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Not if, but how
Growing digital motor insurance in Southeast Asia
© shansekala / iStockphoto / Getty Images

Growing digital motor insurance in Southeast Asia

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

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 Global 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
of ASEAN consumers are willing to pay for and show interest in personalized products
CAGR forecasted of the SEA automobile market until 2030
GCU-Marketing Campaign Map
© Munich Re

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

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 spoke about how telematics can be made integral to motor insurance in Asia.

Asia Insurance Review | June 2022

© shansekala / iStockphoto / Getty Images

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Contact our expert
Weihao Choo
Weihao Choo
Partner - Regional Head Asia Pacific
Thibault Imbert
Thibault Imbert
Senior Engagement Manager
Insurance Solutions
Dennis Tay
Dennis Tay
Senior Insurance Solutions Manager
Zoe Lang
Zoe Lang
Insurance Solutions Consultant

Further information