Singapore-based Axinan has become the first southeast Asian InsurTech to receive a combined general and reinsurance license in Malaysia.
The Labuan Financial Services Authority gave Axinan the license, which enables the InsurTech to underwrite general and reinsurance risks. Additionally, the company will have greater ease underwriting new product lines and distribute insurance products through a fronting arrangement with local insurers.
Axinan hopes to establish strategic partnerships with companies which will help strengthen its offering within the market.
Farah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre, the market development arm of Labuan FSA, said, “Asia is undisputedly a key growth driver for the global insurance industry and InsurTech’s role as an accelerator to this growth could not be timelier.
“We believe insurtech will lead to a more innovative, efficient and accessible insurance/reinsurance industry, the technology may even facilitate a platform to cultivate a more financially inclusive region via microinsurance. Licensing Axinan is one of Labuan IBFC’s first steps in embracing insurtech specifically and fintech generally. We warmly welcome Axinan to the fast-growing ranks of Labuan IBFC’s digital family.”
Axinan utilises big data, real-time actuarial risk management and machine learning processes to develop insurance solutions for enterprises. The company partners with marketplaces and insurers to provide on-demand, customisable insurance products for millennials.
Its igloo solution is a digital end-to-end platform for insurers to build, manage, and sell insurance products.
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