In July, AsiaPac InsurTech Lab (APIL), a cooperative focused on creating innovative solutions for the insurance industry in Asia, held its inaugural meeting at the Wharton China Center in Beijing. APIL was co-founded by Qibot Technology, Taiping Financial Services, RGAX, Huibaoxian, and Zhikan Technology attended the meeting as a member of the committee.
All of the co-founders of APIL have in-depth knowledge of the insurance industry and come from diverse backgrounds, including academic, research and development, entrepreneurship, open collaboration and expertise in Asia. The group is committed to working with startups and technology providers to co-create new products and services specifically for the purpose of building and prototyping solutions to pre-identified technology challenges in the insurance industry. APIL will showcase its digital capabilities and will facilitate the sharing of ideas both internally with the lab members and externally with partners and the broader public.
Those in attendance included: Leo Wong (Managing Director of RGAX APAC), Qiong Hu (Founder of the Huibaoxian), WenJun Pang (Founder of Qibot Technology), Lee Lok Man (Head of Insurance, KPMG China), Jilun Li (Assistant General Manager of Taiping Financial Services), and Hao Wu (Deputy General Manager of Zhikan Technology).
At the launch meeting, the parties discussed the current state of technology in the insurance industry and the profound opportunity for prospects. They also established the mission objectives of APIL.
The four key objectives of APIL are:
- Create an industry platform offering unparalleled learnings, thought leadership, and actionable takeaways, highlighting the most important topics impacting insurance industry today and shaping the future of insurance.
- Develop relevant standards for Natural Language Processing (NLP) and robot projects that have been applied in the industry, developed through full investigation to standardize and provide transparency of relevant products in the industry.
- 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.
- Organize at least one public event such as forums, summits, challenges or events every year to expand the influence of insurance science and technology, improve industry awareness, and promote the thought leadership of industry practitioners.
Lee Lok Man, Head of Insurance, KPMG China, said: "At present, the market is still very enthusiastic about insurance science and technology… But in fact, we need to identify, in the end, what is insurance science and technology? What role does it play in changing the format? In fact, some standards are needed, and it is APIL’s drive that we can help drive more industry efficiencies and standards and increase collaborations between technology partners.”
Qibot-Technology is the pioneer of global insurance robots. Aimi, an insurance robot independently researched and developed by Qibot-Technology, is the first truly intelligent robot in the world that can read and understand insurance responsibilities, answer insurance-related professional problems, and can evolve. It is capabilities cover intelligent customer service, intelligent sales, smart claims and other insurance services. www.qibao-tech.com/#/
Taiping Financial Services
Taiping Financial Services Co., Ltd. was established in July 2012. It is a stand-alone subsidiary of China Taiping Insurance Group. There were two shareholders of China Taiping Insurance Group and Ageas Insurance International NV at the early phase of the company. In August 2018, Taiping Financial Services introduced four strategic investors such as Jingdong Digital Technology Holdings Co., Ltd, Bitauto Holdings Limited, Shanghai Conant Macroflag Group Co., Ltd and Qianhe Capital Management Co., Ltd by capital raising and share expansion.
Taiping Financial Services is an innovation of China Taiping Insurance Holdings Company Limited (China Taiping), with the mission of value creation when focusing on insurance products and services. It engages the online and offline networks for China Taiping to construct an integrated financial services platform majoring in insurance business. With this platform, financial insurance service ecosphere, financial technology incubator and experimental field for the industry can be built.
RGAX is a wholly owned subsidiary of Reinsurance Group of America, Incorporated. RGAX was formed in 2015 as the transformation engine of RGA, leveraging the talent, resources, and insight of RGA’s 40+ years of innovation. As a global company with offices in the Americas, EMEA, and Asia, RGAX partners with carriers and entrepreneurs to incubate and accelerate new products and services to advance and expand the life insurance ecosystem. With a mission to help people live longer, healthier, more financially secure lives, RGAX is powering the next generation of data analytics, digital distribution, customer engagement, and insurance service solutions. For more information, please visit www.RGAX.com.
Huibaoxian is an insurance social media platform, with a turnkey suite of insurance-focused content, engagement, referral, analytics tools and “Huibaoxian Sharing Meeting”, an offline sharing platform that work together to simplify and amplify social-based marketing. With a mission to deliver industry news, analysis, data, resources, and unmatched events as well as networking opportunities to help industry professionals reach their goals. (Wechat ID: insuranceforce)
Huibaoxian has more than 220,000+ wechat subscribers, its demographics include insurance professionals, leaders and social media experts of all levels. Huibaoxian has aligned with China financial publishers to launch a series of books on “New age of Insurance”, which has been sold nearly 10,000 copies and has become a must-read for insurance management.
Shanghai Zhikan Technology Co., Ltd (“Zhikan Tech”) is a Fintech company, which is co-invested by Taiping Financial service Co., Ltd and Shenzhen Qianhai Hulian Technology Investment Co., Ltd in January 2019. With the R&D-oriented corporate philosophy and the mission of supporting the insurance ecosystem with advanced technology, Zhikan Tech has independently developed leading applications in several industries including omni-channel, AI loss assessment platform, AI voice quality inspection system, AI outbound call system, insurance AI robot speaker, AI warehousing system and interactive large screen for insurance sales of “Bank-insurance Link”, etc. With the emergence of big data analytics, innovative research and development in AI, big data and cloud computing, Zhikan will continue to empower digitization in insurance industry.