Insurtech companies in India raised $1.33 billion in 2021 and $304.8 million a year earlier, becoming one of the three biggest insurtech fundraisers in Asia, according to a new report.

Mainland China-based insurtechs raised $673.7 million in 2021 and $1.42 billion in 2020.

While insurtech fundraising has been brisk across Asia in recent years, innovators in China and India appear best positioned to move beyond a supporting role and challenge the region’s industry incumbents, according to S&P Global Market Intelligence analysis.

Bernhard Kotanko, a senior partner with McKinsey & Co., said that “We don’t see many successful cross country-driven business models”.

“Within Asia-Pacific, we will see those models emerge strongest in India, China,” he noted.

India-based insurtechs were three of the biggest fundraisers in 2020 and 2021, with Go Digit General Insurance Ltd., Acko General Insurance Ltd., and Policybazaar Insurance Brokers Private Ltd. raising $319.3 million, $319.2 million, and $219.1 million, respectively.

Singapore Life Pte. Ltd. was also a big fundraiser with investors committing approximately $238.1 million in 2020.

Notably, insurtechs in Japan only raised $4.1 million in 2020 and $4.7 million in 2021, said the report.

Smaller jurisdictions such as Hong Kong and Singapore have sought to promote digital innovation in their respective insurance markets, but challenges remain given the nature of those markets, it added.

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