Chinese online insurance technology firm Waterdrop aims to raise up to $360m in an initial public offering on the New York Stock Exchange, reported Reuters quoting company filings.
The Monetary Authority of Singapore (MAS) has announced a new Regulatory Technology (RegTech) grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme. MAS will commit S$42m ($31.6m) to the RegTech grant scheme and enhanced DAG scheme.
The world of technology has undoubtedly revolutionised the financial services industry. Digital tools play a significant role in digitalising tedious processes in onboarding, planning, and client management. Traditionally, financial consultants would rely on manual processes to curate customers' financial plans. With the introduction of digital financial planning tools, such as GoalsMapper, the once-conservative industry has begun to embrace digitalisation. Automating these processes have also enabled financial consultants to better cater to client relationships.
The Insurance Development and Regulatory Authority of Bangladesh (IDRA) has introduced a digital e-receipt system and banned the issuance of handwritten or printed paper receipts by insurance companies for premiums collected from policyholders.
Waterdrop, a Chinese independent third-party insurance platform company focussing on terms of life and health insurance, which has applied for an initial public offering on the New York Stock Exchange, reveals in its prospectus filed with the US Securities and Exchange Commission, that insurance brokerage income accounted for nearly 90% of its total net operating revenue.
China-headquartered Leapstack, an AI-enabled InsurTech company specialising in healthcare, has announced a strategic plan to ink strategic partnerships with multiple Korean insurance companies as the company advances into the South Korean market.
Micro Insurance Company (MIC) - described as "the first global end-to-end digital insurance platform" - is partnering with TanManagement Insurance Brokers to grow digital insurance in Tanzania.
The city of Fukuyama is engaged in a sandbox project to study the ability of wearables to detect early symptoms of COVID-19, in partnership with global InsurTech provider ReMark.
Sehteq, Dubai-based health InsurTech start-up, has announced that Dr Hazem Al Madi has joined company as a managing partner.
The COVID-19 pandemic has pushed health and wellbeing to the forefront of consumers' concerns and there is an urgent need for cost-effective healthcare backed by insurance, said speakers on the opening day yesterday of the Virtual Asia Conference on Healthcare and Health Insurance.