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Innovative solutions for insurtech, digital insurers and takaful operators (DITO)
Digital insurance and takaful
Growing importance of insurtech, digital insurance and takaful
With the growing digital generation, it is important for businesses to embrace the digital opportunity and consider new digital business models.
Although many insurance companies have already commenced their own digital transformation roadmap, it becomes more evident that the effort needs to be accelerated with the COVID-19 pandemic where people have been forced to carry out various tasks virtually.
Currently there are a total of 49 players who are actively involved in the insurtech space in Malaysia, compared to only 16 players back in 2019. The importance of these digital business models is further emphasised by Bank Negara Malaysia (BNM) via the introduction of the Licensing Framework for Digital Insurers and Takaful Operators (DITO).
This is an indication that there is a market need and strong growth potential for the insurtech companies and Digital Insurance platforms in Malaysia.
What does it take to thrive as an insurtech company or DITO?
As fintech transforms banking, insurtech is reshaping the insurance industry through the digitisation of its practices.
Unique value proposition
Create unique value by understanding customer needs—and differentiate from traditional players while enhancing the user experience.
Adoption of transformative technology
Reimagine and simplify insurance and takaful sales, services, and operations by using the latest technologies—digital, data, and automation like AI-assisted underwriting, claims, and servicing.
Compliance with the regulations
Meet regulatory requirements including capital and risk management, cybersecurity, and RMIT.
Sustainable business model
Identify strategic options and prioritise paths forward based on goals such as breakeven period or balancing commercial and reputational priorities.
Appropriate human capital
Attract the right talent to drive your business strategically and technologically.
At PwC, we bring comprehensive capabilities to support your digital insurer roadmap seamlessly.
Our approach ensures you’re supported every step of the way.
- Phase 1 - Planning and internal approval stage
- Phase 2 - License application
- Phase 3 - Post-application
- Phase 4 - Long-term operations
Phase 1 - Planning and internal approval stage
Help you identify gaps between current technology and operating models and your target future state.
Refine your value proposition and develop a focused business case for board approval.
Phase 2 - License application
- Support development of detailed business plans including:
- Product and pricing frameworks
- Technology delivery roadmaps
- High-level solution and cost models
- Target IT operating models
- Assist in preparing the license application deck
Phase 3 - Post-application
- Refine business plans and financial projections
Develop detailed governance, risk, and compliance frameworks
Engage with regulators during the application process
Phase 4 - Long-term operations
- Provide ongoing advisory support such as:
- Accounting and tax advisory
- Transfer pricing
- Valuation
- Cybersecurity reviews
- Internal and external audit
- In-house appointed actuary services
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