Ignatica, DauBao and EasiTech’s integrated insurance platform will full-service digital solution for insurers, brokers and agents
Ignatica, a Hong Kong and Swiss-based insurance company, has joined hands with DauBao and EasiTech for the development of a new platform that can serve the Asia-Pacific region’s insurance sector.
The three companies have agreed to integrate DouBao Digital Cloud, EasiTech Mobile Application and the Ignatica platform to create a new platform that offers insurers, brokers and agents across the Asia-Pacific region a full-service digital solution for new product launches, ongoing product administration and management, client acquisitions and onboarding.
Through the partnership, EasiTech’s front-end, customer-facing platform will be integrated with Ignatica’s back-office technology to accelerate innovation, develop and launch new insurance products across the region.
The new platform will also integrate with the smart and secure cloud service developed by EasiTech’s parent company DouBao Networks Group.
Ignatica co-founder and chief technology officer Adhish Pendharkar said: “The global insurance sector is large and powerful, but its operating systems and technology haven’t changed significantly in the last century.
“We’re at an inflection point for digitisation and modernisation that will sharply reduce the cost and risks of bringing new products to market.
“This new, integrated and highly secure platform utilising EasiTech’s Mobile Application and DouBao’s Digital Cloud is a game-changer. 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 companies estimate that in the next two years they can develop new insurance products and aim to lessen the various barriers that have stopped several billions of Asians from accessing insurance products.
EasiTech CEO Wendy Zhang said: “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.
“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.”
Under the partnership terms, EasiTech, which already manages $3.67bn in gross written premiums (GWP) through its existing platform from over 1,200 intermediaries and insurers in China, will now administer their business through the new platform powered by Ignatica.