Making Innovation Happen in Insurance
Insurance offers some of the most complex financial products available, this complexity makes it one of the ripest branches of finance for Fintech to disrupt.
From a regulatory standpoint, insurance is complex and expensive, with insurers required to maintain high levels of liquidity while at the same time growing their stock of capital while managing risk of both assets and liabilities. Lack of Information can be a problem on both sides of the insurance contract: insurers have a strong desire for better insights from better data; consumers of insurance often lack information on benefits of, or sheer existence of, products available to them. At the same time, depending on territory, insurance often overlaps with the role of the state, and sometimes traditional trust values, requiring deep levels of localisation and adaption.
These opportunities are at the crux of FinTech’s promise: to use technology to enable the opening of new markets and opportunities that were not previously feasible, and to iterate and improve on existing product offerings, delivering innovation that has a material impact for consumers and providers.
CLPS has been working with partners in the insurance industry for several years, assisting them achieve a wide range of objectives, especially focused on improving their coverage while contributing a global outlook with local expertise, feeding inputs strategic into clients’ strategies. We’re pleased to announce the start of a new partnership with an international insurance group that has business in 19 countriesand territories around the world. Focused on life insurance, we’re excited to be in a position to steer and create innovation in our partners’ product portfolio, enabling their continued business development, while having a positive impact on society by allowing the provision of new and innovative products that have a real impacton people’s lives.
CLPS provide clients and business partners with tailored technology solutions, utilizing over a decade’s experience in FinTech. CLPS has a network of offices across China as well as in Singapore and Australia, and is ISO9001:2008 and CMMI 5 certified. We believe in forging long term, win-win relationships that create sustainable business solutions.