AXA Singapore, a subsidiary of AXA Insurance, has signed an agreement with regulatory technology firm Kyckr to deploy its application-programming interface for the development of new insurance services.
Kyckr’s API is an enterprise technology, embedding real-time direct access to more than 200 corporate registries globally from a single user-interface.
According to the regulatory tech firm, underwriting of commercial insurance requires the provision of information about the company, its directors, shareholders and credit rating to enable underwriters to provide a quote for insurance.
Kyckr said: “Today, this process of collecting information is performed manually and is both costly and time consuming for the insurer, customer and intermediary.
“Currently, information requires submitting, reviewing and verification (using external verification sources) before a quote can be issued, resulting in a delay of up to two weeks before a customer can receive a quote and policy.”
The regulatory tech firm claims that the turnaround time could be reduced to 1-3 days by using API for direct primary source data.
Kyckr CEO Ian Henderson said: “The agreement with AXA Singapore is an excellent achievement for Kyckr. The fact that one of the world’s largest insurers has committed to leveraging our technical know-how to deliver value-enhancing insurance products is a great testament to our technology. We look forward to building an innovative service for AXA Singapore.
“Know-Your-Customer verification is becoming increasingly critical to companies and we will continue to collaborate with leading global firms to embed our unique registry network and provide clients with the most up-to-date and legally accurate information for customer verification.”
Kyckr said that it will receive a revenue of SGD380,000 (£222,668) to incorporate its technology services and provide digital data, with additional revenue by expanding services across Asia.
The Monetary Authority of Singapore (MAS) approved funding for the project. Delivery is scheduled to begin in Singapore, followed by delivery across select countries in Asia.
Revenue is expected to be realised from Q1 FY20, as AXA looks to commence project rollout in the first half of FY20.