Hong Kong and Singapore insurtechs featured at Accenture’s innovation lab

Technology mentoring and development program aims to connect start-ups with leading global financial institutions

Hong Kong and Singapore insurtechs featured at Accenture’s innovation lab

Insurance News

By Gabriel Olano

Several Asian insurance technology (insurtech) firms were featured at Accenture’s fourth annual FinTech Innovation Lab Asia-Pacific Investor Day, held at Cyberport in Hong Kong.

Among those firms was CoverGo, a Hong Kong-based start-up that developed a platform that consolidates insurance policies from various providers. Aside from being a conventional insurance wallet, CoverGo also automatically analyses insurance policies in order to highlight gaps in coverage.

Singapore-based microinsurance platform microUmbrella.com allows users to purchase, manage, and make claims, giving on-demand and bite-sized protection plans for the digital economy. It also has an artificial intelligence-powered chatbot to assist users.

Meanwhile, Stash, another start-up from Singapore, developed a health claims platform for patients, healthcare providers and insurance companies. The system analyses claims data to help health providers and insurers detect fraud in claims processing and management, and, at the same time, cutting down on administrative costs.

Launched by global professional services firm Accenture in 2014, the FinTech Innovation Lab is a 12-week mentoring program which aims to develop innovation and encourage the creation of more hi-tech jobs in Asia-Pacific by connecting start-ups with decision makers at some of the world’s leading financial institutions, including Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Macquarie Group, and Sun Life Financial.

“The financial institutions in Hong Kong are supportive of working with fintech start-ups to help address new challenges ranging from how best to adopt blockchain technology to how to fend off cybercrime,” said Piyush Singh, head of Accenture’s financial services practice in Asia-Pacific. “We’re also seeing increased interest from the investor community in the companies we select for the program.”

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