Back in August, Mohandeep Singh, Founder of Agiliux Cloud Insurance and Tay Shan Li, Managing Partner at Scaleup Malaysia joined Leaderonomics’ “TechTalk Friday” to discuss the ‘techno spark’ in the world of insurance and if Scaleup Malaysia is indeed the best Accelerator in the country.
Hosted by Nigesh Armon, Head of Solutions and Services at Leaderonomics Digital and Karamjit Singh, Founder of Digital News Asia.
In this excerpt, Agiliux CEO answers the question “Why do you have a little bit of a pet peeve with the word InsurTech?“.
“Okay, I’ll leave the dirty even for later. They will be here for long. Certain things we can see they are here for like a transient. Again, this is my personal view of how I feel about the whole InsurTech startups.
What is happening? Nothing wrong with this whole thing. It is needed. This is required in the market, but they are transient in next ten years. Probably the whole InsurTech startups will die in the sense that either they will grow so big that they will buy the insurance companies or insurance companies will buy them.
Either of this thing will happen. But overall, what will happen in ten years is the whole insurance industry will get digitalized. So, transformation will happen of this industry.
So, what we are trying to do is we’re not trying to be this InsurTech startup now. We’re not trying to do that thing. What we are doing is we are helping in this whole transformation process of the insurance industry, which in a way we may work with Insurtech also, but still, we are mainly working with the traditional insurance companies or insurance brokers insurance agencies.
We are actually helping them digitalize their things which over a period of time will be the real thing to stay. Not the InsurTech exist. As I said, probably will not be around next ten years’ time.”