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NEW YORK, NY / ACCESSWIRE / July 6, 2021 / FingerMotion, Inc. (OTCQX:FNGR) (the "Company" or "FingerMotion"), a mobile data and services company, is pleased to announce that its subsidiary Xunlian Tianxia Technology and Happy Life Insurance, have entered into a collaboration to develop an innovative insurance business model that is powered by data and is intended to deliver a suite of digital insurance solutions for consumers.
In China, there has been a rapid surge in the rate of adoption of online insurance products. These online insurance products continue to fuel new business generation. Online insurance premiums exceeded 290 billion yuan (US$44.8 million) in 2020 (Source: http://insurance.cngold.org/c/2021-06-21/c7658166.html) and is continuing its growth trajectory. The marketplace is characterized by a handful of players that are actively utilizing big data, cloud computing, artificial intelligence (AI), and other value added technology in order to augment the traditional insurance business. The challenge has been implementing programs that are capable of generating integrative value combining insurance expertise and technological innovations such that both the consumer and the insurance company are able to reap the benefits.
The global market for big data in insurance is projected to undergo stunning growth and reach US$12 billion by 2023, at a CAGR of 12.5% from 6.6 billion since 2019 (Source: https://mbd.baidu.com/ma/s/wqIKldBN). With China leading the pace of global insurance growth, it is the ideal moment for Xunlian Tianxia Technology and Happy Life to enter the insurtech market. What is so mutually beneficial is that Xunlian Tianxia Technology has an excellent grasp on detailed profiling of the potential insured while Happy life understands the type of insurance products that resonate with consumers. There are also a number of synergies that are unique to FingerMotion that range from its AI and behavioral analytics, mobile recharge, SMS, and e-commerce platforms. The ultimate goal of this collaboration is to unleash the power of data and technology that is expected to uplift the overall insurance value chain and further elevate FingerMotion's capabilities in serving the financial industry and contributing to the fintech revolution.
The collaboration between Xunlian Tianxia Technology and Happy Life is designed to mesh insurance with convenience while at the same time optimizing protection benefits for the insured. Both collaborators want to more closely integrate the technology of big data into the insurance products, learning from one another to create synergies that ultimately improve the channels, products, sales, and services to better serve customers while enhancing business portfolio value.
"In order to make this collaboration work we have to dig deep to design insurance products that can address real consumer needs," said Martin Shen, CEO of FingerMotion, Inc. "Our teams are uniquely qualified to create new insurance products that push the envelope of what is possible. Our goal is to enable the creation and distribution of insurance solutions that match consumer profiles, offer more flexibility and ultimately cost savings to the consumer while at the same time creating underwriting efficiencies that will eventually drop down to the bottom line making our collaboration particularly rewarding in the long run."
About Happy Life Insurance
Happy Life operates as a life insurance provider in China, licensed by the China Insurance Regulatory Commission. It was established in 2007 with over 10 billion yuan of registered capital and 22 provincial-level branches offering nationwide infrastructure coverage and comprehensive servicing capabilities. Riding the wave of digitalization, Happy Life sets out to cultivate an ecosystem enabling tech-driven improvements in operational and distribution efficiency while building customer-centric systems and processes to enhance the overall insurance experience for customers, coming at the forefront and joining forces with a network of ecosystem partners to form mutually empowering alliances in the fintech space.
About Xunlian Tianxia Technology
Xunlian Tianxia is a leading cloud service provider in China and one of the early explorers in the field of innovative technologies, such as blockchain and artificial intelligence. Having served numerous institutional clients and consumers in China, the company has accumulated abundant customer resources and rich experience in using superior technology to enhance corporate marketing capabilities, business efficiency, and communication experience for greater business value creation. Leveraging its innovative mindset and technical expertise, combined with extensive business development experience in big data mining and customer profiling, Xunlian Tianxia is ready to work hand-in-hand with insurers to develop innovative, value-enhancing insurance practices, reduce customer friction and eliminate pain points in existing processes, which could mean rethinking and remaking insurance business models, from product design and management to distribution strategy and customer servicing.
About FingerMotion, Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of only a few companies in China with access to wholesale rechargeable minutes from China's largest mobile phone providers that can be resold to consumers. As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
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SOURCE: FingerMotion, Inc.
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