InsurTech solutions serve as a modernization of traditional insurance. InsurTech solutions produce more customizable and bite-sized insurance products to cater to every lifestyle. The digitalization of insurance companies reduce paper-based documentation, creating convenience for the consumers or optimizing the pricing of insurance to an accurate premium. The solution serves as one-stop solution for insurance companies to launch new products with an intuitive user interface designed for a smooth customer journey. The solution serves to reduce human capital by automating processes such as having virtual bot agents, allowing the firm to save costs. The solution also helps increase the go-to-market speed of launching new products, allowing the firm to move faster. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Insurance in a box across all sales channels
Case study
Context:
An insurer was looking to enter one of the last
frontier markets in SEA, via a new stack — for
channels and policy admin system, with loose
integration to mothership. Making any changes
to existing insurer stack would slow down
market entry and potentially be cost prohibitive
to the entire program.
Value-added:
• Fit for purpose solution, works end to end
out of a box
• Attractive pricing model: on a product by
product opex basis making financial
projections for costs predictable and linear
• Unit economics can be monitored on a
product by product basis, and products
“switched-off” if not working
EY’s role and activities:
1. Market landscape of insurtech platforms
2. Benchmarking of vendor platforms and
objective analysis leading to platform
selection
3. Rollout of platform, including product or
business definition, vendor solution gap
analysis and management dashboard
definitions
Client impact:
• Strong product and platform fit
• Flexibility with product-based pricing
• Shifting from CAPEX to operating expense
(OPEX) model
• Quick go-to market
Contact us
Challenges faced by insurers
Limitation of human capital to launch and scale new insurance services or
platforms for newer markets or segments
Impact on internal IT road map when launching insurance services and
operations for newer markets or segments
High CAPEX of solution without testing market appetite for products
Increasing customer satisfaction by delivering more flexible and faster
insurtech experience
Solutions characteristics
Mobile solution REST API In-app payment
User Experience
Design
Best-in-class customer
journey builder,
allowing for easy A/B
testing
Flexible product and
pricing
Pricing model of
distribution network
implementation charged
on a product-by-product
basis
Policy
management
Cloud-based policy
center for no-touch
integration or various
export or import
functionality, including
virtual bot agents
Potential customers and scenarios
New markets
Entering new markets with unproven market
potential
New range of
products
Market uptake on existing products not proven yet
Low price-point
products
Low profit or margin products, making unit
economics difficult to sustain for large-scale
platforms
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

2. EY | Assurance | Tax | Transactions | Advisory
About EY
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