Absence of legacy issues could help insurtech flourish in Asia
Although insurers in developed markets have been faster to invest in insurtech, a lack of legacy issues in Asia may ultimately enable the region's insurers to better exploit new technologies. "One of the biggest challenges for incumbent insurers is whether it is possible to fully modernise a legacy insurance business,” wrote Murray Raisbeck, global co-leader of fintech at KPMG in a report. "It may be more efficient to build a greenfield, purely digital insurer." Observers point to China's Zhong An as a model for Asian development, which has benefited from the Chinese regulator supporting insurtech that focuses on risk transfer rather than investment.  
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