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Partnership Heralds a New Era of Innovation in InsurTech

RGAX PARTNERSHIP HERALDS A NEW ERA OF INNOVATION IN INSURTECH

RGAX partners with insurtech developers to tackle the life and health insurance industry’s toughest challenges. They seek to meet the needs of underserved and uninsured people around the world with solutions that help them live longer, healthier, more financially successful lives.

One of our most recent initiatives couldn’t be a finer example of living out that mission. This July, we partnered with several highly innovative companies to form the AsiaPac InsurTech Lab (APIL), a cooperative focused on creating innovative solutions for the insurance industry in Asia.

At our inaugural meeting, we defined four key objectives for the lab:

  1. Create an industry platform offering unparalleled learnings, thought leadership, and actionable takeaways highlighting the most important topics impacting the insurance industry today and shaping the future of insurance.

  2. Develop relevant standards for Natural Language Processing (NLP) and robot projects that have been applied in the industry, to standardize and provide transparency for relevant products in the industry.

  3. Produce at least two scientific research studies on the industry each year, including the latest scientific research achievements in the industry and the leading scientific and technological industry trends.

  4. Organize at least one public event (including but not limited to forums, summits, challenges) to be held every year to expand the influence of insurance science and technology, improve industry awareness, and promote the thought leadership of industry practitioners.

The Best and the Brightest

The co-founders of APIL all have in-depth knowledge of the insurance industry but come from diverse backgrounds in academia, research and development, and entrepreneurship. Each has established expertise in Asia and has agreed to open collaboration for the purpose of creating, elaborating, and prototyping radical solutions to pre-identified technology and insurance industry challenges.

To give you an idea of the kinds of minds behind this initiative, let me tell you about some of the founding members we’ll be working with:

Taiping Financial Services is focused on building an integrated Internet financial and technological service platform with insurance as its core.

Zhikan Technology is an insurtech developer that offers intelligent video and intelligent voice technologies, which help the insurance industry improve operational efficiency, reduce operating costs, and optimize the customer experience.

Qibot Technology is a global pioneer in robotics focused on the application of artificial intelligence technology and NLP in the insurance industry. ‘Aimi’ is the first truly intelligent robot in the world that can read and understand insurance liability, answer professional questions, and evolve its skills using deep learning algorithms.

Huibaoxian, (wechat ID: insuranceforce) a well-known media agency in the insurance industry, has a profound understanding of China’s insurance industry and its history.

As should be evident from the above list of founding members, our goal was to build a team with a diverse set of skills. You can bet that each of our members is going to approach the challenges we seek to solve from a different perspective. We believe that diversity of thought will drive us to even higher levels of innovation. 

Innovation Knows no Borders

While APIL is focused on innovation in Asia, insurtech is becoming much more of a borderless world. Yes, there are region-specific differences in buyers and regulations, but around the world, people and carriers often struggle with the same issues.

So, mark this initiative as one to watch. The lab will serve as an incubator for startups and technology providers looking to co-create new products and services. As we’re developing innovations for carriers in this half of the world, rest assured, many of these same innovations will spread to other countries as well. I, for one, can’t wait to see what we can create!

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Written by: Ming Chen

Ming Chen is the Head of RGAX China where he leads the innovation business and the insurtech and healthcare investments. Ming has 20 years of experience in technology and healthcare. Prior to RGAX, Ming worked in strategy, corporate development, venture investment, and operations management in leading local and multi-national companies such as WuXi AppTec and Siemens. Ming is a Bachelor of Engineering and holds an MBA from the Ross School of Business at the University of Michigan.