Axco Enters into APAC Joint Venture in InsurTech
In November 2018, Wilmington plc announced that Axco Information Services, the Group's insurance information subsidiary, has entered into a 50:50 joint venture ("JV") agreement with The Digital Insurer PTE. Ltd in Singapore. The JV, Axco Digital Insurer Ratings PTE. Ltd, will be based in Singapore and will develop a new product that will provide insurance industry participants with information on the new wave of Insurance Technology providers ("InsurTechs").
InsurTechs are extending innovation throughout the sector, creating a competitive threat to incumbents but also potentially valuable opportunities for partnering on the changing terrain. Three in four insurance companies believe that some part of their business is at risk of disruption. (PwC June, 2016*)
InsurTechs provide an exciting opportunity to enhance and, in some instances, disrupt traditional markets. The challenge for insurance market participants is to assess these new entrants and consider how they can best incorporate these new offerings into their current services. Currently, the Asia-Pacific region accounts for only 14 percent of InsurTechs, but is expected to be the fastest growing region in the coming years. (McKinsey, March 2017**)
Wilmington will be investing in the venture, while The Digital Insurer PTE. Ltd is providing its technical capability to create the intellectual property on which the JV's products will be based. Both partners will use their complementary presence in the global insurance market to leverage business development for the JV.
The agreement provides the option for Wilmington to subscribe for further shares in the JV in the future, allowing it to become a subsidiary once the venture has proved its commercial success.
Pedro Ros, Group CEO of Wilmington commented:
"We are delighted to be setting up this joint venture with The Digital Insurer. The product it will develop will enable us to provide a wider range of services to our current insurance clients as well as introducing us to new industry participants."
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