InsurTech Asia Association (IAA) has co-founded the Global InsurTech Alliance (GITA) with other pioneering members, to boost collaboration across InsurTech ecosystems and align the activities of each individual country members to maximise the impact.
The other members of GITA are FinTechNZ, InsurTech Australia, InsTech London (UK), says IAA in a statement.
The fundamental purpose of GITA is to increase innovation velocity by reducing hurdles for impactful startups to scale between regions and for insurers to quickly adopt best digital practices from around the world.
Rapid development of the InsurTech ecosystem with these aligned partners reflects the digital transformation underway in the global insurance industry. Recent years have seen exponential growth of InsurTech, driven by the combination of changing customer expectations, decrease in effectiveness of existing distribution channels and persistent pressure to increase profitability.
GITA partners universally agree that significant drivers for growth arise from a collaborative and immersive approach where innovation leads to business transformation and thus commercial advantage. GITA members share an interest and representation from a broad spectrum of companies and partners within the ecosystem. This includes regulators, corporate insurers, technology providers, funding partners, startups and more.
GITA aims to grow the Alliance with discussions underway across Europe, North America and beyond.
IAA, founded last year, is an independent membership-based industry initiative that aims to advance insurance in Asia through the impactful application of InsurTech. IAA’s mission is to accelerate digital transformation of the insurance industry in Asia by removing innovation hurdles and increasing collaboration between InsurTech startups and Insurance corporates. The association seeks to address some of the key issues affecting the growth of the sector, from attracting impactful international startups to helping shape the development of effective regulation.