Qumata enters into agreement with major pan-Asian insurer AIA Group to accelerate innovative digital underwriting
PR93436
HONG KONG, Dec. 2, 2021 /PRNewswire=KYODO JBN/ --
Qumata (formerly known as HealthyHealth), a global company transforming the
insurance industry ecosystem with a machine learning and artificial
intelligence (ML/AI) underwriting solution, entered into an agreement to
provide its services across Asia to AIA Group Limited (1299.HK), the largest
independent publicly listed pan-Asian life insurance group.
The agreement will enable AIA to incorporate Qumata's ML/AI underwriting
solution in its markets across the region. This has already been deployed in
AIA Korea. The solution will be available through several distribution
channels, covering agency, bank partners as well as online channels.
Qumata is transforming the traditionally long and sometimes cumbersome process
of underwriting, usually conducted through long questionnaires and medical
exams, for life and health insurers. Once Qumata's solution is integrated into
an insurer's backend system, it will allow insurance policy applicants to
connect their activity data recorded through smartphones and wearable devices
to the insurer's systems. The solution will perform risk assessment on policy
applications in a much shorter timeframe than traditional assessments,
including the risk of diagnosis for over 800 conditions. This saves hours on
the application process, creates efficiencies for the insurer and a seamless
and secure experience for applicants.
Luca Schnettler, Co-founder and CEO of Qumata, said, "The agreement with AIA is
another powerful milestone in the acceleration of the digital transformation of
the life and health insurance industry. Asia is at the forefront of this trend,
and we are honoured to be working closely with AIA."
About Qumata:
Qumata (formerly known as Healthy Health) has offices in London, Hong Kong,
Shanghai, Tokyo & Singapore.
Qumata is focused on transforming underwriting for life and health insurers,
retaining the same level of accuracy, whilst improving customer experience and
helping insurers realise new revenue opportunities. Qumata uses digital data to
calculate the risk of diagnosis for over 800 conditions, along with Extra
Mortalities and Morbidities, saving applicants hours filling out long
questionnaires or visiting the doctor.
www.qumata.com
For more information, please contact:
Jane Hodgskin: jane.hodgskin@paradigmconsulting.com.hk
Tim Nicholls: tim.nicholls@paradigmconsulting.com.hk
SOURCE: Qumata
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