Microinsurance Trend in Southeast Asia

The insurance industry is currently seeing a shift in the trend toward microinsurance products because of technological advancements and mobile penetration. Microinsurance is generally defined as low-price, low-margin insurance for low-income consumers in developing countries, etc. However, the market for microinsurance is becoming more active, including in Europe and the United States, as customers become mobilized and DX trends are accelerating. At the same time, companies are facing various challenges such as digitization of customer touchpoints, mobile response, and operational efficiency improvement.

This column will focus on Southeast Asia, where the market growth and rapidly increasing mobile penetration are transforming the traditional way of microinsurance and will explain the trends in microinsurance and the actions that insurance companies should take in response to the current trends.

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