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Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

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Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024
Business

Business

Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

2024-06-06 18:42 Last Updated At:19:05

SINGAPORE, June 6, 2024 /PRNewswire/ -- Insgeek, a leading player in digital insurance, participated in the InsureTech Connect Asia 2024 (ITC Asia 2024) in Singapore. The event, held from June 4th to 6th in Singapore, convened insurance industry senior executives, technology innovators, and investors from around the world to explore emerging trends in digital intelligence and the InsureTech landscape.

Nick Xi, Vice President of Insgeek, was a featured guest at the summit, delivering a keynote and participating in a roundtable focused on Insgeek's digital intelligence innovations and breakthroughs, specifically in the international group insurance segment.

Recognized as the foremost event in the global InsureTech arena, ITC Asia 2024 is pivotal in facilitating idea exchanges and fostering collaborations that drive advancements across the insurance industry and its intersecting technologies.

Enhancing Efficiency Through Full-Process Digitalization


In his address, Nick Xi highlighted the complexities of group insurance, which demands rigorous financial products, customized corporate needs, and the imperative for precise, timely data. He outlined how these factors collectively contribute to the product's complexity and amplify associated technical challenges. Within this framework, the implementation of digital intelligence in group insurance is a key driver of industry growth.

Xi explained how Insgeek is leading the change in breaking down the conventional barriers between insurers, channels, and clients by embedding digital technologies across the group insurance spectrum. The effort spans the entire workflow mechanism from the initial inquiry and quotes to policy issuance, underwriting, management, and AI-driven processes for claims and auditing. The comprehensive digital integration not only significantly reduces labor costs but also improves operational efficiency and heightens the company's overall competitive edge. During his talk, Xi also showcased a video demonstration of Insgeek's Digital Insurance Platform, providing a practical look at how the company enhances the efficiency of online operations in group insurance.

Continuous advancements in digital intelligence have provided a solid groundwork for the implementation of innovative business practices across the insurance field. Insgeek, which has devoted ten years to specializing in group insurance, has introduced several new offerings including the Segmented Deductible, which allows for the phased use of the deductible throughout the policy period; Geeks + Employee Optional Coverage, a customizable insurance plan for employees; and the Corporate Health Report, an exhaustive health report offering insights into corporate health metrics. Through these innovations, Insgeek has empowered over 10,000 companies and 2 million employees with digitally enhanced group insurance and comprehensive health services.

Navigating Global Markets with Innovative Tech

As a pioneer in China's insurance tech market, Insgeek initiated its international outreach in 2023. The company aims to partner with additional eco-partners to invigorate the digital transformation of insurance companies throughout Southeast Asia and beyond.

During the roundtable on adapting to overseas markets and cultural nuances, Nick Xi addressed the importance of understanding local environments, respecting legal and cultural nuances, and tailoring solutions to local needs. With this approach, Insgeek tailors its technology and business strategies to effectively meet diverse international demands, providing targeted solutions to insurers in Southeast Asia and globally.

Looking ahead, Insgeek is set to leverage China's vast insurance market and its rich pool of scientific and technological talent to enhance its focus on digital intelligence in group insurance. The company is committed to using this expertise to set international benchmarks in digital intelligence for the global insurance industry, aiming to lead the evolution of the international group insurance landscape.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

SINGAPORE, July 19, 2024 /PRNewswire/ -- The vision of a digitalized, intelligent and future-ready Singapore was vividly showcased at the Huawei Cloud Summit Singapore 2024 today with the theme "Leap to Intelligence with a Better Cloud", where over 500 delegates from around the world representing the government, business and technology sectors gathered to dive into the latest in groundbreaking innovations like Huawei Cloud Stack, Cloud Native, Big Data and Artificial Intelligence (AI).

Jacqueline Shi, President of Global Marketing and Sales Service at Huawei Cloud, underscored in her welcome speech that cloud technology has significantly advanced Singapore's digital capabilities, delivering powerful building blocks to the Lion City's aspiration of a Smart Nation.

"Our sights are on the digitalization industry. We are bringing in the glocalization experience, and driving the digital economy through cutting-edge technology adoption. Huawei Cloud is dedicated to creating a new base for the smart world in Singapore through continuous technological innovations and we believe Go-Cloud is becoming the core competitiveness for industries. "

Huawei Cloud in Singapore clocks over 100% Growth from last year

Huawei Cloud's business in Singapore has seen tremendous growth, increasing by over 100% in the last year. Over the past five years, Huawei Cloud has served over 1,000 local customers and collaborated with over 500 technology partners, a testament to its ability to meet the evolving needs of the market.

Globally, Huawei Cloud's overall global business grew by 110% last year while its revenue in Asia Pacific increased twenty-fold in the past five years, making it the second-largest cloud provider in China and the fastest-growing in the Asia-Pacific region.

Singapore now boasts the lowest latency levels in the Asia-Pacific region, with the Singapore node achieving latency below 5 milliseconds, setting new standards in connectivity and operational efficiency.

Mark Chen, President of Global Solution Sales, Huawei Cloud said at the event, "We are living through an era of technology explosion where Cloud, Big Data, and AI are becoming widely used. By continuously creating innovative technologies and solutions from Cloud Native to AI Native and then to Digital Native, Huawei Cloud aims to provide end-to-end digital intelligence services for the digital transformation of various industries in Singapore."

The latest Huawei Cloud Stack (HCS) 8.3 which was recently released in Singapore demonstrates the rapid technological advancements being made, delivering over 100 cloud services in 13 categories.

Rex Lei, Managing Director of Huawei Cloud Singapore said, "Over the past five years, Huawei Cloud has established a strong presence in Singapore with five availability zones (AZs), with the racks accounting for almost 10% of the market share. This is the largest investment overseas by Huawei Cloud. Huawei Cloud Singapore Region not only serves local customers, but also the surrounding ASEAN countries through high-bandwidth, high-reliability, and low-latency private lines."

Global Horizons Enabled by Cloud

Huawei Cloud has empowered Singaporean businesses to spread their wings beyond local borders. A notable success is Singapore's unicorn company, Wiz.AI, which was part of Huawei Cloud's Spark program in its early stages. Now a global leading conversational voice AI technology innovator, Wiz.AI enables businesses to deliver hyper-personalised, omnichannel customer engagement at scale and has expanded its customer base to multiple Southeast Asian countries including Malaysia, Indonesia, Philippines and Thailand. 

At the same time, Huawei Cloud bridges Chinese companies into Southeast Asia. For example, AnyTech,Huawei Cloud's overseas partner, is a leading supplier of systematic software technology for the financial industry and has forayed successfully into Thailand with its leading solutions for large banks.

Talent Development and Collaboration Remain at Huawei's Heart

At the summit, Huawei Cloud also launched the "Go Cloud, Go Global-Singapore Cloud Alliance", addressing Huawei Cloud will be dedicated to expanding the ecosystem for more partners and customers to benefit together from the growing community in the country.

To date, Huawei Cloud has trained over 3,000 developers in Singapore. Collaborations with educational institutions have produced over 2,200 ICT talents and the Spark Incubator entrepreneurship initiative with the Singapore government in 2022 sparked 180 startups.

From setting up strategic collaborations, building essential infrastructure, and investing in talent, to nurturing a vibrant digital ecosystem, Huawei Cloud is steadfast in its commitment to drive significant technological advancements that benefit communities and industries across Singapore and beyond.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

Huawei Cloud, the fastest-growing cloud in APAC, vows to accelerate industry digitalization in Singapore

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