- FingerMotion’s subsidiary Xunlian Tianxia Technology entered into an agreement with Happy Life Insurance to create an innovative, data-driven insurance business model
- The model aims to develop new insurance products that can address real consumers’ needs by combining Xunlian’s data mining and customer profiling experience with Happy Life’s insurance expertise
- The new collaboration follows a similar announcement earlier this year in which FingerMotion partnered with Pacific Life Re-Insurance
- FingerMotion expects multiple contracts relating to its insurtech products before the end of calendar 2021
New technologies such as big data, blockchain, the Internet of Things (“IoT”), artificial intelligence (“AI”), and cloud computing have been continuously going mainstream. They have even been integrated into the insurance industry, instigating reforms and making it more effective and widespread. KPMG China’s Head of Insurance Walkman Lee acknowledges that insurtech is reshaping the operational ecosystem, helping to address weaknesses, driving high-quality development, and making insurance available to all (https://ibn.fm/fAh2q).
However, implementing programs, which synergistically combine insurance expertise and technological innovations to create integrative value that benefits both the consumer and the insurance companies, has been challenging.
This is the problem FingerMotion (OTCQX: FNGR), an evolving technology company, aims to solve through its subsidiary Xunlian Tianxia Technology. Recently, Xunlian Tianxia Technology, a leading cloud service provider in China, and Happy Life Insurance, a life insurance provider in China, entered into an agreement to create an innovative, data-powered insurance business model that will deliver a bevy of digital insurance solutions for customers (https://ibn.fm/1Fn5E). The collaboration will draw from both parties’ expertise and experiences in their respective areas of focus, which, though different, intersect at their reliance on innovative technologies.
One of the pioneers in exploring innovative technologies such as blockchain and AI, Xunlian Tianxia Technology has used superior technology to serve an extensive roster of institutional clients and consumers in China. As a result, in addition to amassing abundant customer resources, it has enhanced business efficiency, corporate marketing capabilities, and communication experienced geared towards greater business value creation. The company also has extensive business development experience in big data mining and detailed customer profiling
On the other hand, Happy Life Insurance is keen on cultivating an ecosystem that promotes tech-driven enhancements in distribution and operational efficiency while developing customer-focused systems and processes to improve the general insurance experience for customers. The company is also intent on collaborating with partners.
As one such partnership, the newly announced collaboration is mutually beneficial. The alliance will combine Happy Life’s understanding of the types of insurance that resonates with consumers and Xunlian’s extensive experience in big data mining and customer profiling. The result will be an integration of big data into insurance products, thus enabling both parties to create and distribute insurance solutions that match consumer profiles, provide increased flexibility, and allow consumers to save costs. Additionally, it is expected to bring about underwriting efficiencies that will trickle down to the companies’ bottom line.
“In order to make this collaboration work, we have to dig deep to design insurance products that can address real consumer needs,” commented FingerMotion CEO Martin Shen. “Our teams are uniquely qualified to create new insurance products that push the envelope of what is possible.”
In January 2021, FingerMotion announced a landmark agreement with Pacific Life Re-insurance in which it would apply new insights generated from its predictive model to the insurance industry (https://ibn.fm/rAyZI). In what Shen described as an opportunity to create a new business model that augments the insurance value chain and results in more efficiency, the agreement appears to have set the foundation for similar partnerships within the insurance industry.
With the company anticipating multiple other contracts relating to its insurtech products before the year’s end, the stage looks set for FingerMotion, its subsidiary, and partners to improve the insurance value chain and create products that can address real consumer needs. Or, more concisely, to push the envelope.
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
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