XL Catlin, through its subsidiary Catlin Singapore, has joined the Insurtech Asia Association, an independent consortium of insurers and startups aiming to increase Asia’s footprint in the global insurance market through the use emerging technologies.
The move follows the additions of AIG and Japanese life insurer Dai-ichi Life in recent months. As a founding member, XL Catlin will receive direct access to Asia’s insurtech ecosystem, including regulators, investors, potential startup partners and talent, the companies said. All members will also leverage joint internal resources to address any issues impeding innovation in the region.
“Asia will be a key player in the upcoming revolution of insurance. Regulators have been taking steps to create a conducive environment that supports innovation and allows the development and growth of local Insurtechs,” said David Guest, country manager for XL Catlin’s Singapore insurance operation. “Singapore, for example, allows for sandboxed experimentation while providing regulatory support and advanced technological infrastructure.”
George Kessleman, president of the Insurtech Asia Association, added “I’m excited to have XL Catlin join our young and rapid-growing Association. There’s a lot of hard work ahead of us in 2018, and having a leading insurer and reinsurer such as XL Catlin among our founding members is truly invaluable.”