Sun Life sees Asia comprising 25% of income in 5-6 years

It has already boosted its digital capabilities in the region.

Canadian insurer Sun Life expects that Asia will contribute to a 25% rise in its income in five to six years, driven by higher demand and its push to sell products through digital channels, reports Reuters.

It will further bolster its digital capabilities to tap into a growing awareness of life and health insurance products in a region where insurance density is quite low, Asia president Léo Grépin said.

Insurance firms in Asia mainly rely on their agents for sales, but regulators are now encouraging the use of digital tools to ease the challenges posed by the pandemic.

Insurance premiums as a percentage of gross domestic product in emerging Asia Pacific markets was 3.89% on an average last year, versus 11.43% in the United States and 10.30% in Britain, a Swiss Re Institute report shows.

Here’s more from Reuters.

Photo courtesy of Wikimedia Commons.