PwC's Chris Hewison explores how Asia's insurers can thrive amidst tech disruption and shifting customer demands

Hewison highlights how insurers must balance innovation with trust, compliance, and societal impact to remain resilient and relevant in an increasingly complex landscape.

PwC Hong Kong Partner Chris Hewison, an insurance expert with over 23 years of experience across Asia and the United Kingdom, discusses the future of Asia’s insurance industry in the face of rapid technological advancements, evolving consumer expectations, and significant demographic shifts. As a judge for the prestigious Insurance Asia Awards 2025, Hewison emphasises insurers must balance innovation with trust, compliance, and customer needs to remain competitive and relevant.

Asia's insurance industry at a crossroads

Asia’s insurance sector is at a critical juncture, presenting enormous growth potential driven by the region’s rapid economic expansion, accelerated digital adoption, and increasing consumer sophistication. Markets such as China and India are shifting from basic coverage to personalised, highly customer-centric insurance solutions, powered by transformative technologies like artificial intelligence (AI), telematics, and integrated digital platforms.

"Over the past two decades, I've witnessed the transformation of insurance from traditional models into a customer-focused, technology-driven ecosystem," Hewison notes. "Digital disruption, demographic shifts, and evolving regulatory frameworks have fundamentally reshaped the industry, creating unprecedented opportunities alongside complex challenges."

Innovation and personalisation in insurance products

Today's insurance customers increasingly expect providers to act as proactive enablers of well-being rather than merely risk mitigators. Leading insurers are responding by leveraging technology to deliver personalised experiences. AI-powered underwriting solutions now allow real-time pricing adjustments, whilst usage-based insurance models employ telematics and wearable technology to reward healthy lifestyles and safe driving practices.

Notable digital platforms like AIA's "Vitality," PingAn's "Good Doctor," and Prudential's "Pulse" integrate health monitoring, wellness incentives, and financial planning into seamless and dynamic customer experiences. Meanwhile, insurers are developing innovative products like parametric insurance—which automatically pays claims when predefined events occur—and on-demand coverage to meet real-time customer needs effectively.

Balancing innovation with trust and compliance

Innovation, however, must be thoughtfully balanced with maintaining consumer trust and ensuring regulatory compliance. As insurers embrace technologies such as AI, blockchain, and the Internet of Things (IoT), they face critical responsibilities in ethical data governance, privacy protection, and transparency in algorithmic decision-making.

"Insurers must build robust frameworks to manage data privacy, mitigate biases in AI applications, and ensure transparency," Hewison advises. "Proactive engagement with regulators is vital, particularly as regulatory bodies across Asia are increasingly supportive of innovation through regulatory sandboxes."

Moreover, as cyber threats intensify, insurers must prioritise cybersecurity. Adopting advanced measures such as zero-trust security models and encrypted data storage will be crucial to protect sensitive customer information and maintain consumer confidence.

Strategies for resilience and sustainable growth

Amidst economic volatility, demographic shifts, and climate uncertainty, insurers face pressing challenges to their traditional business models. Life insurers, in particular, must navigate complex long-term risks related to mortality, longevity, and evolving customer behaviours.

Asia’s rapidly ageing population and changing consumer preferences—particularly post-pandemic shifts toward critical illness and long-term care products—are reshaping actuarial assumptions. Forward-thinking insurers now leverage AI-driven longevity analytics and wearable health data to enhance risk assessment, refine underwriting processes, and create dynamic mortality and morbidity models.

Climate change further complicates the landscape by altering mortality patterns through increased pollution, heat waves, and natural disasters. Innovative insurers are responding with parametric life insurance products linked to climate triggers, as well as public-private partnerships aimed at protecting vulnerable populations.

"For insurers, resilience now means anticipatory risk modelling—integrating climate science, biomedical insights, and behavioural economics into their core strategy," Hewison explains. "The most successful insurers will transform volatility into opportunity, redefining their roles as architects of lifelong financial security."

Key trends and challenges ahead

Looking to the future, Hewison identifies several critical trends shaping the insurance landscape:

Integration of AI and blockchain: Smart contracts will increasingly automate claims management, fraud detection, and reinsurance procedures, enhancing efficiency and reducing operational costs.

Rise of sustainability-linked products: ESG factors are beginning to reshape underwriting practices and consumer preferences, potentially increasing demand for green bonds and carbon-offset policies.

Talent transformation: Insurers must continually upskill their workforce in data science, behavioural economics, cybersecurity, and ethical AI governance to remain competitive and innovative.

"The insurers who thrive will be those agile enough to reimagine their roles—from passive risk carriers to proactive life enablers," Hewison says. "It's no longer a question of whether insurers will evolve, but how rapidly they can adapt to changing customer needs and technological advancements."

Judging the Insurance Asia Awards 2025

As a judge for the Insurance Asia Awards 2025, Hewison will specifically assess nominees on their ability to demonstrate genuine innovation, address critical protection gaps in health and longevity, and contribute meaningfully to climate resilience.

"Innovation alone isn't enough," Hewison concludes. "The most impressive nominees will deliver impactful, customer-centric solutions that enhance individual well-being and address the broader societal challenges facing the region."