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Top 10 Insurance Tech Solution Companies - 2019

With the proliferation of emerging technologies in the life insurance space, insurance companies are starting to feel the effects of technology and might of data analytics. Consequently, technology solution providers are now taking up an increasingly dominant role in reshaping the industry. Modern insurance technology solutions are challenging the current state of affairs of the insurance sector all the more, leading to change in the business processes of the insurance industry altogether. The recent technological advancements in the insurance industry have set the digitalization journey in motion for the incumbent insurance companies.

As IoT and data analytics are making inroad in the insurance tech, the present insurance marketplace is witnessing the rise of a myriad of technologies. This digitalization trend is driving a change in the business models of insurers, creating new InsurTech partnerships through disaggregation in the insurance value chain. Against the changing landscape, insurance companies are now looking at blockchain, augmented reality, artificial intelligence (AI), and robotic process automation (RPA) to streamline their business processes and operations.

To help companies navigate through the best-breed insurance technology solutions provider, CIOReview APAC has compiled this edition on top 10 insurance tech solutions providers. Through a distinguished panel comprised of CIOs, VCs, industry analysts, CIOReview APAC’s editorial group, we have evaluated and shortlisted 10 organizations that have significantly stood out as some of the most prominent players in the insurance technology arena for the year 2019. The organizations featured in this issue through their business knowledge and industry prowess have established their eminence in the insurance technology sector.

We present to you CIOReview APAC’s “Top 10 Insurance Tech Solution Providers – 2019.”

