worried about how you’ll manage your insured clients with this growth, insurance software like informatics can help keep track of your client base and bank relationships through bancassurance features.

Customer-Centred

In the west, many citizens have lost their interest in insurance. It has become a compulsory product or something only tailored for high-income customers who benefit from tax advantages.

In Asia, it’s a whole different ball game. Insurance is the leading vehicle for primary saving and protection, and this is something western carriers can learn from their Asian counterparts.

Speed

In Asia, the insurance markets evolve rapidly because of continued quick and fast economic growth and regulatory changes.

Because of this, Asian insurance companies have learned to make speedy decisions and have adopted a ‘test, learn, and iterate’ approach to provide service relevant to the current economic climate. With that being said, Western providers may be surprised about how Asian carriers put in the work.

Since speed is essential in the Asian insurance market, it would be a smart move for Western carriers to incorporate this in their operations. Not only will you learn how to improve your decision-making capabilities, but you’ll get to provide efficient service to your clients.

The Bottom Line: Integrating the Asian Way of Providing Insurance Can Elevate Your Company

Seeing that Asian carriers manage their insurance companies quite differently from Western companies, it’s important to note these practices and incorporate them into your own.

With proper research, using the right insurance software, and making adjustments to your system, you’ll notice that your insurance company will thrive in the insurance marketplace.

Why Choose Us?

If you’re looking for insurance software that can help manage all your company’s needs, Informatics can help you with this.

We provide custom software development that focuses on infrastructure solutions and services. Our insurance software can help manage your client base, have clear communication with bancassurance, organise all your documents, and more.

Re-engineer your system with us and learn more about how we can help you today!

 

Written by Daniele Paoletti