In Myanmar, 5 foreign greenfields and 9 Joint Ventures are being setup wherein we are taking an “insurance in a box” offering built in collaboration with DXC and IBM as a shared service/SaaS offering.

1. Find out more about how
EY can bring about
insurance for your
business today
Being major component of the economy by virtue of the amount of
premiums it collects, the scale of its investment and more
fundamentally, covering personal and business risks which
essentially play a role in the social and economic aspect in the
insurance industry.
These are a few drivers that drive the need for Insurance Platform
as a Service (IPaaS) between for both existing insurance players
and non-FI’s looking to enter the insurance industry. Having the
speed to market with new products for insurance is vital as the
industry is getting more competitive through the years.
While insurance remains an essential societal and business need,
macroeconomic, social and regulatory trends continue to challenge insurers
to adapt in this fundamentally changing environment. The results of these
trends are converging ecosystems, digitization, cost reduction pressures,
increasing demand for advanced analytics capabilities, value chain
disaggregation and the continuous need to dedicate significant effort to
support changing regulatory requirements.
EY helps companies navigate through these challenges to create innovative
strategies that accelerate positive growth and sustainable outcomes
Insurance
Platform as a
Service

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About EY Insurance
Platform as a Service
EY Insurance as a Service
is a solution offering to
help businesses seeking
to bring about insurance
they need to do business
better.
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Case Study
Largestpublic listedpan-Asianlife insurancegroup
• Launched the industry’s first fully mobile and secure digital underwriter
• Mobile application withcapabilities such as needs analysis, quotations, proposal generation,
signature and secure submission of policy applications
Singapore’sfavouritedirectinsurer
• Core system implementation using Sapien in Thailand
• Recognized by Celent in 2016 as a “Model Insurer”
South-eastAsia’s top ride hailingventuringintodigitalinsurance
• Joint partnership witha Chinese insurance giant and first digital-only insurance platform in
China
• Offering a go-to-marketplace for digital insurance with lower premiums to riders and drivers
on the platform
Cross-sellingof online sales and insuranceby a German InsurTech
• Platform that enables online businesses to offer one-clickinsurance for the products they
are selling
• Convenience for consumersto be insured on the products they are purchasing online
Existing
insurance
player
in
local
market
80%
Customers are willing to use digital and
remote channels than traditional insurance
platform
2018 2029*
Global Insurance Premium Value
(US$, billion)
Source: Allianz Research
Between 2017 and
2018, investments have
doubled to US$ 3.2
billion
493.7
1,765.9
1,424.4
1,652.7
3,177.7
0
20
40
60
80
100
120
140
160
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
3,500.0
2014 2015 2016 2017 2018
Amount invested Number of deals
Global InsurTech Investment (US$,
millions)
CAGR
59%
Existing
insurance
player
in
new
market
Non-FI,
new
to
insurance
Global Insurance Landscape
Proposed Strategies
Opportunities & Concerns
How can EY help
Tap on digital insurance’s sales
channels and core system
platforms to achieve an extended
distribution reach to new
customer segment.
Following thorough regulatory and
competitive landscape scan to
develop localized digital solutions
Utilize operational and
technology capabilities
combined with provided core
insurance platform to serve
existing customer’s unmet
protection needs.
Gap analyses against regulatory
requirements and
recommendation reports
Business Case & Business
Plan Development
Leverage on brand and distribution
advantage combined with provided
digital core insurance capabilities to
build and launch customizable
digital insurance solutions quickly.
Implementation support for core
and peripheral systems, providing
end-to-end project management
and system integration
Operations secondment - New
business, policy administration
renewal, claim and settlement
processing
Due to government regulations,
insurers might have to expand
their regional presence and set
foot in a foreign country
through a joint venture or by
acquiring a domestic insurance
company.
Due diligence assessment –
Evaluate the critical industry
conditions around a potential
target
Analysis of current business
operations infrastructure and
customer behavior
Connection with the local
insurance players to build an
insurtech ecosystem
Customizable products that maps
core insurance system between
partners
Leveraging on current network
and technology to utilize this
platform to penetrate into a new
market
Varun Mittal
Partner
EY Global Emerging
Markets FinTech Leader
varun.mittal@sg.ey.com
https://www.linkedin.com/in/
varunmittalonline
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