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Growing digital motor insurance in Southeast Asia

Applying customer-centric and data-driven propositions in one of the world's most vibrant regions.

Get in touch SEA customer study
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    REimagine the possible in Southeast Asia

    Southeast Asia (SEA) has been well known for its strong economic growth and relatively low insurance penetration. Undoubtedly, SEA offers huge opportunities for motor insurers to grow their business by making insurance more accessible, flexible and personalised. This can be achieved by capturing the right elements of digitalisation, customer experience, ecosystems and data analytics.

    We understand the unique characteristics of SEA motor markets, with experience built over decades of working with our partners. Our digital motor solutions are designed for you to seize the most significant growth opportunities. As your trusted reinsurance partner, we embrace a partnership and co-creation model to drive insurance innovation and achieve business goals.

    End-to-end digital motor suite by Munich Re Insurance Consulting

    A digital motor portfolio is multi-faceted, as shown in the diagram below. Munich Re provides digital solutions across the insurance value chain.
    Digital Motor Ensurance Chart
    © Munich Re

    Seize opportunities in SEA's untapped markets

    Motor insurance in SEA has enormous potential with healthy growth rates and rising customer interest in personalised products and services tailored to their needs and lifestyle.

    As the region moves toward a more digital-oriented lifestyle, it has paved the way for SEA insurers to build a digital motor portfolio. However, this is easier said than done. For example, whilst telematics technology empowers motor insurance to be more personalised and transparent, adoption rates remain insignificant. Therefore, it is imperative to understand the dynamics of individual markets and design suitable solutions to deliver the desired business objectives.
    < 5%
    of SEA currently offers Telematics as an insurance product
    70%
    of ASEAN consumers are willing to pay for and show interest in personalized products
    >15%
    CAGR forecasted of the SEA automobile market until 2030
    GCU-Marketing Campaign Map
    © Munich Re

    Explore SEA customer needs in digital motor and telematics

    5,000+
    Respondents
    10+
    Personas
    5
    SEA Markets
    500,000+
    Data Points
    • Based on inputs from more than 5,000 drivers across 5 SEA markets, our latest study takes an in-depth look at customer needs regarding digital motor and telematics insurance.
    • Developed from over 500,000 data points, the study provides insights into customer awareness, barriers to adoption, needs and preferences.
    • This has enabled us to collaborate with our partners to develop innovative motor insurance solutions which are relevant, transparent, meaningful and highly tailored, allowing for higher engagement and more accurate targeting of customer segments.
    • This customer-centric approach has greatly enhanced the likelihood of successful adoption and satisfaction with these advanced technologies in the SEA markets.

    Gain valuable insights into

    Customer insurance protection awareness
    Customer pain points and needs in insurance purchase
    Driving factors to encourage digital insurance adoption
    Telematics insurance awareness and interest
    Customer concerns and desired Telematics benefits

    Infographic: Highlights of telematics insights

    Download now

    REalign your business values

    Munich Re's digital motor solutions enable you to REthink motor insurance and make relevant pivots.

    Our solutions place considerable emphasis on the six business values that cover key dimensions your motor business.
    Market entry & growth
    Broaden your reach with technology and tap into uninsured or new segments
    Brand image
    Strengthen your market positioning and improve customer engagement through meaningful experiences
    Easy implementation
    Plug-and-play solutions with lean integration for a swift go-to-market strategy
    Customer-centricity
    Build a customer-obsessed brand around customer experience
    Technology with a new purpose
    Digital motor to serve your customers and the community better with a more responsible vehicle usage
    Cost savings
    Improve portfolio performance with better risk management and fraud analytics capabilities

    Case studies in SEA

    Portfolio Performance
    Case study
    Portfolio Performance
    Telematics
    Case study
    Telematics
    Fraud Analytics
    Case study
    Fraud Analytics

    Publications

    The InsurTech Solution

    Post-COVID, with so many insurers already deep into their digital development, the unique offerings of InsurTech have become more commonplace. Munich Re's Dr Weihao Choo shares how there is space for start-ups to have value in the industry.

    Asia Insurance Review | April 2023
    Learn more
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    © shansekala / iStockphoto / Getty Images

    Telematics in the driver's seat

    Motor insurance in Asia will increasingly have to adopt technology to become more relevant for digitally- savvy customers. Munich Re's Dr Weihao Choo speaks about how telematics can be made integral to motor insurance in Asia.

    Asia Insurance Review | June 2022
    Learn more
    China, Shanghai, Intersection
    © oscartarneberg / Getty Images/RooM RF

    Would you like to know more?
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    Contact our experts

    Weihao Choo
    Weihao Choo
    Partner - Regional Head Asia Pacific / Insurance Consulting
    Weihao currently leads the Insurance Consulting Unit based in Singapore, supporting insurance clients across Asia-Pacific to grow their portfolios through product innovation and analytics. Weihao is a qualified actuary and has worked in a variety of insurance and consulting roles across Asia Pacific. Weihao is passionate about the importance of insurance in promoting risk reduction and improving socio-economic outcomes in both developed and developing markets.
    Thibault Imbert
    Thibault Imbert
    Principal / Co-Lead Electric Vehicle for Asia-Pacific
    Thibault is a Senior Manager with Insurance Consulting Unit based in Singapore. Thibault has more than ten years of professional experience in the insurance industry, working mainly in the European and Asian markets. His core expertise is in Property & Casualty insurance, with a focus on pricing and product development. Thibault regularly contributes to webinars, conferences and papers, sharing insights on technical and/or emerging topics.
    Dennis Tay
    Dennis Tay
    Senior Insurance Consulting Manager
    Dennis is a Senior Manager in the Insurance Consulting team at Munich Re where he leads strategic growth initiatives in partnership with reinsurance clients by delivering digital and analytics solutions across the insurance value chain. Prior to joining Munich Re, Dennis was an actuary at a global insurer in London where he was responsible for steering international portfolios of personal and commercial lines of business. He later joined Munich Re in 2020 after completing an MBA at the University of Oxford.
    Zoe Lang
    Zoe Lang
    Insurance Consulting Manager
    Zoe works as an Insurance Consulting Manager at Munich Re Insurance Consulting Unit, backed by nearly a decade of her experience in management consulting. She collaborates with primary insurers to design their digital strategies, create innovative insurance products and elevate customer experience. Certified in Design Thinking, Zoe is committed to developing insurance solutions that address real human needs, improve the organisation’s revenue and lead to more sustainable and greater business performance over time.

    Further information