Beware online giants not insurtech start-ups, warns Aviva boss
Online giants such as Tencent and Alibaba are more likely to disrupt Asia's insurance industry than insurtech start-ups, according to Aviva's executive chairman in the region, Chris Wei. The Chinese e-commerce and digital finance behemoths have the know-how and the audience data to upset insurance in the way they have banking and trade, Wei said at a conference of Asian insurance CEOs in Singapore. Tencent and Alibaba "know exactly how much time customers are spending on their platform – when you have that luxury of having repeat customers" you have the ability to collect data that you can "translate into potentially really disruptive" strategies, he said.

Aviva's Wei: Online Platforms a Bigger Worry than Insurtech

Chris Wei, executive chairman, Aviva Asia, said insurtech startups are capturing attention but lack customers. However, the large online platforms in Asia and elsewhere are more likely to disrupt the established insurance sector.