MGA Model Evolution in Asia

4 Insurtechs Roland Berger We also see insurtechs leveraging their technology and partner with insurers to expand their value proposition Insurtechs expanding across value chain Overview > CareVoice started as an Developments Revenue model CareVoice A Pdt. dev. Dist. UW Policy Claim Treat- admin mgt. ment [as % of policy premiums, sanitized figures] Insurtech firm Service & Product enhancement using mobile and data product layer Developing/codeveloping tech. services platform, and design & build products driven solutions to improve Managed product Expanding to provide TPA services by TPA layer customer journey > By leveraging on data and Distribu- tion layer capabilities with Profit partnerships, sharing CareVoice layer expanded its services and revenue model Total leveraging on service & product layer e.g. upsell from product dev. Turnkey product Distributing products e.g. distribution in HK and China Partnership Leveraging on opportunity to propose MGA type profit sharing services "I With different layers, revenue is higher and more diversified ☑ ☑ ♥ ♥ ✔ ✔ ✔ ✔ Entry into new value chain Participation in value chain from previous development XXX: Value proposition for insurers Source: TheCareVoice, Roland Berger 20200525 MGA model evolution Asia_vf.pptx | 16

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