XL Catlin boosts new Asia insurtech group

XL Catlin has become one of the founding members of InsurTech Asia Association.

The independent membership-based industry initiative that aims to advance insurance in Asia through the impactful application of insurance technology.

XL Catlin has joined through XL Group Ltd company Catlin Singapore Pte Ltd. As part of the membership, XL Catlin will receive 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.

George Kessleman, president of InsurTech Asia Association, said: “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. We look forward to working closely with their team across Asia to tangibly boost innovation in insurance.”

Data from CB Insights reveals that global insurtech investment totalled $1.7 billion in 2016, with both the volume and value of deals roughly doubling since 2014. A report by UBS also noted that advances in insurtech could spur total cost savings of around $300 billion a year for the Asian insurance industry by 2025.