Insgeek Champions Digital Transformation in Group Insurance at ITC Asia 2024

SINGAPORE, June 6, 2024 /PRNewswire/ -- Insgeek, a leading player in digital insurance, participated in the InsureTech Connect Asia 2024 (ITC Asia 2024) in Singapore. The event, held from June 4th to 6th in Singapore, convened insurance industry senior executives, technology innovators, and investors from around the world to explore emerging trends in digital intelligence and the InsureTech landscape.

Nick Xi, Vice President of Insgeek, was a featured guest at the summit, delivering a keynote and participating in a roundtable focused on Insgeek's digital intelligence innovations and breakthroughs, specifically in the international group insurance segment.

Recognized as the foremost event in the global InsureTech arena, ITC Asia 2024 is pivotal in facilitating idea exchanges and fostering collaborations that drive advancements across the insurance industry and its intersecting technologies.

Enhancing Efficiency Through Full-Process Digitalization

In his address, Nick Xi highlighted the complexities of group insurance, which demands rigorous financial products, customized corporate needs, and the imperative for precise, timely data. He outlined how these factors collectively contribute to the product's complexity and amplify associated technical challenges. Within this framework, the implementation of digital intelligence in group insurance is a key driver of industry growth.

Xi explained how Insgeek is leading the change in breaking down the conventional barriers between insurers, channels, and clients by embedding digital technologies across the group insurance spectrum. The effort spans the entire workflow mechanism from the initial inquiry and quotes to policy issuance, underwriting, management, and AI-driven processes for claims and auditing. The comprehensive digital integration not only significantly reduces labor costs but also improves operational efficiency and heightens the company's overall competitive edge. During his talk, Xi also showcased a video demonstration of Insgeek's Digital Insurance Platform, providing a practical look at how the company enhances the efficiency of online operations in group insurance.

Continuous advancements in digital intelligence have provided a solid groundwork for the implementation of innovative business practices across the insurance field. Insgeek, which has devoted ten years to specializing in group insurance, has introduced several new offerings including the Segmented Deductible, which allows for the phased use of the deductible throughout the policy period; Geeks + Employee Optional Coverage, a customizable insurance plan for employees; and the Corporate Health Report, an exhaustive health report offering insights into corporate health metrics. Through these innovations, Insgeek has empowered over 10,000 companies and 2 million employees with digitally enhanced group insurance and comprehensive health services.

Navigating Global Markets with Innovative Tech

As a pioneer in China's insurance tech market, Insgeek initiated its international outreach in 2023. The company aims to partner with additional eco-partners to invigorate the digital transformation of insurance companies throughout Southeast Asia and beyond.

During the roundtable on adapting to overseas markets and cultural nuances, Nick Xi addressed the importance of understanding local environments, respecting legal and cultural nuances, and tailoring solutions to local needs. With this approach, Insgeek tailors its technology and business strategies to effectively meet diverse international demands, providing targeted solutions to insurers in Southeast Asia and globally.

Looking ahead, Insgeek is set to leverage China's vast insurance market and its rich pool of scientific and technological talent to enhance its focus on digital intelligence in group insurance. The company is committed to using this expertise to set international benchmarks in digital intelligence for the global insurance industry, aiming to lead the evolution of the international group insurance landscape.