Axinan, a Singapore-based insurtech firm, announced last week it secured a combined General and Reinsurance license from Labuan Financial Services Authority. Founded in 2016, Axinan reportedly provides digital insurance for the internet economy.
“Leveraging big data, actuarial risk management and machine-learning, we create products that are easily integrated into online marketplaces and platforms. Axinan has developed enterprise solutions offering transit and free return shipping policy for e-commerce players built on real-time risk engine to determine the likelihood of returns based on user demographics and shopping behaviour online.”
Commenting on the license, Wei Zhu, Founder and CEO, Axinan, stated:
“We are proud to be the first Southeast Asia insurtech company to be certified by Labuan FSA. 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.”
Arijit Chakraborty, Chief Insurance Officer of Axinan, went on to add:
“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.”