SEA insurtech funding hits $1.8b

80% of the sector’s funding was secured in the past five years.

Southeast Asia (SEA) ranked 9th in tech startup funding in the first half of the year (H1 2024), with healthtech, edtech, and blockchain technology sectors leading. However, insurance technology (insurtech) has seen notable growth, thanks to ongoing digital transformation and the increasing integration of digital payments within fintech solutions. 

Regionally, Singapore, Malaysia, Thailand, Indonesia, Vietnam, and the Philippines were seen to lead, according to Tracxn.

In 2023, insurtech funding in Southeast Asia reached $492 million, with Bolltech alone raising $246m across two funding rounds, representing half of the total funding for the year. 

To date, the insurtech sector has secured $1.8b, with 80% of this amount—$1.47b—raised in the past five years. This reflects a strong upward trend in investment, underscoring the growing interest in innovative insurance solutions.

Startups in the insurtech space typically take around two years and six months to secure seed funding. 

The top funded sub-sectors include Internet First Insurance Platforms, Insurance IT, and Employer Insurance, with Internet First Insurance Platforms showing the most significant funding increases since 2021.

Key players in this growth include Bolttech, Singlife, and Qoala.