New platform will speed innovation and new product development in APAC region
Ignatica, DauBao and EasiTech said Friday they’re joining forces to create a new platform that will tap the full potential of the Asia-Pacific region’s burgeoning insurance sector.
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The three said they’ll integrate the DouBao Digital Cloud, EasiTech Mobile Application and the Ignatica platform to craft a new platform and offer insurers, brokers and agents operating in APAC a full-service digital solution for client acquisitions and onboarding, new insurance product launches and ongoing product administration and management.
The agreement marries EasiTech’s powerful front-end, customer-facing platform with Ignatica’s cutting-edge back-office technology to speed innovation and the development and launch of new insurance products across the region. The new integrated platform will integrate with the smart and secure cloud service developed by EasiTech’s parent, China’s DouBao Networks Group.
“Billions of people are uninsured because carriers don’t have the technology necessary to provide the protection every person needs at the price they can afford. The global insurance industry is managing trillions of dollars of financial transactions per year on core IT systems and technology that are older than I am. The insurers that become the pioneers of digital transformation will become tomorrow’s global leaders,” said Ignatica co-founder and CEO Manuel San Miguel. “Our new, integrated and highly secure platform utilizing EasiTech’s Mobile Application and DouBao’s Digital Cloud is revolutionizing how insurers are protecting their customers. Once up and running, you will see a rapid increase in insurance offerings – which is great for insurers and extremely important to improve regional financial-sector inclusion.”
The World Bank estimates nearly one in four of the four billion-plus people in Asia has no access to the global financial system. While there are numerous reasons for that, costs and inadequate technology to reach them have played major roles in preventing them from opening bank accounts and purchasing insurance and investment products. New technology, such as the joint platform Ignatica and EasiTech will develop over the next 24 months, is aimed at lowering most of those barriers.
“Ignatica, with its superior management team and technology, is a perfect partner to extend best-in-class product launch offerings and policy administration for our 18 million current customers in Mainland China and to drive our regional platform and to scale up the insurance business in APAC,” said EasiTech CEO, Wendy Zhang. “We’re targeting an additional 30 million customers across APAC with over $5 billion in new gross written premiums (GWP) sales per year to be transacted through this new, joint platform over the next four years.”
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