It's worth mentioning that a market that has been so comprehensively under-served for many years will rapidly scale when access to, and affordability of, products improves. Those consumers that would have had no access to brokers or insurers previously, are now able to get online and find the solutions they need. The rapid rise of Zhong An is as much the result of the 'web-ification' of the Chinese population as anything else (IMHO).
However, I am by no means intending to be cynical and understate the importance of what our Eastern colleagues are achieving through the innovative use of the technologies that are now available. There is a real buzz of excitement in the UK and Europe around the positive impact of innovation and technology, and we are seeing fewer incumbent entities simply pay lip service to InsurTech, as they become more deeply involved in partnerships and the ecosystem generally. From those I know in the Far East, this at the very least mirrored there, if not even more apparent.
One of the great powers of technology is it's ability to bring people and ideas together. Perhaps #InsurTech can be the glue that forges a truly global level of engagement in the Insurance sector, if we can get the sentiment right (i.e. move away from combative, and towards collaborative).
Unencumbered by legacy systems, technology innovators in emerging markets are often able to create new solutions faster ... The emerging markets businesses are also able to attract intellectual and financial capital from partnerships unseen in developed, heavily regulated countries with high penetration of insurance products. “And both technology and business models are exportable,” said Rafal Walkiewicz, CEO of Willis Towers Watson Securities