APAC Pioneers Open Insurance Across the Region
APAC includes insurers that are emerging as leaders in the rollout of Open Insurance, a model that lets firms share data through Open APIs to create more personalized services and new revenue streams.
Open Insurance gains traction across the region
The post‑COVID environment has accelerated digital transactions and data use, prompting many financial‑service firms to rethink how they engage customers. By exposing data via standardized interfaces, Open Insurance enables providers to build digital ecosystems where consumers can pick and mix coverage elements that fit their needs.
Regulators in the UK and Europe introduced open‑finance rules such as PSD2, sparking interest in similar data‑sharing approaches for the insurance sector. Although no mandate compels insurers to expose policy data, a recent study by Willis Towers Watson predicts that 67 % of firms will adjust their business models by 2025.
The shift includes the rise of Insurance‑as‑a‑Service (IaaS), where customers subscribe to pre‑built policy components. A notable example is the partnership between AIA and WeDoctor, which links AIA’s protection products to WeDoctor’s network of 2,700 hospitals, 220,000 doctors and more than 15,000 pharmacies across China. The collaboration gives the platform’s 110 million users access to AIA’s coverage options.
Funding for insurtech surged in 2019, climbing 63 % year on year to reach US$6.37 billion worldwide. The influx of capital has spurred a wave of startups that bring novel technology and propositions to market, prompting many traditional firms to adopt Open APIs for smoother integration with these innovators.
Key partnerships illustrate the shift
In 2017, AXA Singapore launched AXA Affiliates, an IaaS platform that delivered end‑to‑end transactional APIs, marking the first such offering in Asia. The company later teamed with Tencent’s WeChat to embed travel coverage into the messaging app, creating the “AXA Go” product for Chinese travelers.
Another regional frontrunner, Ping An, is cited as an example of a clear frontrunner in the APAC region.
These collaborations show how providers can combine core underwriting expertise with technology partners.
New segments become accessible.
Compared with the earlier rollout of open banking in Europe, the region’s approach appears more market‑driven than regulator‑driven, allowing firms to experiment with APIs before formal rules emerge. This flexibility may give the region a timing advantage as global insurers watch the outcomes.
Rising middle‑income populations, growing awareness of coverage options and a surge in digital adoption are fueling demand for flexible products throughout the region. Companies that have yet to adopt an open stance risk falling behind peers that already leverage API‑based ecosystems.
