Insurtechs Ignatica, DauBao and EasiTech have collaborated to launch an insurance platform to digitise the Asia-Pacific insurance space.
The agreement brings together EasiTech’s front-end, customer-facing platform with Ignatica’s back-office technology to accelerate the development and launch of new insurance offerings across the region.
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By GlobalDataThis integrated platform will combine with cloud service developed by EasiTech’s parent, China-based DouBao Networks Group.
According to the companies, this new platform will be a full-service digital solution for client acquisitions and onboarding, new insurance product launches and ongoing product administration and management.
Ignatica co-founder and CEO Manuel Miguel said: “Our new, integrated and highly secure platform utilising EasiTech’s Mobile Application and DouBao’s Digital Cloud is revolutionising how insurers are protecting their customers.
“Once up and running, you will see a rapid increase in insurance offerings – which is great for insurers and extremely important to improve regional financial-sector inclusion.”
According to the World Bank, nearly one in four of the over four billion people in Asia do not have access to the global financial system.
Among other things, costs and inadequate technology is cited to be a major reason for this.
The insurtechs intend to lower such barriers with the new platform, which is expected to be developed in the next two years.
EasiTech CEO Wendy Zhang noted: “We’re targeting an additional 30 million customers across APAC with over $5 billion in new gross written premiums (GWP) sales per year to be transacted through this new, joint platform over the next four years.”
Under the agreement, EasiTech will administer its current business through the new platform powered by Ignatica, using a “Center of Excellence” that the two firms will set up.
EasiTech already manages $3.67bn in GWP on its current platform from 1,241 intermediaries and insurers in Mainland China.
The companies will also market their technologies to insurers, brokers and agents in the APAC region to onboard “insurance-related distribution, product management and policy administration activities onto the new platform”.
