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Innovation in insurance: platform-based portfolio protection




Efma-Accenture Innovation in Insurance Awards recognizes the insurance world's most innovative and inspiring project. With the deadline of April 2 to submit information on the way, I felt that Southeast Asia-based insurance companies and insurtech companies could be inspired to hear from 2019's overall bronze medal winner: Singapore-based insurtech HedgeSPA.

HedgeSPA is a cloud-based investment analysis. platform that helps institutional investors as insurers to automate their investment processes and achieve as much as 15 percent better results in less than five months.

Founder and CEO Dr. Bernard Lee says that the company was motivated to enter in 201

9 largely because it was from Accentures Fintech Innovation Lab. The application process was done through a dedicated website.

"Then we cast votes by asking our friends and business contacts to vote with social media posts," says Dr. Lee. "Thank goodness our friends replied."

A multi-platform portfolio nurse

HedgeSPA's price range is not "a typical client-oriented insurtech solution", says Dr Lee. This can make it difficult for insurers with a pure sales or insurance background to understand its value the first time they hear about it.

Its solution is a robust investment platform powered by AI, big data, actuarial mathematics and graph theory that scans a huge amount of data from the internet, subscription and internal sources, including market, reference, historical, basic data and news.

It manages the long side of the portfolio and automatically performs both asset and liability management, and is designed to meet both existing and future reporting requirements.

Dr Lee states that users can export their pool policy information directly from Salesforce or similar platforms to their solution. HedgeSPA processes this data into relevant liability profiles against assets held, together with standard assumptions such as mortality, repurchase frequency and maximum age. that users can manage all portfolios of problems back to health for two quarters, or move the entire distribution of portfolio results to the right with a meaningful amount, such as 50 to 100 interest points, says Dr. Lee. pension providers to take out more competitive insurance products such as investment-related insurance or hybrid interest rates, reduce intermediary costs and better manage their asset pools. In this way, surpluses of assets against liabilities can be booked as profit. (A video on HedgeSPA's website has more information.)

Medal of Honor

Winning the Bronze Prize 2019 helped increase HedgeSPA's credibility as an insurtech solution.

"Wearing an" honor badge "from Efma-Accenture helps facilitate the introductory process when we want to enter into serious conversations with potential insurance or pension users, says Dr. Lee.

The benefits are filtered out from there. HedgeSPA was later on the list and won other prestigious awards, such as Japan's FINOPITCH 2021 award, and it started projects with insurance companies. It also formed a partnership with Carabiner Group, a US-based registered Salesforce partner that serves the financial industry, to generate actuarial parameters from policy pools to recommend portfolio changes. That connection has helped HedgeSPA in markets like Japan, says Dr. Lee, where the newspaper Nikkei has introduced the company to the local financial and insurance communities.

Experiences

Dr. Lee says an important lesson. for insurtechs who want to gain access to the market is a simplification, especially for those who include innovative solutions that can fundamentally disrupt the industry. . "Learning experts have decided that even experienced professionals require that the same information be presented to them at least three times before they will receive it."

And he adds, keep trying and keep looking for as many people as you can find

“It is natural to be embarrassed after you have failed a few times. Keep trying until you get it right.

Finally, he says, take advantage of the advertising and validation benefits that competitions like the Efma-Accenture Innovation in Insurance Awards can provide.


If you are interested in learning more about the Efma Accenture Awards, you can find out more in this post by my colleagues François Metzler and Steve Murphy, and you can get tips on how to submit your project through to read my colleague Jean-François Gasc's ultimate start guide.

At the moment I end by saying that if you are thinking of getting in, do so. Participants like HedgeSPA know that participation provides value in many areas: the chance to win, of course, but also the opportunity to show the insurance world that your company is a recognized innovator, pushing the boundaries of what is possible in this space. It also means you can meet other industry innovators at networking events.

I look forward to seeing many applications from insurance companies and insurance companies based in Southeast Asia. There is so much going on in this region – and the Efma-Accenture Innovation in Insurance Awards is the place to be recognized.

Disclaimer: This content is provided for general information only and is not intended to be used in consultation with our professional advisors.
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