As Asian Insurance, Pensions, and Wealth Management Undergo Rapid Change, What Are the Gaps and Opportunities?

What are the key trends changing the insurance, pensions, and wealth management industries in Asia? And how can companies best capture growth? These topics were among those discussed at the Singapore FinTech Festival (SFF) 2022 and key themes emerged at SFF that hold opportunities for insurance companies in Asia, including:

• Risks for the current generation have changed, creating new paths of growth as technology spreads across all sectors and functions in the insurance industry. The changing behaviour of consumers triggers new opportunities by demanding unconventional ways of redefining customer relationships.
• A widening pension gap caused by an aging population, the rise of self-employment, and the gig economy all offer opportunities. We foresee that people caught in this gap could succumb to further risks raised by rising inflation, longer lifespans, and the rising cost of healthcare.
• Continued financial growth is expected even as Asia’s financial wealth stands at roughly 40% of global wealth as of 2021. This causes more customers to get serious about financial planning, and the need for new approaches to reaching Generation Y and Z customers who require an omnichannel experience in order to maintain high engagement.
• Exploration of new trends including artificial intelligence and embedded insurance to determine how they will play a role in insurance and work into the customer journey.

This report by Bain & Company, written in collaboration with Elevandi, covers the main megatrends to watch in the landscape of Asia’s life and health insurance, as well as the key imperatives insurers should take to capture the significant opportunities in the market.