Singapore-based insurtech Axinan has become the first Southeast Asian company of its kind to secure a combined general and reinsurance license from Labuan FSA, the financial regulator for Labuan International Business and Financial Centre.
The license, obtained via its subsidiary Axinan Labuan Limited, will allow the firm to underwrite general and reinsurance risks as it looks to forge strategic partnerships and strengthen its offerings.
Founded in 2016, Axinan specialises in leveraging big data, actuarial risk management and machine-learning processes to developing solutions for enterprises.
“We are proud to be the first Southeast Asia insurtech company to be certified by Labuan FSA,” said Wei Zhu, Founder and Chief Executive Officer of Axinan.
“Being a first-mover in Southeast Asia’s insurtech industry providing solutions for customers and enterprises, we are actively looking to forge strategic partnerships that can strengthen our offerings within the markets we operate in.”
“With the combined General and Reinsurance license, Axinan can provide a greater variety of insurance products better suited to meet the needs of the digital economy while providing additional value to existing customers.”
Farah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre Inc (Labuan IBFC Inc), 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.”
Arijit Chakraborty, Chief Insurance Officer at Axinan added, “We bring value proposition to our clients and insurance partners by providing our full-stack tech capabilities including real-time dynamic pricing and automated claims processing.
“But now with this combined license we are better equipped to underwrite insurance and reinsurance risks and reach out to a wider client base subject to regulatory requirements.”