Finology - Insurtech Innovation Award 2023

1. Coverplus
TDI Award 2023 Submission
Category: Insurer Innovation Awards - APAC

2. Market Overview:
Opportunities & Challenges

3. Insurance is a trillion dollar market
with plenty of growth opportunities
Total Market
in 2021
US$ 5.98
Trillion
Global Gross Written
Premiums
Source:
• McKinsey & Company, Creating value, finding focus: Global Insurance Report 2022
• Gartner, Forecast: Enterprise IT Spending for the Insurance Market, Worldwide, 2019-2025, 1Q21 Update
Total Spent on IT
US$ 210
Billion
Non-Life
US$ 3.49
Trillion
Life
US$ 2.49
Trillion

4. New users are coming online at a staggering speed during the
pandemic, and they intend to continue engaging digital services
70%
of the world’s population
is now online
9 in 10
new digital consumers
intend to continue using
digital services going
forward
0
1,000
2,000
3,000
4,000
5,000
6,000
2015 2016 2017 2018 2019 2020 2021
Number of Internet Users Worldwide by Region
(in millions)
Oceania / Australia
Middle East
Africa
Latin America / Caribbean
North America
Europe
Asia
Source:
• Statistica, https://www.statista.com/statistics/265147/number-of-worldwide-internet-users-by-region/
• Bain, e-Conomy SEA 2020

5. Industry analysts estimated that
that the total size of Embedded
Insurance GWP in P&C will reach
$722 billion by 20301.
The greatest penetration will
initially come in three lines: auto
(such as insurance embedded by
automakers into the car sales
process), travel (through
insurance built into flight or hotel
bookings), and property
(including renters insurance)2.
Embedded Insurance will become a
major new form of digital distribution
Embedded insurance is the real-time bundling and sale of
insurance coverage or protection while a consumer is
purchasing a product or service, bringing the coverage
directly to the consumer at the point of sale.
Embedded insurance is about offering affordable,
relevant, and customised insurance to customers when
they need it most.
Source:
1. Simon Torrance, Embedded Insurance: a $3 Trillion market opportunity, that could also help close the protection gap
2. Bain, The Future of Insurance: As Risks Mount, Insurers Aim to Augment Protection with Prevention

6. Yet, insurers have difficulty keeping up to
the fast-changing consumer landscape
Source:
1. PWC, Top insurance industry issues in 2021
Speed to market does not match
customer expectations
Held back by legacy
core systems
Rising expectations
among customers
The average time to market for
a new insurance product
ranges anywhere between 3
months to a year
Insurers are stuck with legacy
core systems that don’t
integrate with modern systems
Customers of all sizes continue
to want more from carriers and
intermediaries: seamless
service, how I want it, where I
want it, when I want it 1

7. Our Solution

8. is an end-to-end solution that enables
insurance providers to meet the
demands of today’s digital customer.
BUILD MANAGE
MONITOR
Audit Log
Reports
Product
Configurator
Templates
Editor
Onboarding
Form
Designer
External
Integrations
Editor
Process
Orchestrator
User
Management
Organisation
Management
Product
Management
Data
Management
Distribution
Management
We enable insurance providers to
sell embedded insurance through any channel.
Support all modes of distribution, digitally.
Direct to Consumer (D2C)
Agent / Broker / Bancassurance (B2B)
Digital Partners (B2B2C)
AI-based ID
Validation & Facial
Recognition
INTELLIGENT
PROCESSING

9. What makes us unique?
Specialised for Embedded Insurance
After creating a product, Embedded Insurance
APIs & Widgets can be immediately distributed
to digital sales channels and partners. Any
updates to the widget are automatically synced
without requiring changes to the digital
platform's code.
Accelerated Time to Market
Our product-agnostic Product Configurator
is able to configure new insurance products
quickly - in a matter of hours. Go to market
5x-8x faster compared to using legacy
systems, capturing opportunities swiftly and
driving higher ROI per product.
Low-Risk Cost Model
Our primary OpEx cost model is aligned to
new business growth. No upfront payment.
Less risk and more cashflow for insurers.
Hardware-Agnostic Solution
The system is architected to be able to
deploy with zero downtime on both on-
premise and cloud platforms (AWS, Google,
etc), giving insurers the flexibility to run
Coverplus on their preferred infrastructure.
Customer-Focused
Empower business users to innovate and
implement without coding. Coverplus drives
efficient product and experience innovations,
enhancing customer interactions with
insurers.

10. 10
Our Goal

11. Closing the Protection Gap in Southeast Asia
• The global insurance protection gap, or the gap between
economic losses and those that are insured, reached a new high
of USD 1.4 trillion.
• Singapore aside, insurance penetration is <5% of the population
in other Southeast Asian countries.
• Insurers need to continuously innovate and introduce new
products that will suite different segments of the market.
• Embedded insurance provides more relevant and personalised
products, made easier to buy and offered when needed. It
matches supply and demand efficiently and represents a good
way to address the protection gap issue.
• Coverplus is here to enable more product innovation, promote
embedded insurance, and close the insurance protection gap in
the region.

12. Thank You
Any questions? Find us at:
Thank You
Nisya Aziz
nisya.aziz@finology-group.com
+6017 306 0337
Manager, Marketing & Communications
Vincent Xu
vincent.xu@finology-group.com
+6016 358 2486
Group Chief Operating Officer