    Top Insurance Tech Solution Companies

    DynaFront Systems Berhad
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    Malaysia-based DynaFront Systems provides the “Precentia” portfolio, which comprises back and frontend solutions for small, medium, and large insurance businesses. The company’s PrecentiaLife backend ecosystem solution aids customers in the management of end-to-end processes of conventional life insurance products like the whole life, endowment and investment-linked offerings. Similarly, the PrecentiaTakaful backend system manages Takaful family insurance while PrecentiaGroup handles group insurance business, covering both employee benefit and worksite marketing. On the frontend side, PrecentiaCMS unifies all the functions conducted at the point-of-service-hub (POSH) including the payment gateway for initial and recurring premium fees ... read full profile
    GOCI
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    A digital insurance platform, GOCI allows clients to enjoy easy access to insurance products and information, reach a wider target audience in the most efficient way, automate claims, and manage underwritings, leveraging Artificial Intelligence (AI) and Machine Learning (ML). GOCI is capable of reducing the costs associated with customer acquisition and maintenance, thereby empowering insurance firms to become more agile, profitable, and competitive in the business and offer affordable insurance plans to their customers. GOCI has also been programmed to analyze customer data for determining their insurance purchasing behavior, aiming to offer more suitable products ... read full profile
    Insuradar
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    Insuradar is demystifying the insurance industry through SmartGenie, its unified and holistic platform that allows consumers to self-manage their insurance portfolios from anywhere. By automating the distribution and comparing insurance quotes from multiple insurers, SmartGenie simplifies the management, payment, and renewal of insurance policies for clients in a faster way. One of the leading providers to offer an Insurance Vault, SmartGenie drives value for customers, allowing them to securely store their data on any existing policies in the online vault. Powered by its intelligent AI and machine learning algorithms, SmartGenie consolidates all user information into a simple dashboard, enabling clients to keep track of their insurance policies, always ... read full profile
    MediLink Network
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    MediLink is a healthtech company committed to enabling efficient, accessible, and affordable healthcare. The company is a joint venture between Equicom and F.E. Zuellig that was established in 1999. The health community is a complex ecosystem that requires interactions among several key stakeholders — patients, doctors, hospitals, clinics, companies and insurers. MediLink’s integrated IT platform connects insurers, healthcare providers and insured members through an electronic network covering 2 million+ lives. Our services include underwriting validation, card production, eligibility check, transaction authorization, claim processing, and payment settlement, analytics, and AI-enabled decision support ... read full profile
    AppMan
    Founded in 2011, AppMan has been helping organizations to create high-quality mobile apps for their businesses. The company develops products that allow clients to digitally mobilize their sales agents and transform the traditional paper-based model of working into a straight efficient and automated process, specially designed for companies who aim to succeed in the digital era. The company specializes in developing mobile apps for the sales process and BYOD projects. Apart from this, AppMan also provides services like Mobile Submission, Mobile Proposal, Mobile Application Development, Paperless Systems, and insurtech
    Appsilon Data Science
    Appsilon is Driven by the use of data Science at the forefront of business, leveraging the potential of the ever-increasing amount of data. Employees are a group of data science consultants whose approach translates into an end-to-end process where Appsilon provides value at each step. The company delivers automatized data acquisition and business validation to beautiful and responsive Shiny dashboards as stakeholders require a way of interacting and understanding data. Some of the industries we work with include but are not limited to Finance, Healthcare, Logistics, Retail, and Real Estate
    CRIF
    CRIF is a company specializing in credit bureau and business information, outsourcing and processing services, and credit solutions. CRIF has an international presence, operating over four continents. CRIF is a renowned end-to-end knowledge company where every day, the people at CRIF serve their clients with knowledge, commitment, and passion for helping them to grow to the next level. As an AISP (Account Information Service Provider) in 31 European countries, CRIF’s solutions have been accredited by the most prestigious international research companies. CRIF has always invested in best practices and certifications concerning quality, innovation, and security
    Digital Experience Labs
    At DXLabs, challenges to the status quo of digital transformation services are encouraged. The company believes in working alongside the client as a partner to get a deeper understanding of the existing business problems or challenges. The team at DXLabs is committed to delivering fast and competitive solutions that work with the current systems, enabling better experiences and more significant business outcomes. The ethos of the company is to personalize those options that are important, Apply automation where it is necessary and makes the most substantial difference, and to simplify everything that matters
    EdirectInsure
    Founded in 2015, EdirectInsure is a leading online insurance platform in Asia with offices in Hong Kong and Thailand. The company provides motor insurance to a wide range of clients in Asia at an affordable price. The firm is managed regionally from Hong Kong and runs on the city's fintech infrastructure as the base for Finance & Control, Marketing, Product and Technology Development and regional expansion. Besides, the EdirectInsure leverages technology to drive change in the market through improved client experience and data analytics
    Indus Net Technologies
    Headquartered in India, Indus Net Technology is a leading IT service and outsourcing firm that helps organizations across the globe, including Governments, by providing the “Nexus of Forces” – Cloud/Web-based custom application services. Founded in 1997, the company has a deep industry experience of over 19 years and technological expertise across all major business sectors. The company specializes in areas that include web design, web development, internet marketing, SEO, PPC management, and offshore & outsourcing. The company provides solutions that cater to specific business needs and helps clients that include numerous Fortune 500 clientele
