Global reinsurer Munich Re and JiuGe Technology, subsidiary of mobile data and services company FingerMotion, are ready to launch their new behavioural rating services platform for commercial use.
Through a proprietary behaviour intelligence system developed by “Sapientus”, the analytic innovation development arm of FingerMotion, the partner companies said they will bring forward their jointly developed model algorithms and analytic insights for productionized applications and wider market adoption.
Eric Zhao, Munich Re China’s General Manager of Life & Health, said: ‘We are launching a behavioural rating services platform with FingerMotion’s Sapientus following our initial collaborative research study. Leveraging our joint data resources and analytic expertise, we will continue to expand our data inventories and finesse the model algorithms. We look to apply what we have learned through our behavioural research and analysis to practical use for the benefit of our clients and insurance consumers in the China market.”
The joint research and data intelligence, leverages Munich Re’s insurance expertise and industry experience, coupled with Sapientus’ proprietary analytic approach and behavioural indicators. These behavioural rating services are driven by new insights derived from emerging sources of information and advanced analytical techniques for enhancing the predictability of insured behaviours and risk propensities.
According to the announcement, this analytic system could catalyse numerous benefits for the industry. Munich Re and FingerMotion said they are committed to pushing forward a more efficient and intelligent insurance business model through finer delineation of customer profiles and risk groupings, as well as smarter claims and fraud management solutions.
It was highlighted that this collaborative exploration to date and progressing undertakings will commercially enable a wide array of value enhancing initiatives and competitive advantages across the chain – improving underwriting excellence, preferred risk selection and new product innovations, just to name a few.
“We are excited to walk together with Munich Re in driving commercial application of our work”, said Martin Shen, CEO of FingerMotion, Inc. “Today’s news reinforces a longer-term strategic mission to reinvent the way our partners provide insurance to customers in the future. We cannot stress more on addressing consumer demands for a more convenient insurance experience through analytic innovation. With this collaboration, we are well on our way towards realising this common goal with our insurer partners in the near future.”
