You Want Reinsurance-As-A-Service? Lexasure Has It Covered

The latest from Lexasure, who are upping their Cloud based game. Here’s the word;

Lexasure Financial Group Limited (“Lexasure” or the “Company”), providing reinsurance, insurance, and insurtech solutions in South and Southeast Asia, has announced the launch of LexasureCloud 1.0, a cloud-based, cutting-edge B2B2C platform designed to enhance insurance companies’ competitiveness, growth, and profitability. The platform is central to Lexasure’s digital strategy, in conjunction with Passport, the platform’s B2C customer portal for life insurance investments, and plans for Atlas, a B2B risk management portal for general reinsurance.

Reinsurance-as-a-Service (RaaS), a core offering, improves both underwriting outcomes and insurers’ ability to compete in the marketplace. This encompasses Regulatory Advisory, captive or embedded insurance management; Technology, which includes policy management, analytics, claims management, and financial capital management; and Back-Office Support, such as actuarial consultation.

LexasureCloud is being launched at the InsurTech Connect Asia conference, taking place May 30th to June 1st in Singapore, where Lexasure’s CEO, Ian Lim, will be presenting.

“We are excited to introduce LexasureCloud, which is designed to meet the needs of smaller and medium-sized insurers in the Asia Pacific region and increase the availability of a wide range of insurance products to consumers in the region,” said Ian Lim, CEO of Lexasure. “Our comprehensive B2B2C platform is digitizing risk, helping insurance companies build out additional channels of distribution, and paving a technologically connected path forward for our partners in Asia.”

The platform consists of five core modules and a growing product solutions suite:

Platform Modules

1.  Reinsurance-as-a-Service offers convenient, one-stop access to underwriting capacity via customized reinsurance products for a growing suite of B2C products, allowing for an increased volume of policies written.

2.  Policy Management provides insurers with improved efficiency by allowing users to easily view and manage existing policies and automated regulatory compliance through integrated policy details with CRM pipelines.

3.  Claims Management includes a simplified submission process and a secure tracking and payments portal that reduces error, saves time, increases the accuracy of data, and automatically syncs data to reveal key insights.

4.  Data & Analytics offers a clear, accurate overview of company performance in a fraction of the time with the ability to view, manage, and export data and real-time tracking of financial performance.

5.  The Financial Capital Management module provides the ability to view or manage existing assets under management managed by Lexasure and access to low-cost USD-denominated portfolios.

The comprehensive module data allows for automated and clearer risk profiling, while the potential increase in insurer growth may lead to higher gross written premiums underwritten and increased platform stickiness.

Product Solutions Suite

  • Agriculture products are available through Flourish, a comprehensive mobile app designed to enhance existing agriculture ecosystems by providing necessary risk mitigation and technology in the event of failure to crops and livestock by integrating crucial data on crop performance, equipment functionality, weather patterns, and soil conditions to facilitate informed and timely business decisions.
  • Medical/Health products. The Company is targeting a 35% reduction in emergency room visits and hospital admissions through the implementation of Vivacity, a mobile wellness app promoting healthy lifestyles and improved engagement between insurers and customers, and partnering with ArCare, a mobile managed care app structured to drive better outcomes for users via its integrated tech platform while transitioning from a curative to a preventive health model.
  • Automotive solutions include unique case management and care coordination capabilities, a state-of-the-art digital platform for secure driver & car health data storage and seamless data transfer, and an associate’s RACE mobile app for easy access to usage-based insurance, extended warranties, on-demand insurance, and claims management.
  • The Company anticipates adding Life, Property, and Lifestyle offerings on the platform soon.

LexasureCloud 1.0 and its digital insurtech offerings will continue to evolve and adapt to the changing needs of Lexasure’s business partners and customers.

About alastair walker 12131 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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