    Inzsure
    Inzure is a pioneer in SME solutions using technology, which is Built by business customers for business customers. The company’s objective is to give the customer direct, transparent access by simplifying the onboarding process. Inzure’s patented matching engine means will provide the right policies for the client’s company while reducing commissions to almost the lowest levels available in the market, guaranteed. Inzsure is the digital partner throughout the insurance cycle starting from procurement up to claims and renewals. Everything can be managed via the platform, and the comapny has an unbeatable claims advocacy solution
    JPWALL Consulting Partners
    JPWALL is a unique and independent actuarial consulting firm. JPWALL is genuinely independent and wholly owned by its active local partners. By investing heavily in local insurance industries by opening regional offices, training local staff, and bringing international excellence to the clients and the industry in general. JPWALL has a deep understanding and appreciation of local market practices, customs, and industry experience. The company works with the highest level of professionalism and technical excellence, leading the way with innovative actuarial methods and efficient processes. JPWALL is a One Firm Firm, without any internal borders
    KCGLeads
    Hong Kong-based KCGleads—shortform for Knowledge Consulting Group—positions itself as the go-to entity for both established and emerging InsureTech players. KCG’s clients include traditional insurers who hold good market presence, as well as new entrants. While for the former, the company formulates the business transformation roadmap and sources right technology to achieve sustainable growth in revenue, for the latter, they develop robust entry strategies and rights-to-win driven business model. Looking ahead, the company plans to localize some of the analytics products of aSaw such as SOLDit ™ which is a proprietary leads generation platform created by Asaw and SPyDER ™, a KYC platform good for financial customer on-boarding to the Hong Kong and China market specifically in the areas of business leads generation and know your customer processes
    Marsh
    Marsh provide industry-focused services, and leverage data, technology, and analytics to help reduce our clients’ total cost of risk. Marsh uses a team approach to address our clients' risk management and insurance needs. Each client relationship is coordinated by a client executive, who draws from our many industry and risk specialties to assemble the resources to analyse, measure, and help manage multiple risks. Marsh work with clients of all sizes to define, design, and deliver innovative solutions to better quantify and manage risk. To every client interaction it bring an unmatched combination of deep intellectual capital, industry-specific expertise, global experience, and collaboration
    Miliman
    Milliman is a provider of actuarial products and services. The mission is to help the company’s clients to protect the health and financial well-being of people everywhere. Milliman is an independent company with offices in all major cities around the globe. Milliman caters the full spectrum of business, union, financial, government, nonprofit organizations and education. In addition to the consulting actuaries, Milliman’s body of professionals includes numerous other specialists, ranging from clinicians to economists. The company is committed to developing innovative tools and products, providing expert solutions, and continuing to earn the clients’ trust by keeping focus fixed on the business objectives
    Montoux
    Montoux is a global leader in the insurance sector that improves the life insurance carrier's profitability and speed to market. The company allows clients to respond easily to fast-changing market dynamics and provides software that is powerful and easy-to-use. With expanding business in the United States and APAC, Montoux is led by teams that can perform highly detailed and segmented analysis of their key pricing metrics in a fraction of the time. The company has its offices in Wellington in New Zealand and headquartered in New York, U.S.A.
    Scope Technology
    Scope Technology, founded in 1999, is a global leader in advanced, end-to-end telematics solutions, empowering fleet operators and aftermarket service and insurance providers to be more innovative and successful. Serving for over 15 years now, the company has been primarily engaged in enabling companies across the globe to increase the efficiency of their fleets, decrease operational costs and improve profitability by providing software and hardware solutions, business analytics and other solutions-oriented R&D. Apart from this, Scope also provides a wide range of solutions for usage-based insurance and claims management support
    Secora
    SECORA brings strategic vision and technical resources which support healthcare providers to plan and prioritise better, successfully address complex challenges and manage dynamic conditions. We develop strategic service plans that empower organisations to make more effective decisions, integrate services and embed high standards for care, including for sensitive end-of-life programs. It also works with pharmaceutical businesses to enhance manufacturing processes and the utilisation of existing resources to improve production capacity and meet increasing demand. We also apply tested methodologies to improve the core function of hospital pharmacies by introducing efficient processes that reduce script processing times and discharge turnaround times
    Steadfast
    Steadfast is a leading global general insurance broker network having the largest underwriting agency group in Australia and New Zealand. Also functioning as a co-owner through its equity interests in insurance broking businesses, Steadfast has multiple underwriting agencies and several complementary businesses, including a life broker, a reinsurance broker, and a premium funder. The company’s network expands to over 370 brokers across 1900 offices and 25 underwriting agencies. The firm has expanded operations in Australasia, Asia, and Europe. It is headquartered in Sydney
    Sterling iTech Services
    Sterling iTech Services commenced operation in 2009, a start-up company mainly based on the Employee Benefits Solutions, for underwriters, insurers, takaful operators as well as large corporations. Equipped with a formidable varied IT-experience team, The core services are project management, applications design, consultation & turnkey development, and systems integration. The STERLING group and group plan model allows a menu-based bundling of Employee benefit plans with base & rider benefits. A flexible structure by the company enables the breakdown of a group into projects, and further into the internal divisions (or business units)
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